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Critical success factors for risk management systems

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  • Niam Yaraghi
  • Roland G. Langhe

Abstract

Despite the existence of extensive literature regarding risk management, there still seems to be lack of knowledge in the identification of critical success factors (CSFs) in this area. In this research, grounded theory is implemented to identify CSFs in risk management systems (RMS). Factor analysis and one-sample t -tests are then used to refine and rank the CSFs on the basis of the results of a survey which has been conducted among risk management practitioners in various types of Swedish corporations. CSFs are defined from three different perspectives: (1) the factors that have influence on the inclination and readiness of a corporation for implementing RMS; (2) The factors that are important during the design and implementation of RMS in a corporation and can significantly affect the success of RMS design and implementation; and (3) the factors that are crucially important to successfully run, maintain, and administrate RMS after the closure of the project of RMS design and implementation. A case study of a largely successful RMS is presented and discussed in terms of these key factors. This systematic approach toward understanding the taxonomy of the success dimension in RMS is important for re-enforcing effective risk management practices.

Suggested Citation

  • Niam Yaraghi & Roland G. Langhe, 2011. "Critical success factors for risk management systems," Journal of Risk Research, Taylor & Francis Journals, vol. 14(5), pages 551-581, May.
    • Handle: RePEc:taf:jriskr:v:14:y:2011:i:5:p:551-581
    DOI: 10.1080/13669877.2010.547253
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    References listed on IDEAS

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    1. Bullen, Christine V. & Rockart, John F., 1981. "A primer on critical success factors," Working papers 1220-81. Report (Alfred P, Massachusetts Institute of Technology (MIT), Sloan School of Management.
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    2. Carmen Nadia Ciocoiu & Adina Liliana Prioteasa & Sofia Elena Colesca, 2020. "Risk Management Implementation for Sustainable Development of Romanian SMEs: A Fuzzy Approach ...........," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 22(55), pages 726-726, August.
    3. Adina-Liliana PRIOTEASA & Carmen Nadia CIOCOIU, 2017. "Challenges In Implementing Risk Management: A Review Of The Literature," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 11(1), pages 972-980, November.
    4. Lan, He & Ma, Xiaoxue & Qiao, Weiliang & Ma, Laihao, 2022. "On the causation of seafarers’ unsafe acts using grounded theory and association rule," Reliability Engineering and System Safety, Elsevier, vol. 223(C).
    5. Lei Chen & Hongxia Li & Shuicheng Tian, 2022. "Application of AHP and DEMATEL for Identifying Factors Influencing Coal Mine Practitioners’ Unsafe State," Sustainability, MDPI, vol. 14(21), pages 1-18, November.

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