Developing Risk Management Strategies and Practices of an Airport Ground Services Company
Karusto, Kati (2022)
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Lataukset:
Karusto, Kati
2022
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2022101721307
https://urn.fi/URN:NBN:fi:amk-2022101721307
Tiivistelmä
Business environments today are under constant change and uncertainty. This has resulted with a broader spectrum of risks, many of which are uncontrollable and unexpected. These features have generated new forms of challenges from the perspective of risk management. From this standpoint the thesis was presented and prepared to a commissioning company in the aviation industry.
The purpose of this study was to examine and gain a comprehensive outlook on the way risks are being managed and what risk management strategies are utilized in the case company presently. Thereafter, an objective was to detect means for the case company to develop risk management strategies and practices. Furthermore, there was an aim to identify risk management practices that should be considered while developing strategies in the future.
The theoretical framework comprises illustration of key concepts and two risk management frameworks that have the intention to provide relevant practical background. The key concepts concerned defining risk, exposure, uncertainty, strategic risk, risk’s relation to strategic management, traditional risk management processes and practices, and organizational resilience. The two risk management frameworks enterprise risk management and strategic risk management were chosen to exemplify practical application from the viewpoint considered relevant for the study.
The thesis is case study research taking a qualitative approach, due to the investigation delineating inside the case company and predetermined sample. Moreover, there was a fundamental prerequisite to gain comprehensive understanding of the phenomenon. Data were collected with semi-structured interviews and documentary data. The interviews involved seven separate sessions with top-level management members of the company and a company document related to risk and strategic management. Employed analysis method was thematic analysis that was inductive and constant comparative. Thereafter, document analysis applying thematic analysis of the literary review was conducted. The patterns of the literary review were contrasted to the findings of the interviews and company material to derive development suggestions.
Three substantial areas of development were derived from the research data: managing risks holistically, diversity and compilation of risk knowledge, and coordination of risk management responsibility. Accordingly, the formulated improvement suggestions are placing risk management in strategic context, reorientation to risk knowledge, and practicing risk controls. The proposals compose of different means for contemplating and approaching risk management, practical suggestions, and reasoning behind them. The study contributes to providing additional knowledge and hopefully a stepping-stone for further development of risk management in the case company.
The purpose of this study was to examine and gain a comprehensive outlook on the way risks are being managed and what risk management strategies are utilized in the case company presently. Thereafter, an objective was to detect means for the case company to develop risk management strategies and practices. Furthermore, there was an aim to identify risk management practices that should be considered while developing strategies in the future.
The theoretical framework comprises illustration of key concepts and two risk management frameworks that have the intention to provide relevant practical background. The key concepts concerned defining risk, exposure, uncertainty, strategic risk, risk’s relation to strategic management, traditional risk management processes and practices, and organizational resilience. The two risk management frameworks enterprise risk management and strategic risk management were chosen to exemplify practical application from the viewpoint considered relevant for the study.
The thesis is case study research taking a qualitative approach, due to the investigation delineating inside the case company and predetermined sample. Moreover, there was a fundamental prerequisite to gain comprehensive understanding of the phenomenon. Data were collected with semi-structured interviews and documentary data. The interviews involved seven separate sessions with top-level management members of the company and a company document related to risk and strategic management. Employed analysis method was thematic analysis that was inductive and constant comparative. Thereafter, document analysis applying thematic analysis of the literary review was conducted. The patterns of the literary review were contrasted to the findings of the interviews and company material to derive development suggestions.
Three substantial areas of development were derived from the research data: managing risks holistically, diversity and compilation of risk knowledge, and coordination of risk management responsibility. Accordingly, the formulated improvement suggestions are placing risk management in strategic context, reorientation to risk knowledge, and practicing risk controls. The proposals compose of different means for contemplating and approaching risk management, practical suggestions, and reasoning behind them. The study contributes to providing additional knowledge and hopefully a stepping-stone for further development of risk management in the case company.