A Framework for Systematic Management of Operational Risks

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Asian Journal on Quality

ISSN: 1598-2688

Online from: 2000

Subject Area: Managing Quality

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Document Information:
Title:	A Framework for Systematic Management of Operational Risks
Author(s):	Hasan Akpolat, (Faculty of Engineering and IT, University of Technology Sydney, Australia), Thitima Pitinanondha, (Defence Materiel Organisation (DMO), Australia)
Citation:	Hasan Akpolat, Thitima Pitinanondha, (2009) "A Framework for Systematic Management of Operational Risks", Asian Journal on Quality, Vol. 10 Iss: 2, pp.1 - 17
Keywords:	Operational risk, Operations management, Operations management systems, Risk management
Article type:	General review
DOI:	10.1108/15982680980001441 (Permanent URL)
Publisher:	Emerald Group Publishing Limited
Abstract:	This paper presents a theoretical research framework that was used to analyse operational risk management (ORM) system practices in Australia. It provides a new perspective on how to use national and international operational management system standards as a basis for systematic management of operational risks. Based on the extensive literature review and the analysis of operational risk management system practices that are common in Australian organisations, this paper identifies the critical factors for effective use of an ORM system. The proposed framework could also be used as a model to research ORM system applications in other countries.