|dc.description.abstract||The research field of this research programme was integrated risk management. The
research methodology was inspired by action research. The candidate collaborated with
two Norwegian institutions in their initiative to design, implement and use an integrated
causal risk management model (ICRMM) to improve risk management decision making.
The research question adopted for the analysis section of the research programme was:
• How can an integrated causal risk management model be designed, implemented
and used to predict the likely effect of proposed actions on the risk profile?
The research was conducted in three research cycles. As part of the first research cycle, a
qualitative ICRMM was designed and used by using causal maps to represent the risk
profile. As part of the second research cycle, a semi-quantitative ICRMM was designed
and used by running Monte Carlo simulations to represent the risk profile. The research
results of these two research cycles indicated that both the qualitative and the semiquantitative
ICRMM can be used by organisations for predicting the likely effect of
proposed actions on the risk profile.
The third research cycle looked at the early phases of an initiative to implement an
integrated risk management framework, where the ICRMM was one of the core
components in the framework. The candidate assisted in organising the project and
looked at how the most important stakeholders influenced the design and implementation
of the ICRMM.
The findings in the third research cycle indicated that using a project management
methodology is effective in organising, authorising and managing an integrated risk
management initiative in an organisation. By using project management methodologies,
it is ensured that the various stakeholders in the organisation cooperate on the design and
implementation of the framework, including the ICRMM. The use of project
management methodologies thereby secures stakeholder ownership, which again
increases the likelihood of future use of the ICRMM after the project is closed.||en_US