The convergence of process-risk management and decision-making: an integrated vision

Rima Derradji and Rachida Hamzi

International Journal of Business Continuity and Risk Management, 2024, vol. 14, issue 3, 305-326

Abstract: This paper explores the complementarity between integrated process risk management and decision-making within organisations. By combining these domains, organisations can develop a proactive approach to identify, assess, mitigate, and monitor risks while optimising processes. Integration requires aligning goals, fostering a risk-aware culture, and leveraging technology for enhanced decision-making. The paper presents a conceptual framework highlighting the interplay between integrated process-risk management and decision-making, emphasising the need for a comprehensive approach in today's complex business environment. Benefits include improved resilience, agility, and adaptability. Furthermore, the role of decision support systems and data analytics in facilitating the integration process is discussed. Practical examples and case studies demonstrate the application and effectiveness of the integrated vision of decision-making. Ultimately, this paper contributes to advancing organisational management by emphasising the importance of integrating process-risk management and decision-making for strategic decision-making processes.

Keywords: decision making; integrated process risk management; GRAI oriented risk; SADT oriented risk. (search for similar items in EconPapers)
Date: 2024
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