RISK MANAGEMENT IMPROVEMENT DRIVERS FOR EFFECTIVE RISK-BASED DECISION-MAKING

Fernando Vegas-fernández; Fernando Rodríguez López

Research Article

Year 2019, Volume: 8 Issue: 4, 223 - 234, 30.12.2019

Fernando Vegas-fernández Fernando Rodríguez López

Abstract

References

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Hoyt, Robert E., and Andre P. Liebenberg. “The Value of Enterprise Risk Management.” Journal of Risk and Insurance, vol. 78, no. 4, Blackwell Publishing Inc, 2011, pp. 795–822, doi:10.1111/j.1539-6975.2011.01413.x.
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Lhee, Sang Choon. “Finding Significant Factors to Affect Cost Contingency on Construction Projects Using ANOVA Statistical Method.” Architectural Research, vol. 16, no. 2, Architectural Institute of Korea, 2014, pp. 75–80, doi:10.5659/aikar.2014.16.2.75.
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Mantovani, Guido Max, et al. “Toward an Integrated Rating Methodology for Corporate Risk Detection.” Journal of Business Economics and Finance, vol. 3, no. 1, PressAcademia, 2014, pp. 18–49, http://www.pressacademia.org/archives/jbef/v3/i1/2.pdf.
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RISK MANAGEMENT IMPROVEMENT DRIVERS FOR EFFECTIVE RISK-BASED DECISION-MAKING

Year 2019, Volume: 8 Issue: 4, 223 - 234, 30.12.2019

Fernando Vegas-fernández Fernando Rodríguez López

Abstract

Purpose - Most managers are not satisfied with the operations risk management tools they have got in their companies. This article addresses risk management enhancement within integrated risk informed decision-making.
Methodology - Three distinct and independent methods were used to analyze current practices and to find a solution: A) literature review, B) brainstorming, and C) structured interviews, achieving three lists of parameters that are integrated by using semantic technics and concept theory.
Findings - The result is a list of 66 risk assessment requirements which are going to be the success key for any new risk management system trying to fill the current gap. A new Risk Management solution is proposed fitting those requirements: The Visibility Factor method (Fv) and its risk summary method.
Conclusion - Risks should be managed in a better way and a list of key success factors and a concrete solution are provided to do it.

Keywords

Risk analysis, risk management, overall risk, risk system requirements

References

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---. “Fuzzy Based Risk Assessment Module for Metropolitan Construction Project: An Empirical Study.” Engineering Applications of Artificial Intelligence, vol. 65, no. 2007, Elsevier, 2017, pp. 449–64, doi:10.1016/j.engappai.2017.04.019.
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Schuyler, John. Risk and Decision Analysis in Projects. Project Management Institute, Inc., 2001.
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Details

Primary Language	English
Subjects	Finance, Business Administration
Journal Section	Articles
Authors	Fernando Vegas-fernández This is me 0000-0003-1968-9891 Fernando Rodríguez López This is me 0000-0002-6128-6722
Publication Date	December 30, 2019
Published in Issue	Year 2019 Volume: 8 Issue: 4

Cite

APA	Vegas-fernández, F., & López, F. R. (2019). RISK MANAGEMENT IMPROVEMENT DRIVERS FOR EFFECTIVE RISK-BASED DECISION-MAKING. Journal of Business Economics and Finance, 8(4), 223-234.

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