A STUDY OF RISK MANAGEMENT AND RESILIENCE

Author

J.B.CHATRIK VARMA, Y. Surya Narayana Murthy


Abstract

 This article discusses how folks responded to questions on risk management and how strong their organizations are when facing challenges. It covers well-known ideas like risk management best practices, artificial intelligence, real-time monitoring, thinking ahead and predicting, and risks tied to things like climate change, cybersecurity, and Enterprise Risk Management (ERM). We used quantitative, descriptive research with the data in Excel, based on 10 sets of 100 responses and ten multiple-choice knowledge questions. Out of 1000 chances to answer, 850 were right, or 85.0%. On average, each person got 8.50 correct answers (SD=1.24; median=9). The percentage of correct answers was between 80% and 91%, showing that some ideas were recognized more easily than others. This short analysis shows that most people picked up on key points like climate-related risks, predictive risk management, and cybersecurity, but the results here shouldn’t be used as proof of organizational resilience or cause-and-effect; even names and email addresses were removed for privacy in this report. Risk management, resilience, corporate resilience, enterprise risk management, artificial intelligence, cyber risk, climate risk, prescriptive risk management, and questionnaire.  



Keywords

Risk management, Organizational resilienceRisk mitigation, Risk assessment, Vulnerability analysis, Quantitative risk analysis, Empirical study



Full Text:

Download Paper PDF


References


  • Committee of Sponsoring Organizations of the Treadway Commission, 2017. Enterprise Risk Management—How It Fits with Strategy and Performance COSO stands for Committee of Sponsoring Organizations of the Treadway Commission.
  • International Organization for Standardization. (2018). ISO 31000:2018 Risk management—Guidelines. Looking for it.
  • UN Office for Disaster Risk Reduction (UNDRR).(2015). Sendai Framework for Disaster Risk Reduction, 2015 to 2030. United Nations Organization.
  • Hopkin, P., 2018. Fundamentals of Risk Management: What It Is, How to Assess It, and How to Put Good Risk Management in Place (5th edition). Kogan Page.

 

Share your valuable work from Social Media Buttons