An investigation into business continuity risks and related business continuity plan
- Authors: Nel, Izette
- Date: 2012-06-07
- Subjects: Risk , Risk management , Risk assessment , Crisis management , Business planning
- Type: Mini-Dissertation
- Identifier: uj:8715 , http://hdl.handle.net/10210/5067
- Description: M.Comm. , To prevent the interruption of an organization’s daily operations in the event of a catastrophe, organizations must reconsider the importance of creating awareness and being prepared for the unexpected. The importance of business continuity for the survival of any organization during a crisis or disaster has become a prominent factor within the modern organization. Organizations must fully understand the importance of this factor and the impact it could have on the organization. Adequate and effective actions and procedures should be in place to address the organization’s business continuity risks. The study investigated the different business continuity risks that an organization faces in its internal and external environment and the concept and principles of an effective business continuity plan to address and manage these risks. This was done by way of a comprehensive literature study on business continuity factors as well as an empirical study of established business continuity practices at the audit clients of the four largest audit firms. The study found that there are various categories of business continuity risks that are applicable to the modern organization, but although the majority of organizations are aware of the risks that they are faced with not all organizations fully understand the impact of these risks on the organization and therefore not all organizations have effective and adequate business continuity plans in place to address and manage these risks. Organizations are not placing focus on the establishment of a business continuity culture within the organization that supports its business continuity philosophy and the success of its business continuity actions and procedures. It was evident that there is still room for improvement in the way organizations currently address their business continuity risks.
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Theoretical limits to risk management models : model risk
- Authors: Dos Santos, Marco Paulo Ferreira
- Date: 2015-10-07
- Subjects: Risk management , Risk perception , Business planning
- Type: Thesis
- Identifier: uj:14260 , http://hdl.handle.net/10210/14712
- Description: M.Ing. (Engineering Management) , This mini-dissertation provides an overview of enterprise risk management and its components, while focusing on risk analysis and risk models. Since all entities face uncertainty with respect to the aspects that they interact with, enterprise risk management aims to maximize value to stakeholders. One of the tools used in the risk assessment component of enterprise risk management is a quantitative assessment technique called risk modelling. Risk modelling allows various risks to be evaluated by observing their effects on simulation outputs. Decision making under uncertainty has become heavily reliant on risk models, resulting in more complex models being formulated and utilized. As such, the risks associated with the modelling of risks are becoming increasingly more pervasive in risk management and whose effects are just as severe (if not more so, due to their lack of awareness). A more in depth examination of model risk is performed and discussed in order to highlight its lack of awareness, extent and implications, and theoretical limits in risk modelling. Using this background information, the analysis of models used in literature for pricing in telecommunications wireless mesh networks is conducted in order to evaluate their model risks. This analysis shows that very few publications acknowledge the shortcomings of their models, let alone evaluate or discuss them in any way. Further, this analysis shows that some of the models and their assumptions produce pointless results. A simple investigation of the risks associated with their models would have produced results that are more conclusive and substantiatable, and with less flaws. Although the model risk analysis has been performed on models that simulate certain billing aspects of telecommunication wireless mesh networks, the model risk a alysiscan just as easily be performed on any other models or risk models. The aim of this mini-dissertation is to provide an overview of model risk and its impact, and also highlight the importance of including the management of model risk in the enterprise risk management process.
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