european journal of social sciences issn: 1450-2267 - EuroJournals

More documents

Recommendations

Info

European Journal of Social Sciences – Volume 5, Number 3 (2007) ii. Establish of ERM Strategy; Establish of Substructure Requirements about ERM iii. Establish of ERM Function and Committee iv. Establish of ERM Information System and Determination of ERM Framework v. Data Flow and Feedback; Analysis of ERM implementation Performance vi. Provide continuity both ERM system and its improving; Restart to ERM process over loop to new and developing risk and environment The implementation of the ERM model is not a "one-size-fits-all" analysis. So, the model is tailored according to the qualifications and various parameters of the TAV Airports. All efforts achieved with coordinated studies with TAV airport managers as following steps: • Firstly, TAV Airport Holding Co. analyzed about ERM infrastructure and capabilities, objectives and wants related ERM. • The model tailored according to the determinations. • Basic ERM framework and process is prepared according to the general ERM context. • ERM model integrated with organizational ERM process. • Airport ERM organization model (AERM-OM) developed. • AERM Information Management System (AERM-IMS) developed. • AERM information flow system (AERM-IFS) developed. TAV has fully AERM concept substructure. ERM is critical objective to achievement to organizational objectives for TAV executive board and their managers. TAV is developing ERM policy, prosedures and implementation guide for create to common risk language and ERM terminology. They are considered following factors in this concept: 1. Fundamental elements: ERM and planning 2. Managerial support and leadership 3. Risk ownership mechanism 4. set-up, risk aggregation and reporting 5. Assessment, confirmation and follow-up process TAV has ERM committee. Benefit-cost analysis is considered by TAV ERM committee. According to the TAV ERM philosophy “Every risk doesnt create value and every risk isnt worthy to managing”. ERM is managing of the true risks according to the TAV ERM approach. Critical factors are: value creation and opportunity in the risk. TAV ERM approach leads to the robust management of risks throughout all phases of an enterprise’s activities. This results in benefits such as: • A clear understanding of the risks which could impact the enterprise and how these may be manifested • Robust and well implemented systems for managing the risks • Employees who integrate risk management into their normal activities • Demonstration of risk management performance to stakeholders • Confidence that the risk profile is understood and being monitored in accordance with the enterprise’s risk management plan The TAV is consider that ERM is an integral part of good governance and management practice and is committed to its application at all management levels within a firm-wide framework. 6. Application of the Proposed ANP Model to ERM Best Practice The ANP model that is presented in this research has been evaluated in an airport business, which was interested in the implementation of the ERM best practice. The analysis and the implementation of the ANP model are presented in the following six steps. The offered ANP model in best ERM operator is given in Fig.-3. 70
European Journal of Social Sciences – Volume 5, Number 3 (2007) Figure 2: The proposed ANP model is to selection of best operator about ERM practice in the airport business. Step 1: In applying ANP, the first is to structure the model to be evaluated. The overall objective of this ANP model is to evaluate the ultimate relative importance of different factors that impact the best mentation of ERM and assess which is the best operator to ERM in the airport business. The factors that will be used to evaluate the alternatives were developed were explained in the step 2. In this step, the decision problem is structured into its important components. The relevant criteria and alternatives are chosen on the basis of the review of literature and discussion with few both from industry and academia. Also, the first step of the algorithm is the analysis of the ERM best practice problem. The fundamental aim of the ERM best practice problem is selecting the best operator in the airport business that meets the requirements or criteria are of the ERM best practice. ERM best practice criterias are detemined by analysis of ERM framework guidelines and best practice survey results. These researches explained in the literature review section of this study. Step 2: For the proposed ERM best practice model, overall 16 criteria are determined under the below mentioned three main criteria clusters: i) Strategic ii) Operational and iii) Financial best practice criterias. All of the criterias are given a following table-1. They will be used in the supermatrix. Table 1: The Criterias determined best operator of ERM practice by using ANP The Criterias to Best ERM Practice Strategic • Developing and Establish to ERM vision, mission and strategy • Integration of ERM into other management practices and management functions • Creating and Promoting an ERM culture and common language Developing organizational ERM policy and prosedures • Achievement to Corporate Risk Optimization Operational • Determining corporate risk appetite and tolerance line; creating corporate risk profile • Establishing open communication and feedback systems • Establish ERM information system • Setting up ERM function and committee • Setting Up an ERM framework for all aspects of corporate-based risks • Overall enterprise risk assessment and analysis, enterprise risk mapping and prioritization Financial • Use and supply of outsources about ERM • Supply to Modeling, tools and techniques • Resource allocation to ERM efforts, requirements and infrastructure • Establish ERM Framework • Providing resource to sustainability of the ERM development and continuity 71
Page 1 and 2:
European Journal of Social Sciences
Page 3 and 4:
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20: European Journal of Social Sciences
Page 69: European Journal of Social Sciences
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
3. Result and Discussion 1. Profile
Page 137 and 138:
Page 139 and 140:
Table 2: The Channels of the respon
Page 141 and 142:
Page 143:
show all

european journal of social sciences issn: 1450-2267 - EuroJournals

Create successful ePaper yourself

Delete template?

Save as template?