CRITICAL SUCCESS FACTORS FOR THE IMPLEMENTATION OF AN OPERATIONAL RISK MANAGEMENT SYSTEM FOR AN ORGANIZATION
Keywords:
Risk management, Critical success factors, Decision-making, Operations, OrganizationAbstract
In today’s world, most of the organizations are exposed to changes and these organizations have been affected by unsystematic changes such as changes in the political scenario, economic situation (uncertain interest rates, foreign exchange rates), social changes and systematic risk such as internal controls, corporate governance, and information technology systems. This highlights the importance of operational risk management systems in an organization, particularly those run-in situations of volatility and uncertainty. Organizations need to invest in operational risk management (ORM) systems to successfully implement it and make it effective.
It is not enough to just have an ORM system for the different types of organizations and during the life cycle of an individual organization. It needs certain critical factors that make the ORM effective and successful. The aim of this study is to understand the operational risk management system better and identify the critical success factors for its effective implementation in an organization.
References
Rochart, J.F. (1979), “Chief executives define their own data needs”, Harvard Business Review, Vol 57 (2), pp. 81-93.
Ifinedo, P. (2008), “Impacts of business vision, top management support, and external expertise on ERP success”, Business Process Management Journal, Vol 14(4), pp.551-568.
Zwikael, O. (2008), “Top management involvement in project management A cross country study of the software industry”, International Journal of Managing Projects in Business, Vol 1(4), pp.498-511.
Hofstede, G. (2001), Value and Culture, Culture’s consequences (ed.): 1-40. London: Sage Publication.
Hasanali, F. (2002), “Critical success factors of knowledge management.” www.kmadvantage.com/docs/km_articles/Critical_Success_Factors_of_KM. Accessed on 15 August 2023.
Stank, T.P., Daugherty, P.J. and Gustin, C.M. (1994), “Organizational Structure: Influence on Logistics Integration, Costs, and Information System Performance”, The International Journal of Logistics Management, Vol. 5(2), pp. 41-52.
DeLoach, J. (2004), “The new risk imperative-an enterprise-wide approach”, Handbook of business strategy, pp. 29-34.
Mayer, R. C., Davis, J. H., & Schoorman, F. D. (1995), “An integrative model of organizational Trust”, Academy of Management Review. Vol. 20(3), pp. 709-734.
Halliday, S., Badenhorst, K. and Solms, R.V. (1996), “A business approach to effective information technology risk analysis and management”, Information Management & Computer Security, Vol. 4(1), pp. 19–31.
Treven, S. (2003), “International training: the training of managers for assignment abroad”, Education + Training, Vol. 45(8/9), pp. 550 - 557.
Moss, G.D. (1997), “Effective training of trainers: the ATLS approach”, Education + Training, Vol. 39(5), pp. 168–175.
Published
How to Cite
Issue
Section
Copyright (c) 2024 Journal of Advanced Research in Operational and Marketing Management
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
