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

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.