Original scientific paper
Hybrid Risk Management Methodology: A Case Study
Jacky Siu-Lun Ting
; Department of Industrial and Systems Engineering, The Hong Kong Polytechnic University
Albert Hing-Choi Tsang
; Department of Industrial and Systems Engineering, The Hong Kong Polytechnic University
Siu-Keung Kwok
; Department of Industrial and Systems Engineering, The Hong Kong Polytechnic University
Abstract
Risk management is a decision-making process involving considerations of political, social, economic and engineering factors with relevant risk assessments relating to a potential hazard. In the last decade, a number of risk management tools are introduced and employed to manage and minimize the uncertainty and threats realization to the organizations. However, the focus of these methodologies are different; in which companies need to adopt various risk management principles to visualize a full picture of the organizational risk level. Regarding to this, this paper presents a new approach of risk management that integrates Hierarchical Holographic Modeling (HHM), Enterprise Risk Management (ERM) and Business Recovery Planning (BCP) for identifying and assessing risks as well as managing the consequences of realized residual risks. To illustrate the procedures of the proposed methodology, a logistic company ABC Limited is chosen to serve as a case study Through applying HHM and ERM to investigate and assess the risk, ABC Limited can be better evaluated the potential risks and then took the responsive actions (e.g. BCP) to handle the risks and crisis in near future.
Keywords
business recovery planning; case study; enterprise risk management; hierarchical holographic modeling
Hrčak ID:
66757
URI
Publication date:
15.3.2009.
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