An enhanced data-analytic framework for integrating risk management and performance management

Thekdi, Shital; Aven, Terje

doi:10.1016/j.ress.2016.07.010

Cited by 50 publications

(31 citation statements)

References 9 publications

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“…This target may increase or decrease with time, contingent on system reorganization, during or following a disruption. This is an agreement with emerging principles of performance and risk management that call for reference to some target performance level, which may change over time (Thekdi & Aven, ). It is also in agreement with broadly defined complex adaptive systems as they evolve and adapt to changes in circumstances (Holland, ).…”

Section: Methodssupporting

confidence: 73%

Decision‐Making Analytics Using Plural Resilience Parameters for Adaptive Management of Complex Systems

Thekdi

Santos

2018

Risk Analysis

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It is critical for complex systems to effectively recover, adapt, and reorganize after system disruptions. Common approaches for evaluating system resilience typically study single measures of performance at one time, such as with a single resilience curve. However, multiple measures of performance are needed for complex systems that involve many components, functions, and noncommensurate valuations of performance. Hence, this article presents a framework for: (1) modeling resilience for complex systems with competing measures of performance, and (2) modeling decision making for investing in these systems using multiple stakeholder perspectives and multicriteria decision analysis. This resilience framework, which is described and demonstrated in this article via a real-world case study, will be of interest to managers of complex systems, such as supply chains and large-scale infrastructure networks.

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Section: Methodssupporting

confidence: 73%

Decision‐Making Analytics Using Plural Resilience Parameters for Adaptive Management of Complex Systems

Thekdi

Santos

2018

Risk Analysis

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“…In old days, self-assurance was considered as a method for risk management, and later risk management was implemented through a silo-based perspective among firms. Thekdi and Aven (2016) argued that even though the processes of traditional risk management are motivated by risk control and losses prevention which stands in stark contrast to other organizational processes that concentrated on managing performance and value generation, risk management inevitably adds a notable contribution to these processes. Now we have come to the era of ERM (Rochette, 2009) in which the risk profession has evolved gradually and stopped considering risk only as negative.…”

Section: Enterprise Risk Management (Erm)mentioning

confidence: 99%

“…On top to meet the cost parameters, performance measurement development in management has gone along with the impact of general push in enhancing service and quality (Amaratunga and Baldry, 2002). Since poor predictions could be obtained from historical data-based metrics owing to unforeseen future changes, different types of models like purpose performance models, probabilistic analysis predictions, and uncertainty characterizations can be acquired as example for judgments of potential optimization in performance (Thekdi and Aven, 2016). Beamon (1996) has claimed that an effective PMS has four main characteristics including inclusiveness, measurability, consistency, and universality.…”

Section: Performance Measurement System (Pms)mentioning

confidence: 99%

Enterprise Risk Management, Performance Measurement Systems and Organizational Performance in Malaysian Public Listed Firms

Rasid¹,

Golshan²,

Mokhber³

et al. 2017

IJBS

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There has been a call for integrating a strategic performance measurement system and enterprise risk management (ERM) as a proposed best practice for risk management. This study examines the effects of ERM and performance measurement systems (PMS) on organizational performance. In addition, this study also examines the effects of a linked ERM-PMS tool on organizational performance. The research method involved administering an online questionnaire survey to 196 public listed firms. The respondents were the head of risk management department of the firms. In the case of ERM and PMS effects on organizational performance, the result of simple linear regression supported the research hypotheses. However the results from the moderated multiple regression which was employed to test the joint effect of ERM and PMS on organizational performance did not support the research hypothesis. Based on the study results it is recommended that firms may practice ERM and PMS separately rather than linking them together, since their integration may complicate the PMS framework. Keywords: Enterprise Risk Management; Performance Measurement System; Balanced Scorecard; Organizational Performance.

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“…Several studies have highlighted the need for a simplified and rational merger of integral and risk management, accounting for the applicable references in QHSE3+, or others as determined by the business and its target markets [12][13][14][15][16][17][18].…”

Section: Introductionmentioning

confidence: 99%

ISO 50001: 2018 and Its Application in a Comprehensive Management System with an Energy-Performance Focus

et al. 2019

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Business progress and human development are linked to the efficient management of energy resources. The research in this paper contributes to the generalized application of good practices that reduce the vulnerability of companies. The research focuses on energy efficiency through comprehensive management systems (CMS), and “thought based on risks and opportunities”, considering the discussion about the revision of ISO 50001:2018, the basic approach of the model and the route to implement CMS for quality, safety and health in the workplace, environmental management, energy efficiency, and other risk components. This implementation route, with the acronym CMS QHSE3+, places special emphasis on the functions of strategic planning, operational and risk management, and controls, as well as on deliverables and references to examples, templates, standards, and documents, to facilitate its application general in small and medium enterprises and in the management of energy efficiency.

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An enhanced data-analytic framework for integrating risk management and performance management

Cited by 50 publications

References 9 publications

Decision‐Making Analytics Using Plural Resilience Parameters for Adaptive Management of Complex Systems

Decision‐Making Analytics Using Plural Resilience Parameters for Adaptive Management of Complex Systems

Enterprise Risk Management, Performance Measurement Systems and Organizational Performance in Malaysian Public Listed Firms

ISO 50001: 2018 and Its Application in a Comprehensive Management System with an Energy-Performance Focus

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