Analysis of risks in critical infrastructure networks
The three most common terms found in the studies of risk, namely ‘risk management’, ’risk analysis’ and ’vulnerability’ was to be determined if they have similar meanings. An effective risk management team is crucial for the long term outlook of a company. Thus, only through the use of risk analyses...
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| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Online Access: | http://hdl.handle.net/10356/62142 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | The three most common terms found in the studies of risk, namely ‘risk management’, ’risk analysis’ and ’vulnerability’ was to be determined if they have similar meanings. An effective risk management team is crucial for the long term outlook of a company. Thus, only through the use of risk analyses can proper decision making take place. This is made possible through the use of various methodologies like risk modeling, coarse risk analysis, failure modes and effects analysis (FMEA), fault tree analysis and bow-tie diagrams. Besides this, the inclusion and determination of vulnerability has to be considered when analyzing risk. Quantitative approaches to vulnerability include the use of the United Nations development programme and the use of Disaster Risk Index (Peduzzi, 2006) to analyze risk across countries. Qualitative approaches, however, are more useful on a community level as they have the capability to know more about how a society manage hazard. This can be through drawings, dialogues and the use of timelines.
A case study is done on SMRT’s risk management team. The financial impact of risk between the disruptions of SMRT and the flash floods that occurred in Orchard road were conducted and it was found that though flash flooding occurs less frequently, the financial impact was much higher than the most severe disruption encountered by SMRT. Closing the report, the discussion on the similarities and the differences of the three terms are raised. Findings have shown that there is indeed an association between these three terms. With risk management in place, a risk study will be conducted through the use of risk analysis and one of the more important sectors that will be looked into is through the use of vulnerabilities. |
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