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Because SD is well advocated and supported by scholars, its strengths are strengthened over time,
thereby providing researchers with confidence in the quality of SD toolsets. Journal of
Manufacturing and Materials Processing (JMMP). Number of banking operational risk management
studies applying systems thinking approaches identified from a literature review. Supply Chain Risk
Management: Literature Review. Risks. 2021; 9(1):16. Financial institution which is the equivalent
keyword of bank was also used for collecting all relevant articles. Gout, Urate, and Crystal
Deposition Disease (GUCDD). Picture this: we would never say “if I walk around outside in a
severe storm there is an opportunity I might be struck by lightening!”. During the evaluation process
strategy alternatives are compared and measured according to their probable performance on their
related strategic target. We used Scopus to search for applications of the five ST approaches in
banking ORM studies. A “system” is defined under the concept of the whole. Previous Article in
Journal A Systematic Literature Review of Volatility and Risk Management on Cryptocurrency
Investment: A Methodological Point of View. It is even common to hear project managers say: “I’ve
not had time to look at risk as I’m too busy developing the project plan”. Has the risk associated
with a specific safety issue been reduced due to improved processes and procedures, or is it higher
now that you have less safety personnel on site. In case you are thinking about how will you prepare
a format for your risk management strategy, we have a better option for you. Number of banking
operational risk management studies applying systems thinking approaches identified from a
literature review. First, the study assumed that complaints from mis-selling products are
homogeneous. In Risk Management in Financial Institutions: Formulating Value Propositions. The
remaining B and C category journals had 48 and 16 research publications, respectively. With the
Project Risk Management Sample template you can buckle up yourself for the unforeseen risk. This
can be simplified by extending trade credit through conventional modes of distribution, reducing
inventory levels, cost in supply chain management, and increase the access to trade finance
organizations This paper reviews the existing literature on SCRM and the exploration of risk factors
in SCM. The view of “system isomorphisms” allows models to be used and transferred between
different scientific fields. The risks are also specific to an area of business or the field of study (
Jemison 1987 ). Some of these techniques are more easily performed and less costly overall than
others. Basel: Bank for International Settlements, Available online: (accessed on 16 May 2022). Out
of these cookies, the cookies that are categorized as necessary are stored on your browser as they are
essential for the working of basic functionalities of the website. The supplier used lead-based paint to
save small operational costs. As the saying goes “better late than never”, so don’t miss the
opportunity to secure your company’s future. Journal of Low Power Electronics and Applications
(JLPEA). But it's in managing and minimising risk throughout project delivery where things get
hectic and things begin to fall apart. Interest ingly, technology is not a major compone nt of any of
these three risk categ ories.
Unlike market and credit risk management, ORM requires all staff within banks to be responsible for
managing operational risk along the three lines of defense model ( BCBS 2011a ). The numerical
approach is for a large population, e.g., insurance. The occurrence of an event for many people at the
same time requires an economic approach. Journal of Manufacturing and Materials Processing
(JMMP). In order to mitigate the risk of overreliance on inclusion and exclusion criteria, we suggest
the use of relevant search terms developed from the first step of our proposed method as a strategy
to collect articles that are relevant to the research question. In addition, if forward-looking
operational risk data are not considered in the reserve calculation, how can banks assure that they
have enough capital for operational risk events incurred as a result of banks’ future operations. The
formation of suitable risk recovery models also needs planning and a combination of information
and human intervention. There can be some merits to this, perhaps the most important of which is to
raise the focus on opportunity management and to offer a realistic balance to the overall picture
during significant project decisions. The International Journal of Production Economics ( IJPE ) had
the most publications in the studied period ( Table 4 ). These cookies ensure basic functionalities and
security features of the website, anonymously. Studies that only mentioned the term “system
dynamics” but neither used it in their studies nor meant the SD approach were excluded. The design
of oil tankers was modified to have more independent compartments to provide deep water stability,
although it was expensive to build such ships ( Chopra and Sodhi 2014 ). To search for a potential
interdisciplinary approach, we need keywords outside the ORM discipline. Hence, uncertainty refers
to a risk that may not be eliminated. BIS Working Paper No. 840. Basel: Bank for International
Settlements, Available online: (accessed on 13 May 2022). Johnny Rungtusanatham, and Robert B.
Handfield. 2007. The Severity of Supply Chain Disruptions: Design Characteristics and Mitigation
Capabilities. In Systems Approaches to Making Change: A Practical Guide. Impacts of variables and
their interactions in the model also need to be quantified. Journal of Theoretical and Applied
Electronic Commerce Research (JTAER). First, our proposed methodology helps reduce bias in the
selection of keywords. By applying the inclusion and exclusion criteria, only three relevant articles
were left from 56 articles. This template is very essential for small firms like yours as the design is
exclusive for managing the risk of small firms. The selected keywords were: “operational risk” “bank
or financial institution” and “literature review.” From the search, we identified seven articles from
Scopus. Visit our dedicated information section to learn more about MDPI. All articles published by
MDPI are made immediately available worldwide under an open access license. No special. Project
managers can use risk analysis methods to evaluate and prioritize risks, often using a matrix to
distinguish critical tasks based on probability and impact. Basel: Bank for International Settlements,
Available online: (accessed on 16 May 2022). The availability of this template in the PDF format is
its strongest point. Farhan and Alam ( 2019 ) used SD to understand the interrelationships between
variables affecting the noncompliance with legal and fiduciary duties of Pakistani Islamic banks. The
qualitative model, which reflected the homogeneity assumption of SD, makes SD an appropriate
methodology for this study. We showed how our proposed methodology facilitates the development
of keywords for the potential method of future ORM studies.
Next Article in Journal Did the Islamic Stock Index Provide Shelter for Investors during the
COVID-19 Crisis. Risks cause disruption, which ripples through the network of the supply chains.
Force majeure disruptions are challenging to manage but can be estimated through conscious risk
assessment strategies ( Kleindorfer and Saad 2009; Norrman and Jansson 2004; Sheffi 2001 ),
identifying risk indicators ( Rodd 2003 ), and applying the principles of Total Quality Management
(TQM) in sharing information among SCM partners ( Lee and Whang 2005 ). Ensuring flexibility
and delay in spending refers to rescheduling ( Bucklin 1965 ). It is easy to support a project by
throwing money or empty words behind it; it is an entirely different thing to actively work on the
behalf of a project and to continue to do so for the long haul. Journal of Otorhinolaryngology,
Hearing and Balance Medicine (JOHBM). The bibliometric analysis is the quantitative technique
used when the review scope is broad. Recent studies on current and emerging threats, including
climate-related and cyber risks, identified that a lack of data availability causes not only an absence
of research on banks’ financial impacts but also the difficulties to insure them ( BCBS 2021b;
Hassani et al. 2020; Aldasoro et al. 2020; Carfora et al. 2019; Kopp et al. 2017; Eling and Schnell
2016; Biener et al. 2015; Wolff 2014; Chabrow 2012 ). Once risk identi?cation is complete, risk
analysis is used to identify the likelihood the risks that have been identi?ed will happen. A Proposed
Methodology for Literature Review on Operational Risk Management in Banks. Controversial topics
on the usefulness of measurement models and data problems are still widely discussed in the banking
ORM literature ( Grimwade 2022; Ashby 2022; Wei et al. 2018; Pakhchanyan 2016 ). Contracts
with flexibility for possible changes in the environment reduces risks. By creating a risk management
plan and using a risk management template in your presentation, you can help to ensure that your
project is on track and that you're taking steps to mitigate potential risks. The proposed framework
also presents essential fundamental concepts and enablers for achieving sustainable performance such
as developing organizational capability, creative thinking, innovation, agility, succeeding through
people and sustained outstanding results. Network risks are derived from the supplier network layers
based on the title, vendor strategies, and agreements between the supply chain network vendors. The
remainder of the paper is organized as follows: the second section presents a review of the relevant
literature on SCRM and discusses the research methodology. This is provided in Table 6 with the
names of publishers. 4. Research Implications in SCRM Global supply chains require a retrieval plan
to ease the effects of disasters ( Bryson et al. 2002 ). There needs to be a strategic plan, because
uncertainties and risks surround the supply chain environment. Download this Project Risk
Management Example template and get your job done. By following the approach taken by Besiou
and Van Wassenhove ( 2021 ), we evaluated whether the use of SD in these studies is appropriate.
You can describe your analyzation in this template making way for the team to understand the risk
factors. These three keywords were: (1) operational risk, (2) system dynamics, and (3) bank. While
there are several formal methods that can be used for risk analysis, many project managers use some
type of matrix-based decision process for analyzing and evaluating project risk. Basel: Bank for
International Settlements, Available online: (accessed on 13 May 2022). There are different payment
processes in the imports and exports of goods. Risk management refers to the implementation of
strategies and plans to manage supply chain networks through constant risk assessment and reduce
vulnerabilities to ensure resilience in supply chains. Explain the collapse of Barings Bank caused by
an acceleration of latent errors and ineffective corrective actions. Latent errors were defined as
activities, events, or conditions that deviate from organizational expectations, and may cause adverse
consequences. Managing risks allows the decision-maker to understand and assess the impact of risk
in a supply chain network. This book about project risk management should be on the desk of each
project manager.
You can similarly convert our content to any other desired screen aspect ratio. Risk management
study commenced after World War II. For instance, operational risk events in one bank can cause
regulatory sanctions, loss of shareholders’ trust, and negative press coverage for all industry
participants ( Deloitte Development LLC 2018 ). The first step is the review of literature review
articles, which helps the researchers in discovering and developing relevant search terms. In the
second step, the researchers form an understanding of key findings that answer the research
questions. Senge, Peter M. 1990. The Fifth Discipline: The Art and Practice of the Learning
Organization. The second step is to conduct a review of literature review articles to assess, identify,
and form an understanding of key findings that can help answer research questions. Therefore,
because a project manager may feel somewhat helpless in dealing with the risk, they approach the
issue with a guess ?guring it is better than doing nothing at all. The risk classified by various authors
can be elaborated to include the scale and risk occurrence ( Blackhurst et al. 2005; Norrman and
Jansson 2004; Sheffi and Rice 2005 ). The study has long been connected with the use of market
insurance to guard entities and businesses from numerous losses linked with coincidences.
Ramanujam, Rangaraj, and Paul S. Goodman. 2003. Latent errors and adverse organizational
consequences: A conceptualization. As such, the methodology is applicable regardless of the scope of
the review and the quantity of the dataset. A Proposed Methodology for Literature Review on
Operational Risk Management in Banks. There needs to be a corrective approach for recurrent risks
for evaluating the costs of increasing or decreasing inventories, capacity, flexibility, responsiveness,
and capability. A few risks incentivize vertical integration because vertical integration reduces the
risks due to better supply and demand control. They can be extended by their synonyms and related
terms ( Rowley and Slack 2004 ). In such cases, parties choose a financial mediatory, such as a bank,
to make the payment through a letter of credit. Nurmaya Musa. 2011. Identifying risk issues and
research advancements in supply chain risk management. Table 5 summarized types of SD models
used in these studies. e.?Summary and mapping of knowledge structure within the research domain
We further examined how these studies used SD in managing operational risk in banks. Yan and
Wood ( 2017 ) used the SD quantitative model in simulating losses in the mis-selling event. It is easy
to support a project by throwing money or empty words behind it; it is an entirely different thing to
actively work on the behalf of a project and to continue to do so for the long haul. For example, we
observed that Wei et al. ( 2018 ) did not provide information about the number of loss events and
sample periods of some articles they surveyed. This is misguided because all risks can be effectively
addressed in one of several ways. If risks are being communicated and remain a constant topic, then
this automatically contributes to their reduction. Make changes if needed as the template is
customizable. We evaluated that SD is an adequate methodological approach for this study. Teams
need to understand the difference between mitigation and contingency planning, and when each
needs to be applied: mitigation strategies are proactive actions that reduce either: a) the probability of
a risk occurring or b) the impact of the risk if it still does; fall back (also called contingency) plans
are the alternative plans that may be needed if the risk occurs. In this paper, we tested our proposed
methodology by exploring the field of operational risk management (ORM) in banks. Created risk in
every organization should be controlled and managed, but sometimes even one problem may threats
professional management of organizations by its effect. Note that from the first issue of 2016, this
journal uses article numbers instead of page numbers. We further refined all these articles according
to publications in the ABDC ranking list ( Appendix A ), which was around 312 articles with the
document type ( Table 3 ) and top publishers ( Table 6 ) in SCRM.
Conventional business strategy divides conveniently into three parts, like Caesar's description of
Gaul: what's going on inside the corporation; what is happening in terms of competition in the firm's
markets; and, by deduction, what both inquiries hold for the firm's future. For instance, Chernobai
and Yildirim ( 2008 ) used a total of 7680 operational loss data from a major commercial bank for a
period of 39 months from 2004 onward to test and provide evidence that supported their proposed
model. Aldasoro, Inaki, Leonardo Gambacorta, Paolo Giudici, and Thomas Leach. 2020.
Operational and Cyber Risks in the Financial Sector. These three keywords were: (1) operational
risk, (2) system dynamics, and (3) bank. Early oil tankers had two interconnected storage
compartments causing instability. We further refined all these articles according to publications in the
ABDC ranking list ( Appendix A ), which was around 312 articles with the document type ( Table 3
) and top publishers ( Table 6 ) in SCRM. Feature papers are submitted upon individual invitation or
recommendation by the scientific editors and must receive. It faces unpredictable challenges due to
nations’ economic policies and globalization, which have raised uncertainty and challenges for supply
chain organizations. We validated our proposed methodology via the exploration of the ORM field.
The proposed methodology consists of three main steps that are described in Section 2 of this paper.
This can be a major constraint on the success of any project. Network risks are derived from the
supplier network layers based on the title, vendor strategies, and agreements between the supply
chain network vendors. Number of banking operational risk management studies applying system
dynamics identified from a systematic literature review. A Proposed Methodology for Literature
Review on Operational Risk Management in Banks. Risks. 2022; 10(5):108. Before risks can be
analyzed, you have to identify them. The number of research publications showed several research
papers published on SCRM and the importance of risk management in the competitive and
unpredictable business environment. Make changes if needed as the template is customizable. Laot,
Maxime. 2017. Managing operational risk in the banking business—An internal auditor point of
view. Designing flexible contracts acts as a control mechanism ( Macneil 1978 ). Teams also need to
know how to integrate risk management data with the mainstream technical, management and
performance measurement processes (e.g. Earned Value Management). These risks are often the
same, regardless of the nature of the project. Generally, a systematic literature review cannot
guarantee but it can provide assurance on the quality of our literature review. The engagement of
stakeholders in the modeling process enhances the quality of the model and the implementation (
Sterman 2000 ). This results in a poor understanding of risk and little attention to its management.
Visit our dedicated information section to learn more about MDPI. Some authors have categorized
risks in supply chains under operational risk, network risk, and external risks ( Handfield and
McCormack 2008 ). The International Journal of Production Economics published by Elsevier has
41, followed by the International Journal of Production Research with 31 publications. International
Journal of Environmental Research and Public Health (IJERPH). Track identified risks, identify and
analyze new risks, and evaluate the risk process effectiveness throughout the project. These
mechanisms are, for example, errors from strategic decision-making and fraud.
There can be some merits to this, perhaps the most important of which is to raise the focus on
opportunity management and to offer a realistic balance to the overall picture during significant
project decisions. We further refined all these articles according to publications in the ABDC ranking
list ( Appendix A ), which was around 312 articles with the document type ( Table 3 ) and top
publishers ( Table 6 ) in SCRM. These multiple stakeholders create spillover effects that cause
uncertainty in banking ORM. This is misguided because all risks can be effectively addressed in one
of several ways. We argued that homogeneity is the condition of SD but complaints from mis-selling
products are, indeed, distinct individuals. It aims at increasing the understanding of a phenomenon
while identifying the relevant body of knowledge ( Webster and Watson 2002 ). SD is not new to
ORM and one of the three studies that applied SD has been highly cited. How? Download this
Project Risk Management Template. ISPRS International Journal of Geo-Information (IJGI). SD can
also explain behaviors of the system resulting from the ORM strategy ( Homer and Oliva 2001 ). A
high number of players present risks ( Braithwaite and Hall 1999 ). Track identified risks, identify
and analyze new risks, and evaluate the risk process effectiveness throughout the project. Debate on
supply chain risk management may promote competitiveness in business. Stakeholders from all
parties must be involved in contributing to the Risk Matrix early and regularly, which can be
accomplished by following the three simple steps of recognizing, prioritizing, and controlling. While
banks have been aware of risks associated with operations for a while, the Basel Committee on
Banking Supervision (BCBS) elevated operational risk to a distinct and controllable risk category in
2003 ( Eceiza et al. 2020; BCBS 2003 ). Operational risk in the banking sector is defined as “the risk
of loss resulting from inadequate or failed internal processes, people and systems or from external
events”. The third line of defense is responsible for independently and comprehensively auditing the
ORM framework and its implementation. The papers were in the form of articles, case studies,
opinions, and interviews. However, uncertainty cannot be quantified ( Knight 1921 ). The risk
classified by various authors can be elaborated to include the scale and risk occurrence ( Blackhurst
et al. 2005; Norrman and Jansson 2004; Sheffi and Rice 2005 ). International case studies are
included throughout. Now we can focus on the actual project activities again.” Unfortunately, you
hear this statement very often. Types of system dynamics models used in banking operational risk
management studies. When you download this product, the downloaded ZIP will contain this
product in both standard and widescreen format. Impacts of variables and their interactions in the
model also need to be quantified. Figure 1 is a conceptual representation of the proposed
methodology. This requires starting with a method to identify relevant keywords to be used in the
literature search. The most obvious examples come from: dependencies (internal or external)
assumptions made by team members (in relation to any aspect of the project). The remaining B and C
category journals had 48 and 16 research publications, respectively. Project Risk Assessment:
Improving the understanding of your risks In all the literature on risk, much has been written on
modelling its impact using statistical methods.