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Accidental loadings such as fire constitute a great majority of potential and actual fatalities in both onshore and offshore installations. In order to prevent human loss and for a safe design of an asset, the risk of fire loading needs to be quantified, in terms of both probability/frequency and consequence aspects. In this paper the authors propose a novel risk-based approach for the assessment against accidental fire loading.

In a conventional passive fire protection (PFP) analysis using ductility level analysis (DLA), fire loads are deterministically applied to a structure whose response is then analyzed. The initial PFP scheme is developed based on the analysis and then optimized. This approach is sometimes misinterpreted as a “risk-based” approach; however, it does not take into account the frequency aspect of the risk assessment. In a risk-based PFP analysis using DLA, fire scenarios are developed in a particular target zone. Then DLA is performed to determine the structural consequence. If personnel safety is of interest, the consequence of the structure is then linked to individual risk (IR) to determine fatalities. The amount of PFP to be applied on the structure is fully based on the risk that is produced by the fire scenarios in target zones.

A new perspective on safe design of onshore/offshore structures for accidental loadings is outlined to estimate the associated risk to potential targets such as personnel as well as asset. The proposed assessment methodology will contribute toward identifying the mitigation measures and safety-critical procedures and equipment and toward a safer design.

This paper presents a new perspective in a safer design of onshore and offshore structures for a fire accidental loading based on risk calculation. Risk is defined as a combination of the frequency and consequence. An event frequency analysis is carried out to determine how often one should expect the event to occur. A consequence analysis is carried out to determine the severity levels of the event. In a risk-based consequence analysis, the severity levels are fully determined based on the risk associated with the event. The proposed novel risk-based assessment methodology against accidental fire loading contributes toward fully understanding the risk from an impact to personnel and to asset perspectives and leads toward safer and optimal design.

Asset intensive process industries are under immense pressure to achieve promised return on investments and production targets. This can be accomplished by ensuring the highest level of availability, reliability and utilization of the critical equipment in processing facilities. In order to achieve designed availability, asset characterization and maintainability play a vital role. The most appropriate and effective way to characterize the assets in a processing facility is based on risk and consequence of failure. The paper aims to discuss these issues.

In this research, a risk-based stochastic modeling approach using a Markov decision process is investigated to assess a processing unit's availability, which is referred as the risk-based availability Markov model (RBAMM). RBAMM will not only provide a realistic and effective way to identify critical assets in a plant but also a method to estimate availability for efficient planning purposes and resource optimization.

A unique risk matrix and methodology is proposed to determine the critical equipment with direct impact on the availability, reliability and safety of the process. A functional block diagram is then developed using critical equipment to perform efficient modeling. A Markov process is utilized to establish state diagrams and create steady-state equations to calculate the availability of the process. RBAMM is applied to natural gas absorption process to validate the proposed methodology. In the conclusion, other benefits and limitations of the proposed methodology are discussed.

A new risk-based methodology integrated with Markov model application of the methodology is demonstrated using a real-life application.

The current emphasis in anti‐money laundering (AML)/ counter terrorist financing (CTF) regulation on “risk‐based” strategies means that regulatory, law enforcement and reporting agencies need to respond to money laundering and terrorist‐financing threats in ways that are proportionate to the risks involved. However, the way that risk is conceptualized remains vague, and the requirements on agencies imposed by the risk‐based approach involve a significant element of uncertainty. The paper addresses these issues.

This paper examines the attributes of risk as it applies to AML/CTF strategy in the context of regulatory risk and related forms of risk assessment, and argues that there are a number of conditions that must be met if risk‐based decision‐making for AML/CTF is to work effectively.

This paper argues that there are a number of conditions that must be met if risk‐based decision‐making is to work effectively. Three of the most important conditions are that there has to be agreement about what risk is being decided on; there must be explicit, quantifiable models of risk, and those responsible for developing and refining risk‐based decision models must have access to knowledge about the outcomes of assessments.

The paper identifies the need for fundamental changes in the relationship between the regulators and the regulated.

The purpose of this study is to explore how the banking industry seeks to prevent money laundering and how the phenomenon is reflected in practice in the daily work of bank employees in Finland.

This study is a qualitative case study by its nature. The concept of accountability has been used as a theoretical approach in the study.

This study shows that knowing the customer is one of the most important factors in preventing money laundering. The risk-based approach, customer risk classification and bank’s internal instructions have partially clarified daily routines in anti-money laundering (AML). Technological developments and various payment services have generated new ways of money laundering, but technology has also made it easier to monitor cash flows through various monitoring systems. The challenge is constantly changing regulations concerning how to act in different situations for different customers.

This study investigated the accountability of banks in AML in Finland and highlighted how bank employees implement accountability for AML in an ever-changing socio-technical context.

This paper proposes an integrated methodology for process design to guide decision making under uncertainty by combining life cycle assessment (LCA) with multi‐criteria decision‐making tools.

Cleaner and greener technologies for process and product selection and design have gained popularity in recent years. The LCA is a systematic approach that enables selection of cleaner and greener products and processes. Recently, significant progress has been made for the use of LCA for product/process evaluation and selection. However, its use in process design and environmental decision making has not been fully exploited. The proposed methodology GreenPro‐I is a systematic approach to estimate environmental risks/impacts associated with life cycle of products, processes and services. It evaluates environmental burdens by quantifying energy and materials used and waste released into the environment. It identifies and evaluates opportunities, which affect environmental improvements. The assessment includes the extraction/excavation and processing of raw materials, manufacturing, transportation and distribution, use, recycle, and final disposal.

GreenPro‐I overcomes many of the problems faced in the conventional approaches and establishes a link between the environmental risks/impacts, cost, and technical feasibility of processes.

GreenPro‐I provides a comprehensive decision‐making tool for designers, regulatory agencies, business organizations and other stakeholders.

Anti-money laundering (AML) obligations follow a risk-based approach, making their extent subject to the degree of AML risk. Money Laundering Reporting Officers (MLROs) must constantly assess risks, for example, by conducting annual risk assessments of the company. The purpose of this paper is to analyse whether MLROs’ risk assessments are biased in form of a better-than-average (BTA) effect, meaning whether they favourably assess their own company’s risk compared to that of the average competitor. Additionally, MLROs’ general risk assessment capabilities are researched.

A survey of MLROs of German companies was conducted (n = 228). It tests for a BTA effect in participants’ risk assessments of their own company as well as for errors in risk assessments of other industries.

MLROs’ risk assessments are biased by a BTA effect across all industries. They view their own company’s risk to be below that of the average competitor. Additionally, MLROs are not able to correctly assess industries’ AML risks compared to the national risk assessment. Risks were especially underestimated for high-risk industries. Biases were partially found to be higher among MLROs from the non-financial sector.

Risk-based AML measures are likely to be at least partially ineffective, calling the risk-based approach into question. Regular trainings of MLROs need to include awareness for biases in risk assessments. A more stringent and effective supervision, especially in the non-financial sector, is called for.

To the best of the author’s knowledge, this paper is the first to show that a BTA effect exists among MLROs.

This paper seeks to deconstruct the proposed risk‐based approach to anti‐money laundering (AML) and to relate it to the text of the European Union's 3rd Directive. The paper also aims to discuss a variety of risk‐related aspects and how they have come to be constructed on the sociological perspective of risk and subsequently to examine the relation of risk elements to AML.

The theoretical approach of the paper is based on the tradition of second‐order cybernetics and on many of the theoretical concepts discussed by Niklas Luhmann, as well as his work on the sociology of risk.

The implications for the risk‐based approach on AML are discussed on the basis of how risk can be represented and categorized, and the paradoxes behind various such risk‐classifications are analysed, thus offering a critique on the oversimplification with which risk has been appropriated within AML.

The practical implications of this paper relate to how risk should be considered within the domain of AML and how financial institutions and financial intelligence units should mostly focus on re‐constructing the aspects surrounding risk‐communication.

The originality of this paper lies in its unique treatment of risk within the context of AML, while clearly exposing the unavoidable observational paradoxes that the concept of risk induces, as well as examining the consequences on the risk‐based approach for dealing with AML.

The purpose of this paper is to propose a quantitative model for risk-based maintenance and remaining life assessment for gas turbines.

The proposed model uses historical failure and repair data from the operation of gas turbines. The time to failure of gas turbines is modeled using Weibull distribution.

The total risk is estimated considering replacement cost, repair cost, operation cost, risk of failure and turbine remaining value after a specified period of time.

The model is an effective tool to make optimal decisions regarding maintenance strategy (repair or replacement) and to assess the remaining life based on a comparison of the total risk. The literature review focusses on developing different models to make risk-based decisions regarding the selection of a maintenance strategy and maintenance interval, however, literature is silent regarding risk-based assessment of the equipment remaining life, which is the focus of present work. The model is tested and applied to ageing gas turbines in a cross-country pipeline.

The purpose of this paper is to theorize and prioritize the main categories of risk sources for the European manufacturing small- and medium-sized enterprises (SMEs) in accordance with the International Organization for Standardization (ISO) 9001:2015 requirement “risk based thinking.” Furthermore, the research analyses how these organizations intend to manage the risks and their effects.

A first exploratory interview with 28 experts from international certification bodies and manufacturing companies which revealed 11 risk sources has been performed. Then, quality managers from European manufacturing SMEs were surveyed to determine whether or not they intended to manage the risk sources suggested by the experts. A 95 percent confidence interval was performed to evaluate the range of plausible values for the population. The quality managers were also asked to comment on each category of risk source.

The research shows that the most taken into account categories of risk sources were the internal production of nonconforming products followed by poorly trained workers with a lack of skills and awareness, supplier nonconforming products and lack of risk-based assessment. The least taken into account category was nonconforming technical results in the design process. The quality managers’ qualitative comments also brought to light interesting issues which represented avenues for new research.

The limitations of this research lie in the first exploratory interview with the 28 experts. This process could be improved by means of a larger sample of experts. Furthermore, these experts could have included risk source categories which could fall outside of an ISO 9001 quality management system (QMS) scope and application.

Quality managers in SMEs can now address the new ISO 9001:2015 requirement knowing what the priorities from a statistical point of view are. This implication is also relevant to QMS consultants who are implementing ISO 9001:2015 QMS together with their customers.

The novelty of this research is that it has been tried for the first time to theorize what the main categories of risk sources in accordance with the risk-based thinking requirement are for European manufacturing SMEs.

Inspection and maintenance of plant and machinery has traditionally been based on prescriptive industry practices. However, increased experience and a greater understanding of operational hazards is leading sections of industry to take a more informed approach to planning inspection and maintenance, targeting resources to reduce the risk to as low as reasonably practicable. The purpose of this paper is to present an approach to asset management to minimize risks in the most cost effective way.

The approach shown optimizes run‐repair‐replace decision‐making in the integrity management of assets with the ultimate aim of maximising the impact of money spent on risk mitigation actions. The risk‐based approach, as opposed to the more conventional approaches, assesses failure in its wider context by considering not just the likelihood of failure, but also the consequences should the failure event occur.

The risk‐based methodology presents a cost‐effective way to minimise life cycle costs in the management of assets whilst maintaining reliability or availability targets, and operating within safety and environmental regulation.

In this paper, for demonstration, a wind turbine system consisting of a number of components including structural components is used. However, the methodology can be extended to any system in which components can be analyzed to provide the required inputs to the risk model.

At a time when competitive pressures force asset managers to prioritize their maintenance, the risk‐based methodology presented here is a rational, efficient and somewhat flexible way to asset integrity management.