5th European International Conference on Industrial Engineering and Operations Management

Design of an Integrated Risk Management System

Volkan Cakir, Sasha Nasser, Jana Hilal, Sym Bou Zeid & Grace Berdkan
Publisher: IEOM Society International
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Track: Undergradute Research Competition

Risks are a reality every organization faces on a daily basis. This study proposes a cloud based Integrated Risk Management System following the steps dictated by IRM which include, Problem Identification, Risk Estimation, Risk Evaluation, Risk Control and finally Risk Monitoring. An extensive review is applied, including interviews and surveys. This integrated system aligns the organization’s goals and values with its risk management strategies and international standards. It fosters holistic approach and systematic thinking to determine risks and mitigate them. Adding on to the IRM, Fuzzy Failure Modes and Effects Analysis (FMEA) and Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) are utilized as supplementary methods to yield requested results. The significance of this study can be summarized as providing a tool for them to instantly respond to both tactical and strategic risk factors encountered while increasing situational awareness within the company with the proposed holistic cloud-based IRM approach. As final part of the study a field study is performed on the Lebanese recreational facility, Arnaoon Village. The company stated that with the proposed cloud-based communication tool that utilizes the Fuzzy FMEA and TOPSIS methods, it can implement the recommended solutions to risk items more quickly and effectively, therefore ensuring security and safety to the employees of the facility and its guests.

 

Published in: 5th European International Conference on Industrial Engineering and Operations Management, Rome, Italy

Publisher: IEOM Society International
Date of Conference: July 26-28, 2022

ISBN: 978-1-7923-9161-3
ISSN/E-ISSN: 2169-8767