Critical Success Factors for Effective Risk Management

Abstract

Risk management is extremely important in achieving overall organizational goals and objectives. Achieving organizational goals amid risks entails determining and implementing critical success factors (CSFs). This chapter presents composite CSFs which organizations can focus on to achieve their overall goals and objectives by portraying a case study of the construction industry. Using this case study reveals statistical significance of impact of risk management on the project as reduction in design/production time, improved public perception, and improved team morale and productivity. Similarly, CSFs mostly implemented are awareness of risk management processes, appreciating that risk management practice is viable in the construction industry, organizations have policies to support the development of risk management and organization deal with internal/external environment that influences risk management in their organizations. The chapter also presents nine composite CSFs determined by the case study namely: management approach; goals and objectives of the organization; risk management policy and experts; information technology and culture; environment and usage of tools; teamwork and commitment of the top management; communication and training; awareness of risk management process and legal requirements; and risk monitoring and review. Lastly, the conclusion is drawn on nine composite CSFs for effective risk management.

Testing a numerically-analytical method for prediction design maxima discharges of floods using plotting position formulas: the river Uzh case, the “Uzhhorod” gauging station data

“…(2) fundamental methods of probability theory and mathematical statistics, and risk theory [28,55,57], in particular, regarding risk assessment and management [27,31,32]; (3) specific statistical methods in hydrology [29,34,35,[50][51][52]59]; (4) utility theory methods [73,74] and decision making methods under risk and uncertainty [43,45,75,76].…”

“…Admittedly, in any field of human activity, one of the critical implementation challenges of effective risk management is an information problem [27]. More uncertainty is more risk.…”

Faktor Yang Mempengaruhi Maturitas Manajemen Risiko Organisasi Di Indonesia

“…Faktor yang berasal dari eksternal diantaranya adalah ketersediaan regulasi yang akan mendorong organisasi untuk mematuhi regulasi dan jika organisasi bisa mengelola kepatuhan tersebut maka implementasi manajemen risiko akan efektif (Shimpi, 2005). Sementara itu, faktor internal yang dapat mempengaruhi efektivitas manajemen risiko antara lain: komitmen pimpinan puncak (Ranong & Phuenngam, 2009;Kikwasi, 2018;Zhao et al, 2013;Mensah & Gottwald, 2015;Kabuye et al, 2019), dukungan sumber daya manusia yang kompeten (Priyarsono & Munawar, 2020), kualitas audit (Drogalas et al, 2017), serta faktor budaya (Sari et al, 2018;Agarwal & Kallapur, 2018;Kurniawan et al, 2017). Alijoyo et al (2020) menyatakan bahwa tingkat capaian maturitas manajemen risiko yang juga akan menggambarkan tingkat efektivitas penerapan manajemen risiko akan sangat dipengaruhi oleh karakteristik organisasi.…”

A Review of Employer‐Caused Delay Factors in Traditional and Building Information Modeling (BIM)‐Enabled Projects: Research Framework

“…Stage 2 involves an action plan to implement the success factors; here, a more convenient tool to implement the success factors is determined based on the questionnaire results. Stage 3 involves reviewing and evaluating the success factor implementation using the procedure suggested by Discenza and Forman [143] and Kikwasi [144]. Stage 4 involves the measurement of success based on the findings obtained from stage 2. e implementation stage is initiated only when the goals are achieved using the KPI method.…”