RISK RADAR COVID-19

One way of capturing early warnings about an emerging risk is to analyze the information contained in the web. Such a tool, named RiskRadar developed by Steinbeis R-Tech and EU-VRi has been applied to COVID-19 news. The COVID-19 related risk identified by the tool are aggregated, classified and visualized for the stakeholders by the tool.

Thus, the tool enables stakeholders to discuss early on, what the intended and unintended effects of the developments may be. The tool utilizes a purely content-based methodology to rank a set of publicly available documents (news articles, blog posts, abstracts from scientific journals etc.) according to their potential to generate risks/impact. The tool considers the textual data over a period of time for a given topic, uses this information to perform data analytics to rank the relevance or importance of the documents and related keywords based on document centrality. Centrality is a simple indicator for gauging the impact of the document that captures the frequency of the terms, but also how these terms are related to each other.

The tool yields the Radar and a Network map. The former includes a list of risks-related keywords on a radar-like widget, along with the list of sources used for extracting and ranking these keywords. The position of the keywords (shown in yellow dots) on the radar indicates its importance where the closer to the centre the term is, the more “relevant” a keyword is in documents related to the COVID-19 coronavirus analysis. The Network map includes a short description of the topic (shown in green circle) connected to the most common keywords (shown in blue circles) and the articles (in colors of red, orange and yellow). The color and size of the collected articles are designated based on their relevance; the larger circle has the highest applicability to the topic.

By looking at different sources (e.g. “science, “media” and/or “public”) the system identifies the topics of interests in the information parsed and assigns them the respective risk scores according to the criteria set (e.g. sentiment, credibility of source, context, etc.). The early warning is identified on the basis of the relation of the terms in search, not on simple “word bagging”. The tool allows user to drill-down to the initial source of information and obtain the background information (e.g. the full-text report).

 
 
Steinbeis Advanced Risk Technologies Group (R-Tech)
 
 

 

 

A cluster a cluster of business units belonging to and/or linked to Steinbeis (www.steinbeis.de). Over 1000 Steinbeis units are present in over 50 countries worldwide and they act today as a global player in the area of innovation management and technology transfer. The “Steinbeis Advanced Risk Technologies” group of units deals with various aspects of risks, risk engineering and risk management, in:

  • petro-chemical and process plants 
  • power plants  and energy supply
  • material technologies, especially advanced material technologies
  • new & alternative technologies (C02, H2, nano,...)

 

Main practical issues dealt with are:

  • risk in/of innovation (e.g. risks of unexpected side-effects)
  • risk of non-performance or performance below expectations (e.g. risks of system or component failures)
  • risk of adverse/unexpected effects and impacts (e.g. on public health and/or environment)
  • risks over the life-cycle of products and technologies (e.g. unexpected problems in decommissioning or recycling phase)
  • Risk-Based Inspection (RBI)
  • Reliability centered maintenance (RCM)
  • Project risks, especially in innovation, R&D and new technologies oriented projects

Organizing European and national stakeholders, promoting and supporting technology transfer, introducing new approaches to the risks and their management, developing specific methods and tools are examples of these activities. 

R-Tech is also one of the five founding members of  European Virtual Institute for Integrated Risk Management EU-VRi. The institute (www.eu-vri.eu) is an EEIG (European Economic Interest Grouping). The group is capable to cover the above topics either on its own or in close co-operation with Steinbeis network, European Virtual Institute for Integrated Risk Management (EU-VRi), Virtual Institute of Knowledge-based Multifunctional Materials (KMM-VIN), European Technology Platform Industrial Safety (ETPIS) and other networks (all involving over 2,000 persons and over 500 companies). 

The activities of the R-Tech group involve projects and activities on industrial, national, EU, and international level, tackling, e.g.:

  • integrated management of risk related to new technologies (e.g the iNTeg-Risk project)
  • smart resilience indicators for Smart Critical Infrastructures (SCIs) (SmartResilience Project)
  • standardization in the area of emerging risks and resilience, e.g. the CWA 16694 (DIN SPEC 91299:2013-10)
 
   
 

In order to provide the optimal service and results, the R-Tech group has dedicated units for specific area of

"Advanced Risk Technologies" such as:

Technology Transfer

Education

Research & Development

 

Industrial Service

EU-related issues

Innovation