Dr. Pranee Chitakornkijsil Graduate School of Business Administration National Institute of Development Administration (NIDA), Thailand. wayne.s@nida.ac.th

Abstract In this study, several aspects of managing risk are considered. We address the meaning of risk management, followed by a discussion of some of the main objectives of risk management. The process of risk management is composed of identifying the causes of loss, the analysis of loss uncovered, finding risk technique alternatives, and choosing the best risk management practices. As well, the control and implementation of risk management programs are studied. Furthermore, a comprehensive risk management program is considered. Then, we address various factors of risk management programs along with the development of risk management programs. Finally, risk management appraisal areas are discussed, and critical components for getting started are detailed. Key Words: Enterprise Risk, Management

Managing Risks Even when none of the risks can be identified, there are strategies to minimize losses. The strategy is to develop business environments that minimize the

The International Journal of Organizational Innovation


probability of an event occurring by preparing plans to deal with foreseeable events and guaranteeing that valuable assets are physically secured to get rid of any hazards in the workplace. To create an equitable and safe environment, workers are discouraged of inappropriate behavior and work, and are encouraged in desired behavior. Valuable assets of the company must be kept in secure areas. When valuable assets are used, access to them must be carefully controlled by management. Only workers who absolutely need to should be allowed access to valuables at any given time. Tangible Property Risk Management Tangible property risk management depends on the nature of property. Land and buildings are able to be destroyed or damaged by various events. Equipment can be stolen. Small items of high value could be stolen by workforce, consumers, vendors, or others. The specific methods to monitor each risk are specialized to the specific asset at risk. Intangible Property Risk Management Intellectual property rights concern legal rights of unique features of services or products. The rights of application unique features are legally protected in various methods such as: keeping the process secret, trademark or copyright, and patent. The Meaning of Risk Management The International Journal of Organizational Innovation 310

Risk Management is a process that indicates losses faced by an organization and the most appropriate techniques for treating such discoveries. Because risk is ambiguous and possesses different meanings to identify potential losses, an uncovered loss is any circumstance or situation where loss is possible, regardless of whether an actual loss occurs. For example, manufacturing plants may be damaged by floods or earthquakes, defective products that may come from lawsuits against the enterprise, as well as theft of firm property due to inadequate security. Risk Management Objectives Risk management has two essential objectives, as follow: a. Post-loss goals b. Pre-loss goals Post-loss Goals Risk management possesses certain objectives after a loss occurs. These objectives are survival, stability of earnings, continued operation, social responsibility, and growth. The most critical post-loss goal is survival of the enterprise. Survival refers to that time after loss occurs, when the company is able to resume at least partial operations within a reasonable time period.

The International Journal of Organizational Innovation


One critical loss may affect suppliers. a company can be lost to competitors. or by merging with other enterprises. the cost of safety programs. to operate at another location while stability of earnings are down. However. a company must have a hefty cash reserve to accomplish this objective. for example. Additionally. and putting in place practices to reduce anxiety. the community. Finally.Another post-loss goal is to continue operating. the ability to operate after loss is critically important. as well as the company’s creditors and financial backers. and continue to operate after loss. employees. meeting legal obligations. and the cost of handling losses. The first objective is that the company ought to prepare potential losses in the most economical way. another post-loss goal is stability of earnings. Pre-loss Goals Critical objectives before loss occurs involve concerns for the economy. For example. Certain loss discoveries can cause great worry and fear for key The International Journal of Organizational Innovation 312 . For some enterprises. Eventually socially responsible policies to minimize the effects that loss may have on another society and other persons need to be established. another post-loss goal is continued growth of the company by creating new markets and products. This preparation concerns an analysis of insurance premiums paid. The second objective concerns the reduction of anxiety. Also. a public utility enterprise must continue to give service.

supplies.Liability loss. defective products. such as extra expenses and continuing expenses after an initial loss. .Business income. The last objective is to meet any legal obligations the firm may have. . government regulations require companies to install safety instruments to protect workers from harm.Crime loss. political risks. For example. inventory. computer crime and internet tampering. email transmissions. Risk Management Processes Identifying Loss This step concerns the analysis of the following potential losses: . building. . computers. and to dispose of hazard waste materials in a safe and appropriate manner. . data.Foreign loss uncovers. such as: foreign currency risks. such as plants.executives. equipment. . and theft of intellectual property.Public image and reputation of the company. for example environmental pollution. for example a situation where a The International Journal of Organizational Innovation 313 . to label consumer goods appropriately.Property loss. and accounts receivable. such as employee dishonesty and theft.

participation with line managers and other staff members can lead to excellent sources of information about potential risks. death.Human resources loss such as disability of key employees.Employee benefit loss such as failure to comply with government regulations. such as loss of financial assets through liability judgments. Major risk management problems come from rising worker’s compensation costs. Identifying risk happens when management professionals become aware of risks in the environment that have potential for loss. and flowcharts on delivery and production bottlenecks. Some examples are: . Eventually. failure to pay promised benefits. and financial risk through the capital markets. Risk management professionals utilize various information sources to identify potential risks such as incident reporting (when an employee’s report of an accident is not consistent). losses of property and physical plants. and intangible losses to reputation and public image. risk analysis questionnaires. unemployment. retirement. or disease experienced by workforces.manager has various sources of information to identify losses such as financial statements. of which risk management professional may be The International Journal of Organizational Innovation 314 . . consolidation and effects of mergers. health and group life and retirement plan loses. human losses. physical inspections of company plants.

For example. and instincts of risk management professionals. experience. maximum possible loss must be estimated.previously unfamiliar. unless the total cost of the incident is insignificant. management can establish a budget and treat it as a normal operating expense. The risk manager must be aware of both loss severity and loss frequency. and concerns certain data and objective sources of information to evaluate a given risk. a loss which has the potential for bankrupting the company is much more important in a risk management program with a small loss potential. if certain losses occur regularly and predictably. Risk analysis concerns determining the potential severity that such a loss will occur. Find Risk Technique Alternatives The International Journal of Organizational Innovation 315 . Analyzing Loss Analyze loss concerns an estimation of the severity and frequency of loss. Risk analysis is based on the training. with severity being more important because a single loss could wipe out the company. the relative severity and frequency of each loss must be estimated so that the risk manager is able to choose the most appropriate technique for handling each uncovered loss. Moreover. For example. Risk management professionals are required to give priority to the greatest potential risk of financial loss. Therefore.

Loss hindrance. and preparing financial consequences of such losses. risk financing involves paying losses that occur. Financial risk. Risk control concerns preventing losses. Loss decreasing concerns risk management techniques for maintaining and establishing a relation with the company’s main consumers. Risk perseverance. Other loss reduction concerns prompt incident investigation.Risk management techniques concern the range of selection available to the risk management professionals in handling a given risk. staff education and revision. Risk preserve concerns managing an identified risk. Risk treatment strategies have two categories: risk control and risk financing. and supporting emergency management. the establishment of written plans for disaster. Loss decreasing means measures that reduce the severity of a loss after it occurs. as well as procedure review. Financial risk means techniques that provide for the funding of losses after they occur. that limit the severity of a loss that has already occurred. Such examination should encourage an early settlement if the examination is unfavorable. Loss hindrance is composed of policy. Financial risk concerns ways to generate funds to pay for losses that risk control techniques can not totally eliminate. Risk Control concerns the following techniques: Loss decreasing. as well as taking the opportunity to The International Journal of Organizational Innovation 316 .

Establishing perseverance levels. Passive retention means the failure to identify a loss. the risk manager must have various methods for paying losses. for The International Journal of Organizational Innovation 317 . Loss preserve means the ability to measure loss in order to reduce the frequency of a particular loss. as follows: Credit line. forgetting to act. the risk manager must establish the company’s retention level. or failing to act. an enterprise must be able to determine the maximum retention as a percentage of the company’s net working capital. and plans to retain part or all of it. is aware of the loss uncovered. although it does not reflect this overall financial position for absorbing loss.evaluate appropriate risk financing strategies. Besides. Retention is able to be effectively applied in a risk management program under certain conditions. losses are highly predictable. These risks are not able to be reduced. a company must be able to determine the maximum uninsured loss it can absorb without adversely affecting the firm’s earnings. which is the amount of losses that the company shall retain. and funded reserve. If retention is applied. If retention is applied. A strong company is able to have higher retention levels than another one whose financial position is weak. as follows: No other method of treatment has been acquired. and the possibility of loss is not serious. or avoided. To establish retention levels. current net income. Risk perseverance refers to that company which retains part or all of the losses that result from a given loss.

which may be less costly to retain or to invest in than the benefits of risk management. Disadvantages and advantages of retention. An escape is the risk control technique to eliminate any possibility for the loss to occur. For example. market share. and loss control expenses. consumer satisfaction. Moreover. Controlling risk exposure has a high cost of loss of the company’s mission’s effectiveness. A pharmaceutical company that sells a drug with dangerous side effects can withdraw the drug from the market. Revealing possible escapes. However. lawsuits from defective products. Concerning retention disadvantages. and loss in revenues. The critical advantage of avoidance is that the chance of loss is reduced to zero if the loss uncovered is never acquired. flood losses are able to be avoided by not building a new plant in a floodplain. truck accidents. the The International Journal of Organizational Innovation 318 . taxes. loss-adjustment expenses. The critical advantages are as follows: Lower expenses such as general administrative expenses. less frequent losses.example. and human relations. the chance of loss is eliminated or reduced because the product or activity that produces a loss has been abandoned. and quality control checks. some critical issues are higher expenses in areas such as the cost of safety engineers. To reveal escape means that a certain loss uncovered is never acquired. as well as saving money.

company may not avoid all losses. The first one needs forecasting of the effects of available risk management alternatives to support an organization’s ability to fulfill its goals. such as assigning the risk manager greater authority and establishing standards of the risk manager’s performance. Choosing the Best Risk Management Techniques Choosing the best risk management techniques for a special situation has two parts. The second one is defining criteria of measurement to determine how much each alternative risk management technique contributes to the organization’s objectives in a cost effective way. Controlling and Implementing Risk Management Programs Risk Management Policy A risk management policy describes the risk management objectives and firm policy with respect to treatment of losses uncovered. Cooperation with Other Departments Each functional departments is extremely essential in identifying losses. For example. one day there will come a death of a key executive. such as: The International Journal of Organizational Innovation 319 .

product defects. .accounting: internal accounting controls are able to reduce theft of cash. The final step in the risk management process is to evaluate and control the effectiveness of the risk management program by assessing its The International Journal of Organizational Innovation 320 . .. .production: quality control is able to protect against liability lawsuits.finance: information shows how losses disrupt profits and cash flow. and loss-prevention programs must be carefully controlled. The implementation process concerns both technical risk management decisions that are decided by risk management professionals and the related decisions made by other managers in organizations to implement risk management technique and to select appropriate policy limitations. and an effective safety programs is able to reduce accidents. Periodic Evaluation and Review Safety programs.human resources: responsible to workforce pension programs. and safe distribution can prevent accidents. benefit programs. . firm’s hiring. dismissal policies and promotion. risk management costs.marketing: packaging is able to protect against liability lawsuits. safety programs.

and financial risks. and maintaining data in order to improve performance. An effective risk management program needs scope sufficient enough to cover all applicable categories of risk like key structural elements. risk management concerns the concept of enterprise risk management and complex legal. as well as others. business. when societies developed into industrialized economies. A Comprehensive Risk Management Program Organizations and their members. and written procedures The International Journal of Organizational Innovation 321 . Moreover. political. and technical and financial skills. and to establish mechanisms to transfer financial consequences of loss through policies of insurance. identify. Historically. higher education.appropriateness and the adequacy of the techniques being employed to analyze. broad-based businesses. hoping to foster diverse work experiences. analyzing. organizations and individuals continued to find ways to understand and anticipate risks. appropriate risk strategies. have often sought ways to reduce and identify the risks that threatened their existence. Risk management professionals are required to prepare a comprehensive annual report of risk management efforts and new program developments. risk management professionals take on new roles as chief risk managers. Risk management professionals have a responsibility for investigating. and treat risks. While risk management concerns more strategic orientation. to protect valuable property from such threats.

Whether a firm is just beginning to organize its risk management program or expand an existing program. Several key structural components are needed for risk management programs to succeed. An effective risk management plan can build key structural elements that allow the risk management professional to enforce important changes in organizational policies.and policies. Coordination Organizations ought to establish both informal and formal mechanisms for the coordination of risk management programs with other functions and departments. Various Factors of Risk Management Programs The exact structure of an organization’s risk management program depends on the complexity and size of its functions and other services that it offers. A set of written procedures and policies guarantees program consistency and uniformity. and assists in communication of the program to various affected parties. The program must define the scope of risks to be managed and any potential liability or threat of loss. attention to these structural elements will ensure that the program has a solid foundation. Developing a comprehensive risk management program depends on several special considerations. The The International Journal of Organizational Innovation 322 . Risk management strategies concern various techniques employed to reduce or prevent potential losses and preserve the organization’s assets.

the CEO must guide the team of senior managers who are responsible for the development of new business opportunities. The International Journal of Organizational Innovation 323 . The performance improvement director can assist a risk management professional who lacks training in analyzing and interpreting information. acquisitions.risk management professional should have communication and reporting relationships with key individuals within the organization: The chief executive officer (CEO) provides a critical link to the entity’s governing board and offers support for the risk management program. Moreover. and mergers. The financial chief depends on information provided by the risk management professional to make appropriate decisions regarding risk-financing activities. The quality management or performance improvement director provides an important source of information. The compliance officer can help the development of policy and staff education efforts related to regulatory and legislative initiatives. The financial chief ought to have multiple financial risk responsibilities and offer support for valuable information for the risk management program. The CEO serves as the key decision maker for many activities critical to the risk management program.

and is one who chairs the organization’s safety committee. and authority in practice. A risk management professional’s organizational rank is positioned below the department manager. the risk manager must deal with highly sensitive and confidential information that directly affects the organization’s financial status and public image. The risk management professional is responsible for coordinating risk management activities with members and outside parties. They are also faced with difficulty in obtaining access to senior management and other outside parties. which causes difficulty in dealing with staff and department managers. the risk management professional’s position ought to be relatively high in the organization’s hierarchy. The International Journal of Organizational Innovation 324 . Authority The risk management professional must have sufficient respect from others. Then. The safety officer is a vital source of organization problem solving and risk management information. emergency preparedness. Daily. procedure and policy to fulfill the objective of the risk management program. the risk management professional must report directly to the CEO or the senior administrative management team. Ideally. as well as with employees and managers at all levels of the organization.The safety officer must be responsible for assisting risk management professionals in hazardous materials management. performing fire safety and employee safety activities.

as well as document progress made toward established goals. it creates special challenges when creating an identity for those activities and establishing ownership of risk management functions. Communication. safety programs are managed by a maintenance manager.Financial risk and insurance program administration are handled by the organization’s finance department. joint ventures. Accountability When risk management professionals require sufficient authority to do assigned functions. as well as complex regulatory and legal developments that affect the field. Risk management professionals must be provide others with information on proposed mergers. and compensation programs are managed by human resources personnel. The risk management professional ought to prepare an annual report to senior management of risk management program activities. and acquisitions. Although this division of labor may be an efficient portioning of the workload needed for a successful risk management effort. but. specific risk management goals. The risk The International Journal of Organizational Innovation 325 . It is difficult to obtain the wide range of expertise to fulfill their risk management obligations and to stay on top of rapidly changing environments. What is needed is annual performance evaluations which assess the risk management professional’s achievement of measurable. they ought to be held accountable for that performance.

Development of Risk Management Program The principles that apply to risk management must adapt to guarantee costeffective care. Therefore. Visibility. The risk management professional’s position ought to be structured to enhance opportunities for interaction with others committees. locations. it is important function for the organization’s risk management professional. Various risk management program structures should be considered based on organizational size. and providing education for risk management practices. and scope of services. Within one organization there is a need to take different steps in assessing risk management in different areas. and satisfy the changing consumer base. and must be carried out through raising consciousness. increasing communication. participation in activities such as employee orientation and access to organization-wide communication mechanisms. Interdependence between financial goals and organizational strategy must be integrated into risk management program development. and available resources. No one can work every function of a comprehensive risk management program.management professional can advise senior management on the management of various new business arrangements and supports. as well as help staff in offering service. The risk management professional ought to be highly visible. activities. The International Journal of Organizational Innovation 326 .

merger. The responsibility of risk management depends on multiple departments. Risk Management Appraisal Areas A critical factor is that risk assessment methodology might vary. finance. disaster planning. and facilitate communication. or management change. The outsourced organization may become the risk management department. Areas for Assessment The International Journal of Organizational Innovation 327 . Organization and individuals must clearly communicate the results and recommendations. and claims are especially helpful in large organizations. quality improvement. Consultative and Outsourcing Structures At limited times. branding.Responsibility for Defined Risk Management Activities and Services. One person should have responsibility for risk management. and control. plant engineering. All risk management activities need to be part of the organization’s strategic plan and mission. Risk management involves strategic planning. and marketing. an organization may select to supplement its risk management functions. Every large organization needs an experienced risk management professional. Related Risk Management Functions. Knowledge and experience in safety. and resources. Consultative and outsourcing structures are generally applied during times of acquisition. safety.

The International Journal of Organizational Innovation 328 . the organization’s current business and services relationships are essential in identifying the areas for assessment. policies. as well as other information issue related to release and retention. key contacts.Information management methodologies. after evaluating basic organizational structures. assessing it from an operational to a business perspective. Resolving current systems. and job and trust requirements. high visibility areas. and high volume. budget. The assessment is concern about analyzing systems that are already in place in order to determine current effectiveness. for example: . data. computerized access to information. . The assessment process ought to include the organization base. risk management activities. and a survey of perceptions about the effectiveness of system and processes already in place. These must be integrated into current organizational structures and quality and safety programs. and identify responsibilities. and contractual relationships such as orientation. we ought to begin with high risk. Generally. minimize risk.Assessment of the organizational philosophy.Because assessments may take time. types and level of risk financing. including core values and practice. This process possesses a systematic review of the organization’s functions. which reflects the organization’s status.

.Management protocols. . independent. The International Journal of Organizational Innovation 329 . ..Structure.Licenses. equipment systems. user training.Partnered subsidiaries or others associated with the organization. product.Technology problems with selection. .Scope and degree of service types. certifications. accreditations.Staff relationships: contracted. . . maintenance. quality and integration of the safety management program. or consulting staff issues.Level of consistency in applying the system throughout the organization. . . loss assessment data. employed. . and the what and where of reporting relationships. networked. and level of support technology. or other designations of the organization’s participants. and orientation and trust processes for staff. effectiveness.Results of inspection by regulatory agencies. both initially and at reappointment.Emergency management and relationship protocol in external organizations.

and other areas identified for improvement that have an effect on the organization’s strategic plan. Analysis may concern frequency. and inspections. One must first review and analyze the most recent findings of all external reviews. severity. Regulatory agency rules and processes may be in risk management program development and expansion. along with appropriate standards issued by various outsiders are to be applied as assessment tools that can assist in planning for improvement and in evaluating the risk management program.Educational relationships: types and levels of informal or formal agreements. These reports and the status of the response must be taken in action. as well as any reports from consultants. surveys. Risk management programs should meet organizational needs. The International Journal of Organizational Innovation 330 . Assessing agreement. The demand in marketing management may not come from a list of reporting provisions and activities.. Reviewing the Appraisal Assessments are always identified risk management program opportunities for improvement and strengths. Good practice without documentation may be assessed as both an information weakness and as a practice strength. but from need accreditations. and provide support for meeting the requirements of outsiders.

and expansions or improvements need to be accomplished. In establishing priorities for program implementation. Such a project must be supported by various areas and be multidisciplinary in the organization. Commitment is always shown through assignments of authority.Establishing priorities for program implementation. Organizational commitment roles of acceptance and program encouragement by various leadership. are necessary. various key components must be in place. beginning with the board. Regulations and severe loss must have immediate attention. the risk management professional ought to clearly define the desired outcome. for example. Some risk management activities that seem less important may require initiation for success in high impact areas. During analysis. the application of user friendly reporting. Critical Components for Getting Started For any risk management program to accomplish its goals. Set risk management programs may undergo continuous reassessment especially when new areas are added. Organizational emphasis on what the mission and the strategic plan require are to be addressed first. The result of inaction or action must be clearly defined in relation to the direct effect on the organization. commitment to the accountability system. approval of the program. the risk management professional ought to be aware of the organization’s weakness and strengths. and participation in aspects The International Journal of Organizational Innovation 331 . which is able to lead to a quality improvement database.

applying facilitative techniques to understand nonnegotiable forces: normal fines. Risk management activities ought to concentrate on service and support. redesign.of support and action. By already established relationships. In some cases. accreditations. Often. The International Journal of Organizational Innovation 332 . Negative perceptions about a risk management program might damage its credibility. Risk management programs are not successful unless staff members at all levels understand their methods and purpose. The final goal is to accomplish the integration of risk management systems and strategies into the organization’s culture of safety. Managers perceive that risk management’s involvement after an event has occurred only makes matters worse. No risk management program is able to function in isolation. requirements. risk management professionals may provide unrelated services in order to gain trust and acceptance of the program. analysis. risk management programs are viewed as reactive to crisis rather than proactive. and is only motivated to minimize costs. Staff ought to have input into risk management processes. Risk management requires the understanding of desired outcome. and controlling stages. and any available alternatives. citations. Guaranteeing that duplication of effort is minimized is a key selling point to staff members in order to accept their roles in the risk management effort. risk management professionals are able to enhance programs with limited sources by strengthening operational linkages. its integration with other initiatives is critical to its success.

and complexity. analysis. and guidelines to identify processes that maximize the accomplishment of program objectives. post-loss and pre-loss risk management objectives are more attainable. procedure and policies. Conclusions In this article. However. concerning the complexity of risk management. The risk management professional in various organization must maintain sufficient respect and authority in practice. policies.Developing a risk management program is no simple task. Finally. Obtaining commitment to the program from all levels of the organization is necessary. as the financial impact of loss is reduced. Risk management activities in organizations must have organizational performance objectives. Moreover. The major benefit is that the cost of risk is reduced. a company can decrease risk management programs. the consequence of loss to society such as suffering and pain are reduced. as well as procedural determination contributes to an effective risk management program. risk management process is explained. It concerns detail. It is critical to keep an integrated approach of The International Journal of Organizational Innovation 333 . as well as behavior which make it necessary to fulfill the objective of the risk management program. This article describes how each variable of risk and organizational policy. Besides. an effective risk management program adds a substantial advantage to any organization.

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