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Final Project for the Massive Open Online Course Risk and Opportunity: Managing Risk for Development Provided by: and Nikolaos Skondras

Skondras risk management

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Coursera Massive Open Online Course (MOOC) Risk and Opportunity: Managing Risk for Development

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Final Project

for the Massive Open Online Course

Risk and Opportunity:

Managing Risk for Development

Provided by:

and

Nikolaos Skondras

Risk and Opportunity: Managing Risk for Development

DISASTERS Around the World

Risk and Opportunity: Managing Risk for Development

Disasters, both Natural and Technological are integral parts of our lives…

Up to date, numerous events have occurred…

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT and World Bank

Risk and Opportunity: Managing Risk for Development

Sou

rce: EM-D

AT and

Wo

rld B

ank

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT and World Bank

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT and World Bank

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT and World Bank

Risk and Opportunity: Managing Risk for Development

Sou

rce: EM-D

AT

Risk and Opportunity: Managing Risk for Development

Sou

rce: EM-D

AT

Risk and Opportunity: Managing Risk for Development

Source: EM-DAT and World Bank

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Source: WDR, 2014

Risk and Opportunity: Managing Risk for Development

Household Community Enterprise sector Financial system State International community Household

Community

Enterprises

Financial System

International Community

State

Source: WDR, 2014

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Incentives: Are bad incentives leading to too much or too little risk taking?

Information: Are decision makers ill informed? Behavior: Are cognitive and behavior biases impairing risk

management? Resources: Are resources and access to resources too

limited? Policy: What policies should be implemented?

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Source: WDR, 2014

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development

Reform 1: Establishment of a a national risk board to assess and manage risks in an integrated way

Reform 2: Creation of independent fiscal and financial agencies to promote sustainable policies:

• Establish fiscal councils to promote fiscal sustainability • Put in place independent macroprudential supervisors

for financial stability

Risk and Opportunity: Managing Risk for Development

Reform 3: Should access to social insurance be tied to work status? – For Debate

Reform 4: For the international community, embrace incremental approaches that can increase traction toward global solutions

Risk and Opportunity: Managing Risk for Development

Disasters cause great damages, affect a vast number of people and cost lives

In many cases the occurrence of disasters cannot be avoided Risk Management is a process that can facilitate towards: o Reducing the impacts of disasters o Promoting development through opportunity embracing

However, Risk Management is an expensive and challenging process that requires balance between its comprising elements

On the other hand, Risk Management is a cost – effective solution which means that the expected benefits are usually higher than the expected cost

Risk and Opportunity: Managing Risk for Development

Risk and Opportunity: Managing Risk for Development