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 a
conceptual framework for managing operational risk
based on commonly used management systems. It
concludes with a discussion and direction for future
research.
