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Title: Managing Operational Risks: A Conceptual Framework for Operational Risk Management
Authors: Pitinanondha, Thitima 
Akpolat, Hasan 
Issue Date: 2007
Publisher: University of the Thai Chamber of Commerce
Source: Thitima Pitinanondha, Hasan Akpolat (2007) Managing Operational Risks: A Conceptual Framework for Operational Risk Management.
Conference: Proceedings of the 2nd International Conference on Operations and Supply Chain Management 
Abstract: Managing operational risks has become an importanceaspect for every organisation. In the past, many operationmanagement studies have focused on the improvement ofoperational performance. A large number of researchpublications included topics such as reduction of processvariability, increasing flexibility or implementing controlsin operations. It seems that research interest is nowturning to operational risk management as well.A literature review carried out in this field revealed thatorganisations make use of various frameworks andmodels to deal with risks in their operations. Althoughthese frameworks differ in some aspects, there is strongevidence, however, that organisations seem to favour anOperational Risk Management (ORM) framework that isbased on commonly used management systems includingthe Quality Management System (QMS), EnvironmentalManagement System (EMS), and Occupational Healthand Safety Management System (OHSMS).Drawing on these critical findings, this paper introduces aconceptual framework for managing operational riskbased on commonly used management systems. Itconcludes with a discussion and direction for futureresearch.
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.
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