Elements of a new comprehensive risk methodology

  • Author(s) / Creator(s)
  • Organizations may have multiple forms of risk management used within different organizational units. This paper presents the benefits of a comprehensive risk management framework which can be used to tie the different levels of risk management together into one comprehensive framework. These key elements may be used to develop a comprehensive risk management framework, which will bridge any gaps left by the individual risk management areas.
    This paper will start with a brief introduction to risk management which will clarify the terminology used within the paper because there are numerous definitions of what risk management is, and that it needs to be clear on what the author means by different levels of risk management. While the concepts may be familiar to risk management professionals, the terminology differs in many frameworks, for example one framework may use the term 'impact' and another may use the term 'consequence' when they are both referring to the same thing. From there, the concept of different levels of risk management is introduced and explained and then issues with current risk management frameworks are identified with case studies on some common frameworks. Next in the paper are the key elements of a new risk management framework, followed by the benefits of a new risk management framework. The paper
    concludes with examples of how the suggestions can be used and criticisms of the suggestions.

  • Date created
  • Subjects / Keywords
  • Type of Item
    Research Material
  • DOI
  • License
    Attribution-NonCommercial 4.0 International