Operational risk management (ORM) systems : an Australian study
- Publication Type:
- Thesis
- Issue Date:
- 2008
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In today’s business environment, increased competition, market globalisation,
increased customer demands and accelerated technologies require organisations to
focus on efficiency in every aspect of their operations. Many studies in operations
management have focused on the improvement of operational performance, including
reduction of process variability, increasing flexibility or implementing controls in
operations. However, managing the risk in operations seems to have been neglected
by researchers.
Hence, there are two major objectives of this study. The first objective is to
investigate the use of the operational risk management (ORM) systems in Australia
and study the factors that have an impact on effective operational risk management.
Then, based on the identified factors, the second objective is to develop an ORM
system implementation model and guideline for Australian organisations.
A review of the ORM systems and its implementation was conducted. As a result of
this investigation, a definition of ORM system in this study was formulated and the
factors of effective ORM system implementation were identified as a basis for the
next stage of this study.
An investigation of the factors of ORM system implementation was then carried out.
An extensive questionnaire survey was used to collect empirical data from Australian
organisations. Statistical analysis results and feedback from experts was used to
develop an applicable model and guideline for ORM system implementation.
The main outcome of this study is a proposed model and guideline for ORM system
implementation in Australian organisations, which will assist the organisation to
manage operational risks more effectively and provide motivation for carrying out
further research in ORM.
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