This paper discusses obstacles faced in implementing SMS and uses concrete examples to show how to overcome them across all modes of transport (air, maritime, rail and road) in leading countries, particularly ITF member countries. The difficulties and problems in implementing SMS can originate...

In almost all cases, the transport industry has adopted safety management systems (SMS) in response to a regulatory initiative. SMS vary dramatically across transport modes and jurisdictions - often because of the influence of different legacy regulatory programmes, and the attendant cultures....

This discussion paper presents an introduction to safety management systems (SMS) as they apply to transportation organisations across modes and industries, and provides a broad overview of SMS and its processes, activities and tools. The discussion is grounded on conceptual foundations, but...

System resilience is the ability for complex, dynamic-adaptive socio-technical systems to absorb and rebound from trauma or stress, and to avoid "jousting with dragons" where results are uncertain and often fatal. In a safety context, the term "dragons" originates from Professor David Woods at...

Since every Safety Management System (SMS) is intended to provide a framework by which an organisation manages risk, it is inevitable that accident investigators will take a close interest. The good investigator will always want to understand how the SMS was intended to control risk and how this...

Stress testing (ST) was undertaken as part of the Guernsey Financial sector assessment Program (FSAP) Update in order to assess the resilience of the Guernsey financial system to a variety of potential strains. The approach taken was a simulation of the effect of a potential double-dip recession...

This paper discusses key findings of the Financial System Stability Assessment (FSSA) on Moldova. The assessment reveals that vulnerabilities of the financial sector appear to be manageable. Stress tests on likely scenarios do not indicate major vulnerabilities for the banking system as a whole....

This technical note focuses on the Austrian banking system that exhibits considerable resilience against shocks determined by stress tests. The main sources of risk lie in the credit risk arising from exposures to Central, Eastern, and Southeastern Europe (CESE) and the Commonwealth of...

We identify different sources of risk as important determinants of banks'' corporate structures when expanding into new markets. Subsidiary-based corporate structures benefit from greater protection against economic risk because of affiliate-level limited liability, but are more exposed to the...

This technical note on Mexico’s Financial Sector Assessment Program update presents an overview of the risk management practices and stress test results carried out for the Mexican commercial banks and the insurance sector. The stress test results include the reporting of scenario analyses...