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"Risk management practices"
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Export promotion programs, export capabilities, and risk management practices of internationalized SMEs
The purpose of the study is to analyze the effectiveness of public policies on the international performance of the small- and medium-sized enterprises (SMEs). Specifically, we investigate the effect of public export promotion programs (EPPs) on two types of organizational capabilities, i.e., export capabilities which have been already used in previous modelization and international risk management practices as an original variable intended to better explain the effectiveness of public policies on the SME’s international performance. We use a quantitative methodology based on a structural equation modeling approach applied to a sample of 147 internationalized French SMEs that used EPPs. Our results add value to theoretical and empirical knowledge on the effectiveness of public support programs on the international performance of SMEs, since we demonstrate an indirect effect between EPPs and international performance, through export capabilities and risk management practices. We also show that by strengthening the risk management practices, EPPs stimulate the SME in implementing foreign direct investment strategies.
Journal Article
Managing supply chain risks and delays in construction project
Purpose
The purpose of this paper is to investigate models and methods for managing supply chain risks and delays in construction projects.
Design/methodology/approach
The study mainly employs quantitative analysis in order to identify disruptions in construction supply chains. It also uses paradigms of simulation modeling, which are suitable for risk assessment and management. Both qualitative and quantitative data were collected through a literature review and details of specific construction projects, respectively. A dynamic modeling method was used, and the model was provided with an event-based simulation. Simulation modeling was used to measure the performance of the system.
Findings
The study shows the benefits of applying the dynamic modeling method to a construction project. Using event-based simulation, it was found that construction delays influence both the magnitude and the probability of disruption. This method contributes to the existing theoretical foundations of risk management practices, since it also considers the time factor. This method supplements the Monte Carlo statistical simulation method, which has no time representation. Using empirical analysis, the study proposes increasing the safety stock of construction materials at the distribution center, so as to mitigate risks in the construction supply chain.
Research limitations/implications
The research considers a single case of a hypothetical construction project. The simulation models represent a simple supply chain with only one supplier. The calculations are based on the current economic scenario, which will of course change over time.
Practical implications
The outcomes of the study show that the introduction of a safety stock of construction materials at the distribution center can prevent supply chain disruption. Since the consideration of risks at all stages of construction supply chain is essential to investors, entrepreneurs and regulatory bodies, the adoption of new approaches for their management during strategic planning of the investment projects is essential.
Originality/value
This dynamic modeling method is used in combination with the Monte Carlo simulation, thus, providing an explicit cause-and-effect dependency over time, as well as a distributed value of outcomes.
Journal Article
Examining Leadership Capabilities, Risk Management Practices, and Organizational Resilience: The Case of State-Owned Enterprises in Indonesia
This study aims to assess the role of leadership in Indonesia’s State-Owned Enterprises in bringing the companies to be resilient amid uncertainties and a dynamic environment based on dynamic capability theory. Risk management practices are used to mediate the relationship between leadership capabilities and enterprise resilience. The authors conducted a quantitative and cross-sectional study using a questionnaire distributed to members of the board of directors and senior managers of Indonesia SOEs and their subsidiaries. Based on the structural equation modeling analysis, the findings reveal that leadership capabilities play a role in developing enterprise resilience and risk management practice. Additionally, risk management practice partially mediates the relationship between leadership capabilities and enterprise resilience. The empirical findings enrich the knowledge on the relationship between enterprise resilience, leadership capability, and risk management practice. These results enable management SOEs and their subsidiaries and policymakers to develop strategies and a policy framework to create and develop enterprise resilience and help SOEs navigate safely and triumphantly in uncertain and disruptive business environments. This study supports empirical evidence that expands the context of applying the enterprise resilience concept and dynamic capability theory in hybrid organization types, such as SOEs, that operate in emerging countries.
Journal Article
Internal audit functions and sustainability audits: Insights from manufacturing firms
We examined the nexus between four internal audit functions (IAF) and sustainability audits (SA) of manufacturing firms. The specific IAF employed in this study were; risk management practices (RMP), sustainability sensitivity (SS), internal audit effectiveness (IAE) and enactments, policies, standards, systems and procedures (EPS). In line with the four measures of IAE, the study puts forward to investigate four research hypotheses. The explanatory research design and quantitative research approach were applied to achieve the study's objective. A sample of 1340 managers of SMEs were invited to complete a standard questionnaire based on extensive evaluations of prior empirical investigations. The samples were chosen using a straightforward random process from a population of 2495 manufacturing companies. The results were estimated using the partial Least Square Structural Equation Modelling (PLS-SEM) method. Findings from the study divulged that internal audit effectiveness, risk management process and sustainability sensitivity had significant positive relationship with sustainability audits. It is important for the creation of an audit department, the hiring of a permanent internal auditor, the provision of suitable logistics, the training of personnel on the value of internal audit, and the use of internal auditing standards and principles in the report-writing process for an enhanced sustainability audit.
Journal Article
Enterprise risk management practices and firm performance, the mediating role of competitive advantage and the moderating role of financial literacy
In the current turbulent market, firms spend lots of tangible and intangible resources to gain competitive advantage and superior performance. Prior studies have discussed several determinants of competitive advantage and performance, particularly in developed economies, whereas small- and medium-sized enterprises (SMEs) in emerging economies have received minor attention. This study examines the mediating role of competitive advantage between enterprise risk management practices and SME performance and the moderating role of financial literacy between enterprise risk management practices and competitive advantage. A structured questionnaire is used to collect data from 304 SMEs operating in the emerging market of Pakistan. The hypotheses of the proposed study are tested through Structural Equation Modeling (SEM) in Analysis of a Moment Structures (AMOS). The results indicate that enterprise risk management practices significantly influence competitive advantage and SME performance. Competitive advantage partially mediates the relationship between enterprise risk management practices and SME performance. Additionally, financial literacy significantly moderates the relationship between enterprise risk management practices and competitive advantage. Firms are advised to implement formal enterprise risk management practices to gain competitive advantage and superior performance. Top managers need to have enough financial education that they will be able to perform risk management practices in an efficient way to gain a competitive position in the market. Implications for practices have been discussed in detail.
Journal Article
EMPIRICAL INVESTIGATION OF RISK MANAGEMENT PRACTICES
In risk management research, dealing with known risks and helping companies foresee new risks are areas for subject matter experts. In practice, risk management is often perceived as a set of formal tools and procedures that must be delegated to the professionals. Despite this overall perception of risk, general managers, department managers, and other senior or line managers in organizations deal with questions associated with risk on a daily basis. They are, therefore, sometimes—even without consciously realizing it—involved in risk management practices. This article aims to analyze 'managers' involvement in risk management by empirically exploring how managers identify, assess, and respond to risks. Based on thematic analysis of observational and interview data, management practices used to manage risks were identified, and risk management as a non-linear process that is anchored on the strategic and operational levels and supported by learning from failures was defined. Two different ways of risk management can co-exist in an organization as a result of formal Enterprise Risk Management implementation.
Journal Article
Prevalence, Associated Factors, and Risk Management Practices of Work-Related Musculoskeletal Disorders Among Registered Nurses in Hospitals in Sarawak, Malaysia
Background
The high prevalence of work-related musculoskeletal disorders (WRMSDs) among nursing professionals has profoundly affected their quality of life, contributed to absenteeism, and incurred considerable medical cost burdens for the nurses. Caring for many patients, physical handling, demographic characteristics, and psychosocial factors are some of the many causes why nurses frequently report experiencing WRMSDs. The objectives of this study were to determine the prevalence of WRMSDs, the associated factors contributing to WRMSDs, and the risk management practices of WRMSDs among the registered nurses (RNs) in hospitals in Sarawak through risk assessment and control methods.
Method
This was an online cross-sectional study, reaching out to 364 RNs. Purposive sampling was used to recruit participants. The questionnaires were distributed via online private groups consisting of only RNs working in hospitals in Sarawak.
Findings
The prevalence of WRMSDs among the RNs was 95.1% (n = 194) and was associated with the shortage of RNs (p = 0.048; AOR = 0.190; CI = 0.037–0.984). Most of the RNs experienced lower back pain at 90.2% (n = 184). Risk assessment was focused only on patient manual handling (85.8%, n = 175) and equipment handling (85.8%, n = 175) competencies. The most common substitution method utilized by hospitals was to recruit healthcare assistants (64.3%, n = 148) while draw sheets (37.1%, n = 153) were regularly used as an engineering control strategy for bed-bound patients by the RNs and attending training on manual handling (48.5%, n = 99) was the main administrative control strategy in place for the RNs.
Conclusion
Recruiting nurses to meet an adequate RNs-to-patient care ratio is crucial. Management-led training for RNs on safe patient handling and mobility using assistive lifting devices technology could reduce the incidence of WRMSDs.
Journal Article
Actuarial Risk Management Practices and Firm Performance: The Mediating Role of E-Service Innovation
Research on actuarial risk management practices (ARMP) and insurance firm performance has revealed inconsistent results. Therefore, a mediating factor such as innovation is needed to bridge between them. Studies exploring the relationship between ARMP and innovation have been largely qualitative. This study offered a quantitative model focusing on the mediating role of e-service innovation between ARMP and firm performance. The hypothesized relationships were tested using a structural equation model (SEM), with a sample from 98 Indonesian insurance companies and WarpPLS 7.0 as the analytical tool. The results indicated that ARMP significantly influenced e-service innovation but was insignificant for firm performance. Furthermore, the findings highlighted the significant role of e-service innovation in insurance firm performance, which implied that e-service innovation acts as a mediator in the relationship between ARMP and firm performance. The practical application of the research findings makes them directly relevant and beneficial to the insurance industry, especially in Indonesia.
Journal Article
Project risk management practices: the organizational maturity influence
Purpose
The purpose of this paper is to identify patterns of project risk management (PRM) practices’ adoption, and provides empirical evidence concerning the importance (and key attributes) of organizational PRM maturity to the use of risk-related practices and project performance.
Design/methodology/approach
The research involved two phases: interviews with five project managers, and a worldwide survey of project managers that resulted in the analysis of 865 valid questionnaire responses. Cluster analysis was used to classify PRM practices’ use, factor analysis to detect the structure of the relationship between the variables measuring PRM practices’ use and a multiple regression analysis (with canonical correlation) to further reveal the different degrees to which PRM practices and organizational maturity are associated.
Findings
The identified patterns of risk practices’ adoption indicate that different contexts of organization PRM maturity and project complexity influence practices selection. The PRM practices related with targets (e.g. time-phased budget plan) are the most used, and those related to tools and techniques (e.g. S-curve) are the least used. Additionally, the obtained results confirm that organizational PRM maturity influences risk practices’ usage, moderated by project complexity, and organizational PRM maturity influences project performance.
Originality/value
Empirical methods were used to investigate the relationship between organizational PRM maturity and a large set of PRM practices with project complexity as a moderator. Gaps in the use of PRM practices (i.e. areas where more PRM knowledge and training are needed) were identified. Finally, this work identifies the attributes of organizational maturity with implications in practices’ usage and project performance.
Journal Article