A review of operational risk management decision support tool

Atan, Hood and Ramly, Edly F. and Mohammad, Musli and Yahya, Mohd Shahir (2017) A review of operational risk management decision support tool. In: Seventh International Conference on Industrial Engineering and Operations Management, 11-13 April 2017, Rabat, Morocco.

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Official URL: http://ieomsociety.org/ieom2017/papers/572.pdf

Abstract

The new requirements of ISO 9001: 2015 quality management system standard clause 0.3.3 required the organization to implement a risk based thinking for achieving an affective quality management system. The definition of risk as stated in the standard is “the effect of uncertainty’ which could be positive or negative. Thus, ISO 9001 certified organization requires to demonstrate objective evidence of the implementation of risk based thinking such risk analysis and risk mitigation plan not only to satisfy the need of ISO 9001:2015 standard, but also widely accepted that organization requires risk management activities to stay competitive. However, there many initiative, tools and approach for the operational risk management activities have been subjected to little research and are not well understood. This paper reviewed and discussed the available literatures on operational risk management decision support tools. Based on an extensive literature review, the issues relevant to operational risk management support tools are examined, and discussed the several issues to identify the decision support tools to satisfy the intended requirements of the ISO 9001:2015 standard.

Item Type:Conference or Workshop Item (Paper)
Uncontrolled Keywords:ISO 9001:2015; risk management; risk assessment; risk analysis; decision support tools
Subjects:T Technology > TS Manufactures > TS155-194 Production management. Operations management
Divisions:Faculty of Mechanical and Manufacturing Engineering > Department of Manufacturing and Industrial Engineering
ID Code:10402
Deposited By:Mr. Mohammad Shaifulrip Ithnin
Deposited On:29 Aug 2018 09:13
Last Modified:29 Aug 2018 09:13

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