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Managing Operational Risks: A Conceptual Framework for Operational Risk Management
Journal
Proceedings of the 2nd International Conference on Operations and Supply Chain Management
Conference
The 2nd International Conference on Operations and Supply Chain Management
Publisher(s)
University of the Thai Chamber of Commerce
Date Issued
2007
Author(s)
Abstract
Managing operational risks has become an importance aspect for every organisation. In the past, many operation management studies have focused on the improvement of operational performance. A large number of research publications included topics such as reduction of process variability, increasing flexibility or implementing controls in operations. It seems that research interest is now turning to operational risk management as well. A literature review carried out in this field revealed that organisations make use of various frameworks and models to deal with risks in their operations. Although these frameworks differ in some aspects, there is strong evidence, however, that organisations seem to favour an Operational Risk Management (ORM) framework that is based on commonly used management systems including the Quality Management System (QMS), Environmental Management System (EMS), and Occupational Health and Safety Management System (OHSMS). Drawing on these critical findings, this paper introduces aconceptual framework for managing operational risk based on commonly used management systems. It concludes with a discussion and direction for future research.
Subject(s)
Access Rights
public
Rights
This work is protected by copyright. Reproduction or distribution of the work in any format is prohibited without written permission of the copyright owner.
Rights Holder(s)
University of the Thai Chamber of Commerce
Bibliographic Citation
Thitima Pitinanondha, Hasan Akpolat (2007) Managing Operational Risks: A Conceptual Framework for Operational Risk Management.
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