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This publication presents recent OECD papers on risk and regulatory policy. They offer measures for developing, or improving, coherent risk governance policies.
'Risk-Based Supervision of Pension Funds' provides a review of the design and experience of risk-based pension fund supervision in countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries, including pension funds and insurers. The trend toward risk-based supervision of pensions reflects an increasing focus on risk management in both banking and insurance based on three key elements: capital requirements, supervisory review, and market discipline. Although similar in concept to the techniques developed in banking, its application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined–Australia, Denmark, Mexico, and the Netherlands–provide a range of experience that illustrates both the diversity of pension systems and the approaches to risk-based supervision, and also presents a commonality of focus on sound risk management and effective supervisory outcomes.
Using a diffusion approach and comparisons between Australia and the U.S., this book examines the question: what are the barriers keeping the American coal mining industry and the U.S. government from moving toward risk-based governance?
Recent outbreaks of illnesses traced to contaminated sprouts and lettuce illustrate the holes that exist in the system for monitoring problems and preventing foodborne diseases. Although it is not solely responsible for ensuring the safety of the nation's food supply, the U.S. Food and Drug Administration (FDA) oversees monitoring and intervention for 80 percent of the food supply. The U.S. Food and Drug Administration's abilities to discover potential threats to food safety and prevent outbreaks of foodborne illness are hampered by impediments to efficient use of its limited resources and a piecemeal approach to gathering and using information on risks. Enhancing Food Safety: The Role of the Food and Drug Administration, a new book from the Institute of Medicine and the National Research Council, responds to a congressional request for recommendations on how to close gaps in FDA's food safety systems. Enhancing Food Safety begins with a brief review of the Food Protection Plan (FPP), FDA's food safety philosophy developed in 2007. The lack of sufficient detail and specific strategies in the FPP renders it ineffectual. The book stresses the need for FPP to evolve and be supported by the type of strategic planning described in these pages. It also explores the development and implementation of a stronger, more effective food safety system built on a risk-based approach to food safety management. Conclusions and recommendations include adopting a risk-based decision-making approach to food safety; creating a data surveillance and research infrastructure; integrating federal, state, and local government food safety programs; enhancing efficiency of inspections; and more. Although food safety is the responsibility of everyone, from producers to consumers, the FDA and other regulatory agencies have an essential role. In many instances, the FDA must carry out this responsibility against a backdrop of multiple stakeholder interests, inadequate resources, and competing priorities. Of interest to the food production industry, consumer advocacy groups, health care professionals, and others, Enhancing Food Safety provides the FDA and Congress with a course of action that will enable the agency to become more efficient and effective in carrying out its food safety mission in a rapidly changing world.
The evolution of risk management has resulted from the interplay of financial crises, risk management practices, and regulatory actions. In the 1970s, research lay the intellectual foundations for the risk management practices that were systematically implemented in the 1980s as bond trading revolutionized Wall Street. Quants developed dynamic hedging, Value-at-Risk, and credit risk models based on the insights of financial economics. In parallel, the Basel I framework created a level playing field among banks across countries. Following the 1987 stock market crash, the near failure of Salomon Brothers, and the failure of Drexel Burnham Lambert, in 1996 the Basel Committee on Banking Supervision published the Market Risk Amendment to the Basel I Capital Accord; the amendment went into effect in 1998. It led to a migration of bank risk management practices toward market risk regulations. The framework was further developed in the Basel II Accord, which, however, from the very beginning, was labeled as being procyclical due to the reliance of capital requirements on contemporaneous volatility estimates. Indeed, the failure to measure and manage risk adequately can be viewed as a key contributor to the 2008 global financial crisis. Subsequent innovations in risk management practices have been dominated by regulatory innovations, including capital and liquidity stress testing, macroprudential surcharges, resolution regimes, and countercyclical capital requirements.
This collection of readings examines the tools used by today's government to achieve legitimacy, effectiveness, and accountability. The contributors examine the "instrument choice" perspective on government and public policy over the past two decades, moving beyond the preoccupation with deregulation and efficiency to trace the complex relationships between instrument choices and governance. Readers are encouraged to consider factors in the design of complex mixes, such as issues of redundancy, context, the rule of law and accountability. These latter factors are especially central in today's world to the design and implementation of effective instrument choices by governments and, ultimately, to good governance. The authors conclude that instrument choice itself is integral to government and governance.
Based on over 40 years of experience in the field, Ramesh Singh goes beyond corrosion control, providing techniques for addressing present and future integrity issues. Pipeline Integrity Handbook provides pipeline engineers with the tools to evaluate and inspect pipelines, safeguard the life cycle of their pipeline asset and ensure that they are optimizing delivery and capability. Presented in easy-to-use, step-by-step order, Pipeline Integrity Handbook is a quick reference for day-to-day use in identifying key pipeline degradation mechanisms and threats to pipeline integrity. The book begins with an overview of pipeline risk management and engineering assessment, including data collection and regulatory approaches to liquid pipeline risk management. Other critical integrity issues include: - Pipeline defects and corrective actions - Introduction to various essential pipeline material such as line pipes and valves - Coverage on corrosion and corrosion protection - Identifies the key pipeline degradation mechanisms and threats to pipeline integrity - Appreciates various corrosion monitoring and control tools and techniques - Understands the principles of risk assessment and be able to conduct a simple risk assessment - Develops simple Pipeline Integrity Management plans - Selects and apply appropriate inspection and assessment criteria for pipeline defects - Recommends appropriate repair methods for pipeline defects

Qatar

International Monetary Fund. Middle East and Central Asia Dept.

Published: 2014-05-06

Total Pages: 53


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This 2014 Article IV Consultation highlights that Qatar’s macroeconomic performance has remained strong. GDP growth slowed from 13 percent in 2011 to 6.2 percent in 2012, mostly owing to the self-imposed moratorium on additional hydrocarbon production from the North Field. Growth was 6.5 percent in 2013, driven by strong expansion in the nonhydrocarbon sector. The negative spillovers from sluggish global growth and financial market volatility have been limited. The baseline macroeconomic outlook is positive. GDP growth could stay at about 6 percent in 2014, with public investments keeping growth at about 6–7 percent over the medium term.