A Novel Framework for Understanding and Enhancing Organisational Risk Management: Integrating Risk, Corporate-Governance and Knowledge Management

Abstract

Organizational Risk Management practices could be viewed as a group of activities pursued by decision makers, in any organization, for enhancing its ability to face adversities that might negatively influence its values and objectives. Hence, Risk Management is essential for organizational success and sustainability, as it correlates with the ability to make Informed Organizational Decisions. This thesis examines how Risk Management practices can be comprehended and positively influenced. The thesis investigates the potential of ‘enhancing Risk Management practices’ through a specific management intervention that is based on Knowledge Management practices. The investigation is approached at the levels of both theory and application. Design Science Research paradigm is used to introduce three novel management control instruments: a) a framework for contextualizing Risk Management practices; (b) a model for measuring the stance of Risk Management practices; and (c) a Knowledge Management based program for introducing changes to the Risk Management practices. The effectiveness of the instruments is then tested in real-world organizations, using the Case Study research paradigm. Both theory and application level research are conducted in alignment with the gaps identified from the literature review, which indicate the absence of such instruments and a corresponding lack of studies addressing the likelihood of changing Risk Management practices within real-world organizations. It is found that, at least in Information & Communication Technology, and Real Estate organizations, the instruments can provide: (a) an enhanced contextual framework for understanding organizational Risk Management and integrating it with other management practices; and (b) a medium for introducing significant improvements to Risk Management practices and maturity stance. The results suggest that the research and the instruments could apply in other organizational contexts. For testing the designed instruments, a set of assessment tools, secondary instrument, were designed and provided to independent external experts, for them to verify the applicability and usability of the instrument. The assessment tools could similarly be used in other organizational contexts, as suggested by the results.

Date of Award	1 Aug 2019
Original language	English
Awarding Institution	The University of Manchester
Supervisor	Nikolay Mehandjiev (Supervisor) & Matthew Allen (Supervisor)