Map risks in the company: highlight at the top priority risks

2017 ◽  
Vol 14 (6) ◽  
pp. 550-555 ◽  
Author(s):  
Mourad Salim Aouati ◽  
Rachid Chaib ◽  
Irina Cozminca ◽  
Ion Verzea
Keyword(s):  
Risk Management ◽  
Human Resources ◽  
Continuous Improvement ◽  
Working Conditions ◽  
Action Plan ◽  
Risk Identification ◽  
Working Environment ◽  
Risk Map ◽  
Content Type ◽  
A Company

Purpose Today, methods and risk analysis tools are used to argue decisions concerning issuance of operating licenses, risk management and development of action and emergency plans. In practice, a company is looking for a tool to help in decision-making and in the development of action plans. Thus, the creation of a safe working environment is essential to a company’s success and is one of the best ways to attract/retain staff and increase productivity. It should then set up a kind of funnel sieve that allows understanding all risks to keep only the most significant, which should be given priority. Thus, global risk management should be based on an accurate diagnosis of all company risks. This diagnosis can be formalized in the form of a risk map. The latter is crucial because it raises the overall risk identification, assessment, prioritization and prioritization of action. It is an essential component of any company’s risk management processes. The objective is to have an overall inventory (entity, system, process, activity, etc.) of the vulnerabilities of all fields of activity. It offers a simple and didactic presentation, giving an overview to decision-makers to guide their strategic choices of action. This mapping is then used to monitor the effectiveness of strategies implemented, forming, in a very relevant tool for communication, the objective assessment of this work. So, the purpose of this study is to describe a methodology for comprehensive risk analysis, called risk map. The purpose of this work is to provide a decision support tool to identify areas of weaknesses to allow setting priorities for action to be undertaken by the company to improve the working conditions by organizational, technical and human solutions while engaging in a process of continuous improvement. Design/methodology/approach The proposed approach for the development of a risk map comprises five stages: risk identification, where the starting point is the identification of the main company processes or, alternatively, the main company activities; exhibition evaluation, the company counts then evaluate the most important risks that affect their processes or activities and persons; evaluation and prioritization of risks; action plan, the company implements the action plan developed on the basis of the prioritization of risks and the company identifies the solutions implemented to reduce the risk and evaluates; and actions control. Findings This study allows making an image of overall places with vulnerabilities inside the company by a simple and didactic representation, facilitating the promotion of a culture of communication regarding the company vulnerabilities. The development of this risk mapping allowed the development of a very useful tool of communication on the inventory for formulating a risk appetite and determining the risk profile. It is a tool for decision and action whose purpose is the improvement of working conditions by organizational solutions, technical and human resources for the health and safety of employees while engaging in a process of continuous improvement. Research limitations/implications The limitations of this study include the lack of competence in risk concepts. It is enough to have a pludisciplinary team to highlight the various dangers and move to the priorities and engage in a process of continuous improvement. Practical implications The approach detailed in this study can be used in any entity. One just needs to have skills. Social implications Low level of work accidents, a pleasant working environment, a very good motivation, a good productivity at work. Originality/value This work intends to reflect the concrete situation in which companies face the risks. It is interested in the relations between scientific expertise and the precautionary principle. It is a tool that guarantees the success of any preventive approach in a company. It is a decision-making tool for identifying areas of weakness to establish priorities for action by a company whose aim is to improve the working conditions through organizational, technical and human resources while engaging in a process of continuous improvement.

Attrition Risk Management

2018 ◽  
pp. 91-112 ◽  
Author(s):  
Anugamini Priya Srivastava
Keyword(s):  
Risk Management ◽  
Human Resources ◽  
Customer Loyalty ◽  
Attrition Rate ◽  
Retention Strategies ◽  
Employee Attrition ◽  
A Company

A company cannot be successful if it fails to retain talent in the organization. They have to manage effectively their resources, comprising financial, psychical, and human resources. This is important because higher attrition rate can have various consequences that an attrition incident can cause. It can affect profitability, customer loyalty, revenue, and market image. This chapter aims to identify the antecedents and precedents of attrition in different sectors and evaluates the data received to understand the actual scenarios and its implication on future. This aspect is very important as employee attrition and retention strategies influence the trajectory of the organization.

scholarly journals Knowledge is power – conceptualizing collaborative financial risk assessment

2019 ◽  
Vol 20 (3) ◽  
pp. 226-248 ◽  
Author(s):  
Thomas Michael Brunner-Kirchmair ◽  
Melanie Wiener
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Financial Risk ◽  
Risk Identification ◽  
Modern World ◽  
Risk Governance ◽  
Financial Risks ◽  
Financial Risk Management ◽  
Content Type ◽  
New Findings

Purpose Inspired by new findings on and perceptions of risk governance, such as the necessity of taking a broader perspective in coping with risks in companies and working together in interactive groups with various stakeholders to deal with complex risks in the modern world, the purpose of this paper is looking for new ways to deal with financial risks. Current methods dealing with those risks are confronted with the problems of being primarily based on past data and experience, neglecting the need for objectivity, focusing on the short-term future and disregarding the interconnectedness of different financial risk categories. Design/methodology/approach A literature review of risk governance, financial risk management and open foresight was executed to conceptualize solutions to the mentioned-above problems. Findings Collaborative financial risk assessment (CFRA) is a promising approach in financial risk governance with respect to overcoming said problems. It is a method of risk identification and assessment, which combines aspects of “open foresight” and the financial risk management and governance literature. CFRA is characterized as bringing together members of different companies in trying to detect weak signals and trends to gain knowledge about the future, which helps companies to reduce financial risks and increase the chance of gaining economic value. By overcoming organizational boundaries, individual companies may gain the knowledge they would probably not have without CFRA and achieve a competitive advantage. Research limitations/implications A conceptual paper like the one at hand wants empirical proof. Therefore, the authors developed a research agenda in the form of five propositions for further research. Originality/value This paper discusses the existing problems of financial risk identification and assessment methods. It contributes to the existing literature by proposing CFRA as a solution to those problems and adding a new perspective to financial risk governance.

Continuous Improvement Relationship to Risk Management

2018 ◽  
Vol 5 (2) ◽  
pp. 1-14 ◽  
Author(s):  
Brian J. Galli
Keyword(s):  
Risk Management ◽  
Continuous Improvement ◽  
Competitive Market ◽  
Developing Strategy ◽  
Key Factors ◽  
The World ◽  
Different Types ◽  
The Relationship ◽  
A Company

In order for a company to economically survive, it needs to compete with a highly competitive market. The world is changing fast, adding different types of risks to companies. So, companies need to not only meet requirements but also exceed them. At the same time, companies are required to lower the level of risks they may encounter. As a result, continuous improvement and risk management should be key factors to insure company success. This study explores the relationship between the two concepts and gives examples where the interconnections between them exist. Also, the study explains the important key components of continuous improvement and the classifications of risk management. Finally, this article focuses on three aspects, managing complaints, developing strategy, and creating a suitable culture. These aspects are evaluated based on the relationship between continuous improvement and risk management.

Communication of commitment towards sustainable development of certified Portuguese organisations

2019 ◽  
Vol 36 (4) ◽  
pp. 458-484 ◽  
Author(s):  
Filipe Carvalho ◽  
Pedro Domingues ◽  
Paulo Sampaio
Keyword(s):  
Sustainable Development ◽  
Human Resources ◽  
Continuous Improvement ◽  
Health And Safety ◽  
Iso 14001 ◽  
Annual Reports ◽  
Content Type ◽  
The Public ◽  
Theoretical Assumptions ◽  
First Time

Purpose The purpose of this paper is twofold: first, it aims at the identification and assessment of the commitments towards sustainable development (SD) communicated to all interested parties (stakeholders) by top management; and second, mapping the profile of the organisations which prominently communicate those commitments. Design/methodology/approach The research methodology was supported on the content analysis of the organisations’ statements (disclosed on the institutional website) that sustain the strategy and policies (organisational culture). A total of 540 certified Portuguese organisations in Quality, Environment and Occupational Health and Safety (QEOHS) comprised the sample. Findings According to this research, it is possible to identify three main commitments towards SD addressing customers (consumers), human resources (employees) and continuous improvement. Furthermore, results suggest that commitments towards customers and human resources fit properly into the theoretical assumptions of the stakeholder theory and, in turn, the commitment towards continuous improvement fits accurately into the assumptions of the “normative isomorphism” of the institutional theory. Moreover, the results pointed out the characteristics of Portuguese organisations (QEOHS) that prominently communicate commitments towards SD: large business volume, located in Lisbon or Setubal, fall within the public business sector, are members of the BCSD Portugal and publish annual reports on the institutional website. Research limitations/implications Solely organisations operating in Portugal and simultaneously encompassing three certified management subsystems (against the clauses of ISO 9001, ISO 14001 and OHSAS 18001 standards) were considered throughout this study. So it is not possible to ascertain at which extent the conclusions are valid. However, although the statistical generalisation of the results may be precluded, there is not any peculiar reason preventing the analytical generalisation, namely, in organisations operating in countries with similar macro-characteristics of Portugal. Originality/value To the best of authors’ knowledge this is the first time that such a comprehensive, detailed and thorough analysis of the communicated commitments towards SD is carried out regardless the activity sector. The conclusions from this paper are useful both for practitioners and scholars. On one hand companies have now information on the more often communicated statements, while on the other hand academics and scholars will benefit from this research and hopefully be able to replicate it in other contexts.

Quantitative modeling and analysis of supply chain risks using Bayesian theory

2014 ◽  
Vol 25 (5) ◽  
pp. 631-654 ◽  
Author(s):  
Fazleena Badurdeen ◽  
Mohannad Shuaib ◽  
Ken Wijekoon ◽  
Adam Brown ◽  
William Faulkner ◽  
...  
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
Back Propagation ◽  
Bayesian Belief Networks ◽  
Risk Identification ◽  
Bayesian Theory ◽  
Risk Modeling ◽  
Content Type ◽  
Modeling And Analysis ◽  
Qualitative Approaches

Purpose – Globally expanding supply chains (SCs) have grown in complexity increasing the nature and magnitude of risks companies are exposed to. Effective methods to identify, model and analyze these risks are needed. Risk events often influence each other and rarely act independently. The SC risk management practices currently used are mostly qualitative in nature and are unable to fully capture this interdependent influence of risks. The purpose of this paper is to present a methodology and tool developed for multi-tier SC risk modeling and analysis. Design/methodology/approach – SC risk taxonomy is developed to identify and document all potential risks in SCs and a risk network map that captures the interdependencies between risks is presented. A Bayesian Theory-based approach, that is capable of analyzing the conditional relationships between events, is used to develop the methodology to assess the influence of risks on SC performance Findings – Application of the methodology to an industry case study for validation reveals the usefulness of the Bayesian Theory-based approach and the tool developed. Back propagation to identify root causes and sensitivity of risk events in multi-tier SCs is discussed. Practical implications – SC risk management has grown in significance over the past decade. However, the methods used to model and analyze these risks by practitioners is still limited to basic qualitative approaches that cannot account for the interdependent effect of risk events. The method presented in this paper and the tool developed demonstrates the potential of using Bayesian Belief Networks to comprehensively model and study the effects or SC risks. The taxonomy presented will also be very useful for managers as a reference guide to begin risk identification. Originality/value – The taxonomy developed presents a comprehensive compilation of SC risks at organizational, industry, and external levels. A generic, customizable software tool developed to apply the Bayesian approach permits capturing risks and the influence of their interdependence to quantitatively model and analyze SC risks, which is lacking.

A study of two innovative workplace programmes for workers with intellectual disabilities (WWID) in Australia revealed their positive influence

2018 ◽  
Vol 26 (4) ◽  
pp. 5-6
Keyword(s):  
Intellectual Disabilities ◽  
Case Studies ◽  
Design Methodology ◽  
Reading Time ◽  
Positive Influence ◽  
Working Environment ◽  
Content Type ◽  
Pertinent Information ◽  
A Company ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings A study of two innovative workplace programs for workers with intellectual disabilities (WWIDs) in Australia revealed their positive influence. The study has a number of practical implications. The first is that HR departments can play a significant role in developing innovative projects that help WWIDs to settle down in a company. Ideally, the programs help them to move from feeling like “outsiders” to being “insiders,” who understand the working environment and feel closer to their colleagues. The best moment for such innovative programs is right at the start of employment. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

scholarly journals The implementation of total quality management (TQM) in housekeeping department of W Bali-Seminyak

2019 ◽  
Vol 6 (2) ◽  
pp. 22-30 ◽  
Author(s):  
I Ketut Yasa
Keyword(s):  
Statistical Analysis ◽  
Quality Management ◽  
Human Resources ◽  
Total Quality Management ◽  
Continuous Improvement ◽  
Hospitality Industry ◽  
Total Quality ◽  
A Company ◽  
Descriptive Statistical Analysis

Competition in the business field is rapid and tight, particularly in the hospitality industry. A company needs the efforts to do continuous improvement toward the potential of human resources, process, and the environment to bring about the best quality of product or service. The effective and efficient way to improve those capabilities is by implementing Total Quality Management (TQM). TQM contributes the benefit such as increasing the competitiveness of the company. TQM concept denotes the concept of continuous improvement that applies to every level of the operation. W Bali – Seminyak, specifically housekeeping department has objective to offer the unique and special moments, inventing the creative staff, and recultivating the hospitality in Bali which committed to implementing TQM optimally. The purpose of the study was to investigate the implementation of Total Quality Management in the housekeeping department of W Bali-Seminyak as well as the obstacles to it. Methods of analysis used in this study were descriptive qualitative and descriptive statistical analysis. The result of this study indicated TQM had been implemented in the housekeeping department, W Bali- Seminyak.

Toward a supply chain risk identification and filtering framework using systems theory

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jianrong Hou ◽  
Xiaofeng Zhao
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Conceptual Framework ◽  
Risk Identification ◽  
Supply Chain Risk Management ◽  
Supply Chain Risk ◽  
Supply Chain System ◽  
Content Type ◽  
The Hierarchical Structure ◽  
Supply Chain Risks

PurposeThe purpose of the paper is to develop a methodological framework for supply chain risk management using the hierarchical holographic modeling approach. It analyses supply chain risks in a systematic manner and develops a hierarchical methodology for identifying, prioritizing and managing the potential supply chain risks.Design/methodology/approachThis research reviews supply chain risk management literature and develops a conceptual framework, which outlines general principles and guidelines for managing risks in a systematic manner. Through decomposition, the complexity of supply chain risk can be identified by analyzing smaller subsystems.FindingsThe paper provides a conceptual framework to identify supply chain risks from multiple overlapping perspectives. The structured filtering and ranking procedure enables decision-makers to focus on the most critical risks. The research shows that the supply chain risks associated with the sub-systems within the hierarchical structure contribute to and ultimately determine the risks of the overall supply chain system.Research limitations/implicationsThe risks associated with each sub system within the hierarchical structure can contribute to and determine the risks of the overall supply chain system. Further applications in various companies and industry sectors would benefit supply chain managers on a case-by-case basis.Practical implicationsThe hierarchical risk identification framework can serve as guidance for applications to specific supply chain systems and processes. The framework from a holistic overlapping perspective can efficiently and effectively help supply chain managers identify supply chain risks and facilitate the evaluation of the subsystem risks.Originality/valueThe paper applies system thinking in supply chain management and presents an efficient and practical framework for supply chain risk identification and evaluation.

Corporate governance and the information system: how a framework for IT governance supports ERM

2014 ◽  
Vol 14 (3) ◽  
pp. 320-338 ◽  
Author(s):  
Michele Rubino ◽  
Filippo Vitolla
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Internal Control ◽  
It Governance ◽  
Enterprise Risk Management ◽  
Content Type ◽  
Enterprise Risk ◽  
Control Framework ◽  
Internal Control System ◽  
A Company

Purpose – The purpose of this paper is to illustrate how information technology (IT) governance supports the process of enterprise risk management (ERM). In particular, the paper illustrates how the Control Objectives for Information and related Technology (COBIT) framework helps a company reach its objectives by integrating and supporting the Enterprise Risk Management by the Committee of Sponsoring Organizations (COSO ERM) framework. Design/methodology/approach – This paper explains how the integration between the two frameworks (COSO ERM and COBIT 5) can represent, for any organization, a good way to achieve the objectives of internal control and risk management and, more generally, corporate governance. Findings – The paper identifies some gaps in the COSO ERM and illustrates how the COBIT framework facilitates the implementation of an adequate system of internal control. Originality/value – The originality of the work presented here is in analyzing the COBIT 5 together with the COSO ERM framework. This paper highlights that is not enough to apply only an internal control framework for achieving the risk management and internal control system objectives. An IT governance framework, such as COBIT 5 is proposed as a tool that support risk management in order to develop an adequate system of internal control.

Impact of supply risk management on firm performance: a case of the Indian electronics industry

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ramesh KT ◽  
Sarada Prasad Sarmah
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Firm Performance ◽  
Electronics Industry ◽  
Risk Identification ◽  
Assessment Process ◽  
Supply Risk ◽  
Content Type ◽  
Risk Monitoring ◽  
Indian Electronics Industry

PurposeThe purpose of this research is to study and examine the influence of systematic supply risk management (SRM) on the buyer's firm performance, mainly focussing on the Indian electronics industry.Design/methodology/approachThe study has framed a set of hypotheses on the risk management model. A thorough literature review and experts' opinion were considered in framing constructs and hypothesis for the model. We adopted self-administration questionnaires mainly focusing on the Indian electronics industry. The derived hypothesis is tested using partial least squares (PLS) method from 140 survey data pertaining to small, medium and large scale industries.FindingsStudy justify that constructs with high loadings for risk identification, risk assessment, risk reduction, and risk monitoring supports all hypothesized relation to better risk management. The model captures superior risk identification, risk control and risk monitoring for overall firm performance, but fails to justify with organization supply risk assessment process on overall firm performance.Research limitations/implicationsThe study mainly focused on SRM process on firm performance. Study mainly focused on single survey responses and expert's perceptions on SRM practices in Indian electronics industry.Practical implicationsResearch empirically justifies the effects of SRM process on organization performance. Furthermore, effective SRM practices assist decision makers framing corrective strategies to mitigate risk occurrences and their negative impact.Originality/valueThis empirical work provides a deep understanding of SRM process on the Indian electronics industry and their perception towards firm performance. Moreover, this is one of the few empirical studies addressing SRM practices in the Indian electronics industry.

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