Thesis (MEng)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: In the current economic climate where credit crises, fluctuating commodity prices, poor governance,
rising unemployment and declining consumer spending exist, risk management is of utmost importance.
Proclaiming the existence of a risk management strategy is not enough to ensure that an enterprise
achieves its objectives. The implementation of a holistic enterprise-wide risk management framework is
required in order to execute strategies and achieve objectives effectively and efficiently
Two types of risk management have emerged in industry, namely quantitative and qualitative risk
management. On the one hand, qualitative analysis of risk can be done quickly and with minimal effort.
However, these methods rely on the opinion of an individual or group of individuals to analyse the risks.
The process may be highly subjective and does not fully consider the characteristics of the enterprise.
This renders qualitative risk analysis as an ineffective singular strategy although it has been shown to be
effective when the risks are well understood.
Quantitative analysis, on the other hand, is particularly effective when the risks are not well understood.
These methods have been shown to provide substantially more information regarding risks compared to
qualitative analysis. However, many quantitative risk management methods presented in literature are
studied in isolation and not within the context of a holistic risk management process. Furthermore,
quantitative methods tend to be complex in nature and require a reasonable understanding of
mathematical and statistical concepts in order to be used effectively.
In view of this, there is a need for an enterprise risk management framework that emphasises the use of
qualitative methods when the risks are well understood and quantitative methods when in-depth analyses
of the risks are required. In this study, a systematic enterprise-wide risk management framework that
incorporates both quantitative and qualitative methods was developed. The framework integrates these
methods in a logical and holistic manner. The quantitative methods were found be to be largely practical
while the qualitative methods presented are simple and easy to understand. / AFRIKAANSE OPSOMMING: In die huidige ekonomiese klimaat waar krediet krisisse, wisselende kommoditeitspryse, swak bestuur,
stygende werkloosheid en dalende verbruikersbesteding bestaan, is risikobestuur van die uiterste belang.
Die verkondiging van die bestaan van 'n risiko bestuurstrategie is nie genoeg om te verseker dat 'n
onderneming sy doelwitte bereik nie. Die implementering van 'n holistiese ondernemings- breë
risikobestuursraamwerk is nodig om strategieë en doelwitte doeltreffend en effektief te bereik.
Twee tipe risikobestuur het na vore gekom in die bedryf, naamlik kwantitatiewe en kwalitatiewe
risikobestuur. Aan die een kant , kan kwalitatiewe ontleding van risiko vinnig en met minimale
inspanning gedoen word. Hierdie metode is gewoontlik die mening van 'n individu of 'n groep individue
wat die risiko ontleed. Die proses kan hoogs subjektief wees en nie ten volle die eienskappe van die
onderneming in ag neem nie. Kwalitatiewe risiko-analise kan dan gesien word as 'n ondoeltreffende
enkelvoud strategie maar dit is wel doeltreffend wanneer daar verstaan word wat die onderneming se
risiko is.
Kwantitatiewe analise, aan die ander kant, is veral effektief wanneer die risiko's nie goed verstaanbaar is
nie. Hierdie metode het getoon dat daar aansienlik meer inligting oor die risiko's, in vergelyking met
kwalitatiewe ontleding, verskaf word. Daar is egter baie kwantitatiewe risikobestuur metodes wat in
literatuur verskaf word, wat in isolasie bestudeer word en nie binne die konteks van 'n holistiese
risikobestuur proses nie. Verder is, kwantitatiewe metodes geneig om kompleks van aard te wees en
vereis 'n redelike begrip van wiskundige en statistiese konsepte sodat kwantitatiewe analise effektief
kan wees.
In lig hiervan, is daar 'n sterk behoefte vir 'n onderneming om 'n risikobestuursraamwerk in plek te het.
Die risikobestuursraamwerk sal beide die gebruik van kwalitatiewe metodes, wanneer die risiko goed
verstaan word, en kwantitatiewe metodes, wanneer daar in diepte-ontledings van die risiko is,
beklemtoon. In hierdie studie was 'n sistematiese onderneming-breë risikobestuursraamwerk ontwikkel
wat beide kwantitatiewe en kwalitatiewe metodes insluit. Die raamwerk integreer hierdie metodes in 'n
logiese en holistiese wyse. Die kwantitatiewe metodes is gevind om grootliks prakties te wees, terwyl
die kwalitatiewe metodes wat aangebied word, eenvoudig en maklik is om te verstaan.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/96939 |
| Date | 03 1900 |
| Creators | Benjamin, Nicolas James |
| Contributors | Fourie, C. J., Louw, L., Stellenbosch University. Faculty of Engineering. Dept. of Industrial Engineering. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | en_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 156 pages : illustrations |
| Rights | Stellenbosch University |
Page generated in 0.0021 seconds