New and emerging risks create growing uncertainty and unpredictability within enterprise risk management. While ISO 31000:2009 is a progressive risk management framework, it is limited in its guidance on how to contextualise complex risks. The application of systems thinking to risk management provides the opportunity to better understand complexity by viewing risk and the consequence of change as part of overall system behaviour. System modelling tools enable organisations to better contextualise their risk landscape. These tools assist organisations to identify vulnerabilities between social and ecological variables in the system within they exist. Determining drivers of change leading to system vulnerabilities can assist in understanding threshold limits of the system, thus enabling the organisation to build system resilience and organisational sustainability.
Reference:
Haywood, L.K., Forsyth, G.G., De Lange, W.J. et al. 2017. Contextualising risk within enterprise risk management through the application of systems thinking. Environment Systems & Decisions, vol. 37(2): 230-240
Haywood, L. K., Forsyth, G. G., De Lange, W. J., & Trotter, D. H. (2017). Contextualising risk within enterprise risk management through the application of systems thinking. http://hdl.handle.net/10204/9604
Haywood, Lorren K, Gregory G Forsyth, Willem J De Lange, and Douglas H Trotter "Contextualising risk within enterprise risk management through the application of systems thinking." (2017) http://hdl.handle.net/10204/9604
Haywood LK, Forsyth GG, De Lange WJ, Trotter DH. Contextualising risk within enterprise risk management through the application of systems thinking. 2017; http://hdl.handle.net/10204/9604.
Copyright: 2017 Springer. Due to copyright restrictions, the attached PDF file only contains the abstract of the full text item. For access to the full text item, kindly consult the publisher's website.