Dissertation: ERM, Networking, Financial Performance in Australia
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Thesis and Dissertation
AI Summary
This dissertation investigates the intricate relationships between enterprise risk management (ERM), self-organization, networking, and financial performance within the context of Australian private procurement contracts. The study employs a mixed-methods approach, gathering data from both primary and secondary sources, including a survey of 250 contractors, and utilizes SPSS analysis to determine correlations between ERM, networking, and financial performance. The research examines the impact of ERM on financial outcomes, the role of networking in mitigating risks, and the influence of self-organization on these dynamics. Findings reveal insights into the effectiveness of ERM practices, the significance of stakeholder relationships, and the influence of internal and external networks. The dissertation concludes by offering recommendations for enhancing risk management strategies and fostering financial success in procurement settings.
Dissertation
(Enterprise risk management, self-organization,
networking and financial performance in Australia
Private procurement contract)
(Enterprise risk management, self-organization,
networking and financial performance in Australia
Private procurement contract)
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ACKNOWLEDGEMENT
I would like to give a sincere thanks to supervisor for their guidance in completing this
research and for providing required information and direction.
I would also like to give special thanks to Head of Department who supported me in this
project and along with them I would also like to thank institute for providing me opportunity for
this research. I would also like to express gratitude towards friends and peers who helped me in
different ways for completing this research.
I would like to give a sincere thanks to supervisor for their guidance in completing this
research and for providing required information and direction.
I would also like to give special thanks to Head of Department who supported me in this
project and along with them I would also like to thank institute for providing me opportunity for
this research. I would also like to express gratitude towards friends and peers who helped me in
different ways for completing this research.
ABSTRACT
Introduction - This study has described about enterprise risk management, self-organization,
networking and financial performance in Australia Private procurement contracts. It has focused
on relationship between ERM, networking with financial performance. Besides that, it is
discussed in depth about ERM and how it plays vital role in procurement contracts.
Methods – The data is gathered from both primary and secondary sources of data in order to
answer research question. Also, sample size chosen from this sample frame is 250 contractors.
Besides that, SPSS analysis is used to determine relationship between ERM, networking and
financial performance. Alongside, anova test and one sample T test, scholar has determined the
association between variables.
Results- It is evaluated that P value obtained is P= .239 which states ongoing activities impact
on self organisation and risk management. Also, P value found is P= 0.00 that shows top
management does not get relevant data and info on managing risk. The P value is .000 so, there
is no significant relationship between intra and inter networking and their role in managing risk.
Discussion- It is discussed hat there is a strong relationship between ERM and financial
performance of an organization. Effective and proper relationship with financial performance can
help an organization in reducing risk associated with financial performance of a business. There
are various kinds of risk management techniques that can be used by organization. Moreover,
organization is required to have a strong relationship between Enterprise risk management and
networking as it helps them to reduce uncertain risk and also improves management of risk.
Conclusion - It is concluded that networking and financial performance are related to one
another. This is because in networking both internal and external stakeholder are there. They are
inter related to each other and form a network. They play vital role in maintaining financial
performance.
Introduction - This study has described about enterprise risk management, self-organization,
networking and financial performance in Australia Private procurement contracts. It has focused
on relationship between ERM, networking with financial performance. Besides that, it is
discussed in depth about ERM and how it plays vital role in procurement contracts.
Methods – The data is gathered from both primary and secondary sources of data in order to
answer research question. Also, sample size chosen from this sample frame is 250 contractors.
Besides that, SPSS analysis is used to determine relationship between ERM, networking and
financial performance. Alongside, anova test and one sample T test, scholar has determined the
association between variables.
Results- It is evaluated that P value obtained is P= .239 which states ongoing activities impact
on self organisation and risk management. Also, P value found is P= 0.00 that shows top
management does not get relevant data and info on managing risk. The P value is .000 so, there
is no significant relationship between intra and inter networking and their role in managing risk.
Discussion- It is discussed hat there is a strong relationship between ERM and financial
performance of an organization. Effective and proper relationship with financial performance can
help an organization in reducing risk associated with financial performance of a business. There
are various kinds of risk management techniques that can be used by organization. Moreover,
organization is required to have a strong relationship between Enterprise risk management and
networking as it helps them to reduce uncertain risk and also improves management of risk.
Conclusion - It is concluded that networking and financial performance are related to one
another. This is because in networking both internal and external stakeholder are there. They are
inter related to each other and form a network. They play vital role in maintaining financial
performance.
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Table of Contents
CHAPTER 1: INTRODUCTION....................................................................................................6
Introduction:....................................................................................................................................6
Overview of research...................................................................................................................6
1.2 Research problem statement:...............................................................................................10
1.3 Justification for research......................................................................................................12
BACKGROUND.............................................................................................................14
AIMS AND OBJECTIVES.............................................................................................17
Research questions...........................................................................................................18
Research hypothesis.........................................................................................................18
1.4 Research methodology.........................................................................................................19
1.5 Outline of research...............................................................................................................19
1.6 Summary of findings...........................................................................................................20
1.7 Definition of key terms........................................................................................................20
1.8 Assumption, delimitation, and justification for the scope of research................................21
1.9 Conclusion...........................................................................................................................21
CHAPTER 2: LITERATURE REVIEW.......................................................................................22
2.0 Introduction..........................................................................................................................22
2.1 Enterprise Risk Management and Financial performance...................................................25
2.2 Enterprise risk management and self-organisation..............................................................30
2.3 Enterprises risk management and networking.....................................................................34
Risk Resilience................................................................................................................35
Risk management in decision making.............................................................................36
2.4 Self-organisation and networking........................................................................................37
2.5 Networking and financial performance...............................................................................40
2.6 Research problem gap..........................................................................................................44
Chapter 3 Hypothesis development...............................................................................................46
CHAPTER 4: RESEARCH METHODOLOGY...........................................................................57
3.0 Introduction..........................................................................................................................58
3.1 Research design...................................................................................................................59
3.2 Area of study........................................................................................................................65
CHAPTER 1: INTRODUCTION....................................................................................................6
Introduction:....................................................................................................................................6
Overview of research...................................................................................................................6
1.2 Research problem statement:...............................................................................................10
1.3 Justification for research......................................................................................................12
BACKGROUND.............................................................................................................14
AIMS AND OBJECTIVES.............................................................................................17
Research questions...........................................................................................................18
Research hypothesis.........................................................................................................18
1.4 Research methodology.........................................................................................................19
1.5 Outline of research...............................................................................................................19
1.6 Summary of findings...........................................................................................................20
1.7 Definition of key terms........................................................................................................20
1.8 Assumption, delimitation, and justification for the scope of research................................21
1.9 Conclusion...........................................................................................................................21
CHAPTER 2: LITERATURE REVIEW.......................................................................................22
2.0 Introduction..........................................................................................................................22
2.1 Enterprise Risk Management and Financial performance...................................................25
2.2 Enterprise risk management and self-organisation..............................................................30
2.3 Enterprises risk management and networking.....................................................................34
Risk Resilience................................................................................................................35
Risk management in decision making.............................................................................36
2.4 Self-organisation and networking........................................................................................37
2.5 Networking and financial performance...............................................................................40
2.6 Research problem gap..........................................................................................................44
Chapter 3 Hypothesis development...............................................................................................46
CHAPTER 4: RESEARCH METHODOLOGY...........................................................................57
3.0 Introduction..........................................................................................................................58
3.1 Research design...................................................................................................................59
3.2 Area of study........................................................................................................................65
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3.3 Study population and Sampling Size...................................................................................66
3.4 Sampling Design and Procedure..........................................................................................68
3.5 Data Collection procedures..................................................................................................70
3.6 Sources of data.....................................................................................................................71
3.7 Measurement of variables....................................................................................................74
3.8 Validity and reliability of instrument..................................................................................75
3.9 Data process and analysis....................................................................................................77
3.10 Ethical consideration.........................................................................................................79
3.11 Conclusion.............................................................................................................................81
CHAPTER 5: FINDING AND RESULTS....................................................................................82
4.1 Introduction..............................................................................................................................82
4.2 Overview of data sample.........................................................................................................82
4.3 Descriptive, empirical and qualitative analysis.......................................................................82
4.4 Results from evidence for each research question...................................................................83
4.5 Conclusion.............................................................................................................................154
CHAPTER 6: DISCUSSION, CONCLUSION AND RECOMMENDATION..........................155
5.0 Introduction........................................................................................................................155
5.1 The relationship between Enterprise Risk management and Financial performance........156
5.2 The relationship between Enterprise Risk management and self-organization.................158
5.3 The relationship between Enterprise Risk management and networking..........................159
5.4 The relationship between self-organization and networking.............................................161
5.5 The relationship between Networking and supplier performance.....................................162
5.6 Conclusion.........................................................................................................................164
5.7 Recommendations..............................................................................................................165
5.8 Limitations to the study.....................................................................................................166
5.9 Areas for further research......................................................................................................168
REFERENCES............................................................................................................................169
APPENDIX..................................................................................................................................174
Appendix 1...................................................................................................................................174
3.4 Sampling Design and Procedure..........................................................................................68
3.5 Data Collection procedures..................................................................................................70
3.6 Sources of data.....................................................................................................................71
3.7 Measurement of variables....................................................................................................74
3.8 Validity and reliability of instrument..................................................................................75
3.9 Data process and analysis....................................................................................................77
3.10 Ethical consideration.........................................................................................................79
3.11 Conclusion.............................................................................................................................81
CHAPTER 5: FINDING AND RESULTS....................................................................................82
4.1 Introduction..............................................................................................................................82
4.2 Overview of data sample.........................................................................................................82
4.3 Descriptive, empirical and qualitative analysis.......................................................................82
4.4 Results from evidence for each research question...................................................................83
4.5 Conclusion.............................................................................................................................154
CHAPTER 6: DISCUSSION, CONCLUSION AND RECOMMENDATION..........................155
5.0 Introduction........................................................................................................................155
5.1 The relationship between Enterprise Risk management and Financial performance........156
5.2 The relationship between Enterprise Risk management and self-organization.................158
5.3 The relationship between Enterprise Risk management and networking..........................159
5.4 The relationship between self-organization and networking.............................................161
5.5 The relationship between Networking and supplier performance.....................................162
5.6 Conclusion.........................................................................................................................164
5.7 Recommendations..............................................................................................................165
5.8 Limitations to the study.....................................................................................................166
5.9 Areas for further research......................................................................................................168
REFERENCES............................................................................................................................169
APPENDIX..................................................................................................................................174
Appendix 1...................................................................................................................................174
Topic: Enterprise risk management, self-organization, networking and financial performance
in Australia Private procurement contracts 44600
CHAPTER 1: INTRODUCTION
Introduction:
Overview of research
This is the first chapter in the research study which comprises the research topic, aim, objective,
and questions. The chapter starts with the writing of an overview of the research topic and what
the research is all about and what exactly is going to be researched in the following dissertation.
This chapter consists of the background of the study as to what exactly the research is about and
how what is the structure of the whole thesis (Alexander, Gelderblom, & Kock, 2015). This
chapter narrows down the focus and defines the scope of the research. Moreover, the section also
describes the aim and objectives, with the rationale for choosing the specific topic. The
significance of this study is to provide a clear reflect why the study is conducted and assist to
gain knowledge related to the topic. Here, a discussion related to the state of existing research on
the topic is conducted and the relevance of the research is depicted to answer the research issue
in a border way. In this chapter, an overview of the dissertation structure is presented.
In recent times, many businesses are facing critical issues in procurement and due to this, they
are not able to grow and develop. However, the issues are related to quality, price, etc. besides
this, planning and controlling measures are effectively taken to manage risk but private firms can
mitigate impact only to some extent. Nowadays it is required for organizations to maintain
proper communication with internal and external stakeholders because it allows gathering
relevant data and info. In a procurement contract, the major risk is supply chain management.
Sometimes, ineffective supply of materials results in occurring of high risk. Therefore, it changes
the entire context and situation of procurement and the situation also changes due because risk
effect areas according to its degree. Basically, in the supply chain, there are various points or
processes where at the supplier end there is no risk but at companies end risk level is very high
(Berry-Stolzle & Xu, 2016). Similarly, the risk is at the supplier's end but not at companies end.
Along with this the present study will be also work in direction of establishing the impact of the
risk management process of the company over the performance and sustainability of the
company. This is pertaining to the fact that in case the risk within the company will not be
in Australia Private procurement contracts 44600
CHAPTER 1: INTRODUCTION
Introduction:
Overview of research
This is the first chapter in the research study which comprises the research topic, aim, objective,
and questions. The chapter starts with the writing of an overview of the research topic and what
the research is all about and what exactly is going to be researched in the following dissertation.
This chapter consists of the background of the study as to what exactly the research is about and
how what is the structure of the whole thesis (Alexander, Gelderblom, & Kock, 2015). This
chapter narrows down the focus and defines the scope of the research. Moreover, the section also
describes the aim and objectives, with the rationale for choosing the specific topic. The
significance of this study is to provide a clear reflect why the study is conducted and assist to
gain knowledge related to the topic. Here, a discussion related to the state of existing research on
the topic is conducted and the relevance of the research is depicted to answer the research issue
in a border way. In this chapter, an overview of the dissertation structure is presented.
In recent times, many businesses are facing critical issues in procurement and due to this, they
are not able to grow and develop. However, the issues are related to quality, price, etc. besides
this, planning and controlling measures are effectively taken to manage risk but private firms can
mitigate impact only to some extent. Nowadays it is required for organizations to maintain
proper communication with internal and external stakeholders because it allows gathering
relevant data and info. In a procurement contract, the major risk is supply chain management.
Sometimes, ineffective supply of materials results in occurring of high risk. Therefore, it changes
the entire context and situation of procurement and the situation also changes due because risk
effect areas according to its degree. Basically, in the supply chain, there are various points or
processes where at the supplier end there is no risk but at companies end risk level is very high
(Berry-Stolzle & Xu, 2016). Similarly, the risk is at the supplier's end but not at companies end.
Along with this the present study will be also work in direction of establishing the impact of the
risk management process of the company over the performance and sustainability of the
company. This is pertaining to the fact that in case the risk within the company will not be
⊘ This is a preview!⊘
Do you want full access?
Subscribe today to unlock all pages.
Trusted by 1+ million students worldwide
managed then this will affect the working of the company to a great extent. In addition to this the
current study will also outline the fact that the business plays a crucial role within the building
and management of the risk resilience and to determine the management of the natural resources
in order to result in sustainable development. Further the study will also outline the building of
the relationship between the private governance and the private business development along with
the promotion of the innovation by the government through procurement.
Risk management is the process of protecting those value-based areas. Thus, it is essential to
mitigate the impact of risk on that area so that value is aligned. This is because stakeholders are
not involved in measuring risk. However, procurement also faces the problem of risk
identification. It is stated that 8% of procurement organizations have measured risk in the supply
chain. But they have measured it from the external point of view (Lewis, 2001) thus, no proper
measures are taken to protect risk and improve supply chain outcomes. So, to get relevant
outcomes, it is necessary to identify resources from natural risk owners. However, only
determining risk is not beneficial until clear vision, action, etc. the risks are also occurred due to
insufficient info gathered by firms from stakeholders. If businesses are having an improper
network with the suppliers, the government, and with inter departments then there are high
chances of risk. Generally, a strong network of suppliers enables collecting relevant data. Apart
from it, the firm can easily switch from one supplier to another if the high-level risk is identified.
This results in impacting their financial performance. However, business productivity decreases
as well. A network is established through self-organization (Carnovale, Rogers, & Yeniyurt,
2019). So, by following process or methods communication is done and data and information are
shared.
Enterprise risk management (ERM) standpoint, there is a broader disconnect between evaluating
enterprise risk overall versus extending those risk factors in a cohesive manner out to the supply
chain and out to the supply base where contracts are signed that hopefully help mitigate most
supplier risks. ERM frameworks is assess to context in which it is operating which means
understanding the internal risk management environment of a firm and the interest of the
stakeholders (Sweeting, 2017). ERM framework is being defined as the risk management which
involves identification of the particular event relevant to the company. This framework assists
current study will also outline the fact that the business plays a crucial role within the building
and management of the risk resilience and to determine the management of the natural resources
in order to result in sustainable development. Further the study will also outline the building of
the relationship between the private governance and the private business development along with
the promotion of the innovation by the government through procurement.
Risk management is the process of protecting those value-based areas. Thus, it is essential to
mitigate the impact of risk on that area so that value is aligned. This is because stakeholders are
not involved in measuring risk. However, procurement also faces the problem of risk
identification. It is stated that 8% of procurement organizations have measured risk in the supply
chain. But they have measured it from the external point of view (Lewis, 2001) thus, no proper
measures are taken to protect risk and improve supply chain outcomes. So, to get relevant
outcomes, it is necessary to identify resources from natural risk owners. However, only
determining risk is not beneficial until clear vision, action, etc. the risks are also occurred due to
insufficient info gathered by firms from stakeholders. If businesses are having an improper
network with the suppliers, the government, and with inter departments then there are high
chances of risk. Generally, a strong network of suppliers enables collecting relevant data. Apart
from it, the firm can easily switch from one supplier to another if the high-level risk is identified.
This results in impacting their financial performance. However, business productivity decreases
as well. A network is established through self-organization (Carnovale, Rogers, & Yeniyurt,
2019). So, by following process or methods communication is done and data and information are
shared.
Enterprise risk management (ERM) standpoint, there is a broader disconnect between evaluating
enterprise risk overall versus extending those risk factors in a cohesive manner out to the supply
chain and out to the supply base where contracts are signed that hopefully help mitigate most
supplier risks. ERM frameworks is assess to context in which it is operating which means
understanding the internal risk management environment of a firm and the interest of the
stakeholders (Sweeting, 2017). ERM framework is being defined as the risk management which
involves identification of the particular event relevant to the company. This framework assists
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the company in assessing them in terms of the likelihood and the magnitude of the impact of the
risk and to determine the response strategy and in addition to this monitoring process. In addition
to this with help of effective identifying and addressing the risk and opportunities and the
business enterprises try to protect the stakeholders and create value for the betterment of the
stakeholders. In addition to this ERM can also be defined as the risk based approach in order to
manage the enterprise in effective manner. The enterprise is being set within the external
environment and there are many different risks which the business may face. Hence, it is very
essential for them to manage these risks in proper and effective manner.
To manage risk, private firms are using many techniques. It has enabled in improving processes
or methods through which risk is managed. Alongside, the major area where risk has occurred is
procurement and due to it, the supply chain is impacted to a great extent. At present time,
organizations are focusing on improving their financial performance because it benefits them in
maintaining growth and development. Also, by analysing data from stakeholders such as
suppliers, investors, customers, etc. (Creswell & Poth, 2018) financial performance is improved,
and the self-organization also plays a significant role. It consists of processor methods that are
used or implemented through self-organization as well financial performance can be improved.
This change is done in the process or new methods are implemented. It enables improving their
efficacy and strengthening networking. With help of it, the operational process is changed, and
proper monitoring is done where the firm develops a new process that supports managing
activities and tasks.
The private firms are not able to maintain financial performance, it may be due to several reasons
or factors. The main reason is a high risk, and it is difficult for businesses to identify risk and
mitigate its impact. Generally, supplier management plays a vital role in the value chain in
procurement. However, the occurrence of risk in many areas is directly integrated with finance.
So, there is a decrease in firm investment and capability to grow and expand. By installing ERM
in procurement risk can be easily identified and then managed. In that strategies are developed to
deal with it. Moreover, there is proper evaluation and auditing of risk provides insight into the
type and degree of risk that can occur. They are: - Credit Risk, it is also called Default Risk.
Credit Risk is related to borrowed money and the amount of risk involved in giving money to the
risk and to determine the response strategy and in addition to this monitoring process. In addition
to this with help of effective identifying and addressing the risk and opportunities and the
business enterprises try to protect the stakeholders and create value for the betterment of the
stakeholders. In addition to this ERM can also be defined as the risk based approach in order to
manage the enterprise in effective manner. The enterprise is being set within the external
environment and there are many different risks which the business may face. Hence, it is very
essential for them to manage these risks in proper and effective manner.
To manage risk, private firms are using many techniques. It has enabled in improving processes
or methods through which risk is managed. Alongside, the major area where risk has occurred is
procurement and due to it, the supply chain is impacted to a great extent. At present time,
organizations are focusing on improving their financial performance because it benefits them in
maintaining growth and development. Also, by analysing data from stakeholders such as
suppliers, investors, customers, etc. (Creswell & Poth, 2018) financial performance is improved,
and the self-organization also plays a significant role. It consists of processor methods that are
used or implemented through self-organization as well financial performance can be improved.
This change is done in the process or new methods are implemented. It enables improving their
efficacy and strengthening networking. With help of it, the operational process is changed, and
proper monitoring is done where the firm develops a new process that supports managing
activities and tasks.
The private firms are not able to maintain financial performance, it may be due to several reasons
or factors. The main reason is a high risk, and it is difficult for businesses to identify risk and
mitigate its impact. Generally, supplier management plays a vital role in the value chain in
procurement. However, the occurrence of risk in many areas is directly integrated with finance.
So, there is a decrease in firm investment and capability to grow and expand. By installing ERM
in procurement risk can be easily identified and then managed. In that strategies are developed to
deal with it. Moreover, there is proper evaluation and auditing of risk provides insight into the
type and degree of risk that can occur. They are: - Credit Risk, it is also called Default Risk.
Credit Risk is related to borrowed money and the amount of risk involved in giving money to the
borrower is financially defined as Credit Risk. If the borrower of the money gets default in
repaying the borrowed money the credit risk goes high (Duan, Bhaumik, Palinkas, & Hoagwood,
2015) the investor suffering from high credit risk also faces a decline in the income from loan
repayment and the borrower also face a rise in debt. The minimum credit risk always motivates
the financial organization to invest more money in the market and it gives more freedom to the
financial organization for doing their business. Market Risk also called Systematic Risk is
associated with the financial market in which financial organization conducts their operations.
The level of market risk will always drive the financial market and market risk involves market
stability. The policies of the government about the financial structure of the company create an
impact on the market risk of the financial organization. If the market is stable and the policies of
the governments are not fluctuating, and the cash flows are suitable the market risk for the
financial organization will be minimum. Liquidity Risk- It involves the cash flows in the
market. If the cash flows are appropriate in the market and the company has his resources to pay
all its debt then the liquidity risk will be not high (Etikan, Musa, & Alkassim, 2016). Liquidity
risk also involves two factors one is a market liquidity risk and the second factor known as
funding liquidity risk. If the securities are unable to sell in the market quickly due to more sellers
than buyers, this situation is called market liquidity risk and in the case of funding liquidity risk
the shortage of funds becomes the reason behind liquidity risk. Operational Risk- It arises due
to a lack of operational planning in the organization and based on the company's internal defaults
in planning, organizing, and proper utilization of the funds. Operational risk creates a negative
impact on the company's growth and sustainability. Financial resources are minimum, and a
company needs to plan optimistically about all its financial capabilities so it can sustainably
grow in the market. High operational risk will always portrait a negative image in front of the
shareholders of the company because it directly reflects the company's internal structure
especially regarding policymaking.
In procurement usually, decisions are taken at a low level and this is because the main thing
considers here is that by eliminating risk at a low level it is easy to manage it at a high level. On
other hand, risk management is considered strategic and all decisions regarding it are taken.
Here, risk management strategies are integrated with procurement.
repaying the borrowed money the credit risk goes high (Duan, Bhaumik, Palinkas, & Hoagwood,
2015) the investor suffering from high credit risk also faces a decline in the income from loan
repayment and the borrower also face a rise in debt. The minimum credit risk always motivates
the financial organization to invest more money in the market and it gives more freedom to the
financial organization for doing their business. Market Risk also called Systematic Risk is
associated with the financial market in which financial organization conducts their operations.
The level of market risk will always drive the financial market and market risk involves market
stability. The policies of the government about the financial structure of the company create an
impact on the market risk of the financial organization. If the market is stable and the policies of
the governments are not fluctuating, and the cash flows are suitable the market risk for the
financial organization will be minimum. Liquidity Risk- It involves the cash flows in the
market. If the cash flows are appropriate in the market and the company has his resources to pay
all its debt then the liquidity risk will be not high (Etikan, Musa, & Alkassim, 2016). Liquidity
risk also involves two factors one is a market liquidity risk and the second factor known as
funding liquidity risk. If the securities are unable to sell in the market quickly due to more sellers
than buyers, this situation is called market liquidity risk and in the case of funding liquidity risk
the shortage of funds becomes the reason behind liquidity risk. Operational Risk- It arises due
to a lack of operational planning in the organization and based on the company's internal defaults
in planning, organizing, and proper utilization of the funds. Operational risk creates a negative
impact on the company's growth and sustainability. Financial resources are minimum, and a
company needs to plan optimistically about all its financial capabilities so it can sustainably
grow in the market. High operational risk will always portrait a negative image in front of the
shareholders of the company because it directly reflects the company's internal structure
especially regarding policymaking.
In procurement usually, decisions are taken at a low level and this is because the main thing
considers here is that by eliminating risk at a low level it is easy to manage it at a high level. On
other hand, risk management is considered strategic and all decisions regarding it are taken.
Here, risk management strategies are integrated with procurement.
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1.2 Research problem statement:
Problem: The problem statement for the present study is to determine the impact of
implementing risk management process within an organization. This in turn helps to improve the
business performance and run in effective sustainable ways regarding the business cooperation,
good performance and safety. Further, it is also examined that entire research is based upon
enterprise risk management and through this, different private procurement agencies have
increased their scrutiny on the risk management process and that is why the study also highlights
the significance of using ERM by the companies to manage risk. Therefore, the main reason for
choosing the specific topic is that scholar have their own interest to study on the topic and that is
why, while researching on this topic, they gain or enhance their knowledge and learn different
terms related to the topic (Shatnawi, Hanefah, & Eldaia, 2019).
Issue: The present research will discuss the issue regarding impact of risk management process
in an organization. Along with this, it also helps to determine the natural resources for
contributing towards sustainable development. In addition to this, through the research, scholar is
able to develop an ability to manage risk which assists companies to act more confidently in their
future business decision making. Currently, they face a risk which does not provide various
options in order to deal with the problem. That is why, to minimize the issue, present study will
be used to provide outcomes about what are different high and low-level risks for private firms in
procurement. Also, it will be able to determine the impact of each risk on procurement contracts
(Arena, Arnaboldi, & Palermo, 2017). Alongside, companies will get an overview about what
type of financial risk can occur that is market, operational, liquidity, etc. and how risk can be
managed in this.
Relevance: The problem statement of the research is such that to show the importance of risk
management process within an organization and determine the role of business in risk resiience
while facing any natural disaster. The relevance of the study will reflect on that how ERM can
affect self-organization, networking, and financial performance. It will show that how
networking can affect financial performance and what loss can occur. Besides this, how self-
organization can also lead to a company's overall financial performance. In this many other
things included in the study that relate to the topic. The research will find out what type of
natural disaster risk are being faced by communities. Moreover, what is the role of management
Problem: The problem statement for the present study is to determine the impact of
implementing risk management process within an organization. This in turn helps to improve the
business performance and run in effective sustainable ways regarding the business cooperation,
good performance and safety. Further, it is also examined that entire research is based upon
enterprise risk management and through this, different private procurement agencies have
increased their scrutiny on the risk management process and that is why the study also highlights
the significance of using ERM by the companies to manage risk. Therefore, the main reason for
choosing the specific topic is that scholar have their own interest to study on the topic and that is
why, while researching on this topic, they gain or enhance their knowledge and learn different
terms related to the topic (Shatnawi, Hanefah, & Eldaia, 2019).
Issue: The present research will discuss the issue regarding impact of risk management process
in an organization. Along with this, it also helps to determine the natural resources for
contributing towards sustainable development. In addition to this, through the research, scholar is
able to develop an ability to manage risk which assists companies to act more confidently in their
future business decision making. Currently, they face a risk which does not provide various
options in order to deal with the problem. That is why, to minimize the issue, present study will
be used to provide outcomes about what are different high and low-level risks for private firms in
procurement. Also, it will be able to determine the impact of each risk on procurement contracts
(Arena, Arnaboldi, & Palermo, 2017). Alongside, companies will get an overview about what
type of financial risk can occur that is market, operational, liquidity, etc. and how risk can be
managed in this.
Relevance: The problem statement of the research is such that to show the importance of risk
management process within an organization and determine the role of business in risk resiience
while facing any natural disaster. The relevance of the study will reflect on that how ERM can
affect self-organization, networking, and financial performance. It will show that how
networking can affect financial performance and what loss can occur. Besides this, how self-
organization can also lead to a company's overall financial performance. In this many other
things included in the study that relate to the topic. The research will find out what type of
natural disaster risk are being faced by communities. Moreover, what is the role of management
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in providing data and information about risk? Additionally, research will discuss the relation
between private governance and business development. It will briefly the role of policies and
procedures for private companies.
Objectives:
In order to address the problem of the research, different objectives has been set that
helps to answer the research problem. Such that:
To examine the role off business while build risk resilience communities in order to face
natural disaster.
To identify the management approaches of a business that contribute to sustainable
development.
To determine the relationship shared between the private governance as well as private
business development for sustainability.
Therefore, through the research, researcher learn different terms related to the topic, and
therefore, the knowledge will help to grab better future opportunities as well. In addition to this,
it is also analysed that studying the topic will help to investigate the impact of establishing a risk
management process within an organization and determine how the performance is affected by
comparing present condition to the future.
Another rationale for choosing the topic is such that scholar wants to enhance their knowledge
related to business and risk and that is why it is essential to study on this. Moreover, enhancing
current knowledge will help the researcher to use that in their near future so that the chances of
attending opportunities will be increased. Even, in this competitive era, every firm faces issues
and risks and that is why they implement different strategies to minimize the risk and it also
ensures that the financial performance is also managed.
In this, it will also be described that how changing process or methods in self-
organization is beneficial. Moreover, how with help of an effective network financial
performance is improved. Usually, in procurement risk arise due to quality, price, or suppliers. It
changes many things related to the contract.
between private governance and business development. It will briefly the role of policies and
procedures for private companies.
Objectives:
In order to address the problem of the research, different objectives has been set that
helps to answer the research problem. Such that:
To examine the role off business while build risk resilience communities in order to face
natural disaster.
To identify the management approaches of a business that contribute to sustainable
development.
To determine the relationship shared between the private governance as well as private
business development for sustainability.
Therefore, through the research, researcher learn different terms related to the topic, and
therefore, the knowledge will help to grab better future opportunities as well. In addition to this,
it is also analysed that studying the topic will help to investigate the impact of establishing a risk
management process within an organization and determine how the performance is affected by
comparing present condition to the future.
Another rationale for choosing the topic is such that scholar wants to enhance their knowledge
related to business and risk and that is why it is essential to study on this. Moreover, enhancing
current knowledge will help the researcher to use that in their near future so that the chances of
attending opportunities will be increased. Even, in this competitive era, every firm faces issues
and risks and that is why they implement different strategies to minimize the risk and it also
ensures that the financial performance is also managed.
In this, it will also be described that how changing process or methods in self-
organization is beneficial. Moreover, how with help of an effective network financial
performance is improved. Usually, in procurement risk arise due to quality, price, or suppliers. It
changes many things related to the contract.
1.3 Justification for research
The research serves the purpose of informed action. The dissertation pursues to contextualize its
findings within the larger body of research. This research serves high quality to produce
knowledge that is applicable outside of the research setting. Furthermore, the results of the study
have implications for policy and future project implementation that helps to leads a business
towards success (Salloum, Jobbour, & Mercier-Suissa, 2019). Moreover, through this researcher,
scholars will also gain knowledge related to the topic and determine different ways of managing
risk as well.
Moreover, by the study on the topic, the researcher also identifies enterprise risk
management and current issues as well as changes that impact business performance as well as
gain knowledge related to sustainability as well. In this modern era, every company needs to be
more focused on the sustainability goals so that it will easily identify how the communities risk
resilience faces some disaster within the firm and how to cope up with the issue as well. On the
other side, it is also analysed that another sign of the study is to analyse the impact of different
enterprise risk management that creates a positive or negative impact upon the business's overall
performance. Further, studying the topic will help the researcher to use some tools that help to
mitigate the risk and lead a business towards success. The study will also provide a detailed
insight into how ERM is applied or followed by private firms. Besides this, what is the
relationship between ERM and self-organization that is how risk can be managed by improving
processes or methods in self-organization? Moreover, how the change in self-organization
impact ERM. Along with it, the private firms will be able to implement processes or methods to
manage risk. Furthermore, by evaluating the outcomes companies will understand the
relationship between ERM and financial performance. Then, on basis of it proper measures and
strategies are formed (Tucker, Luu, & Poulsen, 2016). Therefore, the organization will get
insight into the type of impact that occurs and in what way financial performance is degraded. In
addition to it, firms get to know what type of decision or strategies will be formed to minimize
financial performance. However, there are many other things as well the business will benefit if
from research. Furthermore, the study will provide outcomes that how ERM is related to
networking. The organization will analyse the role and importance of the internal and external
network in ERM and will find out areas of improvement. Furthermore, in the future private firms
will be able to strengthen their network.
The research serves the purpose of informed action. The dissertation pursues to contextualize its
findings within the larger body of research. This research serves high quality to produce
knowledge that is applicable outside of the research setting. Furthermore, the results of the study
have implications for policy and future project implementation that helps to leads a business
towards success (Salloum, Jobbour, & Mercier-Suissa, 2019). Moreover, through this researcher,
scholars will also gain knowledge related to the topic and determine different ways of managing
risk as well.
Moreover, by the study on the topic, the researcher also identifies enterprise risk
management and current issues as well as changes that impact business performance as well as
gain knowledge related to sustainability as well. In this modern era, every company needs to be
more focused on the sustainability goals so that it will easily identify how the communities risk
resilience faces some disaster within the firm and how to cope up with the issue as well. On the
other side, it is also analysed that another sign of the study is to analyse the impact of different
enterprise risk management that creates a positive or negative impact upon the business's overall
performance. Further, studying the topic will help the researcher to use some tools that help to
mitigate the risk and lead a business towards success. The study will also provide a detailed
insight into how ERM is applied or followed by private firms. Besides this, what is the
relationship between ERM and self-organization that is how risk can be managed by improving
processes or methods in self-organization? Moreover, how the change in self-organization
impact ERM. Along with it, the private firms will be able to implement processes or methods to
manage risk. Furthermore, by evaluating the outcomes companies will understand the
relationship between ERM and financial performance. Then, on basis of it proper measures and
strategies are formed (Tucker, Luu, & Poulsen, 2016). Therefore, the organization will get
insight into the type of impact that occurs and in what way financial performance is degraded. In
addition to it, firms get to know what type of decision or strategies will be formed to minimize
financial performance. However, there are many other things as well the business will benefit if
from research. Furthermore, the study will provide outcomes that how ERM is related to
networking. The organization will analyse the role and importance of the internal and external
network in ERM and will find out areas of improvement. Furthermore, in the future private firms
will be able to strengthen their network.
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In the similar manner this research will also be of significance to other researchers and scholars.
This is pertaining to the fact that in case the other scholars are also having the similar issues or
research topic then this research can be used as base for the new research. They can interrelate
ERM with finance and investigate risk impact on the future financial performance of the firm. In
this they include ratios, share price, market value, etc. thus, it will be easy to gather data and
conduct a study. Other than this, scholars will do research on ERM strategies used by firms in
mitigating risk. So, from it, the results can be used by private businesses to use a particular
strategy in that situation. Another significance of the study is that by interpreting outcomes
different risk practices can be implemented to manage risk. The company can identify risk and
categorize it on basis of priority (Viscelli, Beasley, & Hermanson, 2016). This will make it easy
for them to mitigate risk in a specified time. Furthermore, the results of the report can be used by
public firms as well to manage risk in their procurement. They can also utilize and implement
similar strategies to manage risk and improve financial performance. However, other country's
private procurement firms can also use the outcomes of this study. With help of it, they will be
able to follow ERM ineffective way and manage risk as well as mitigate its impact. In this way,
those companies can minimize risk impact through self-organization and improve their financial
performance. It will be easy for them to compete in the market and survive in the long term.
In the future, the scholar can conduct a study to evaluate risks in financial performance. Besides,
the relationship between networking and self-organization can be explained by studying various
variables involved in it. In addition to it, further research can be done to analyse the degree of
risk with finance. This will be useful in drawing various strategies that can be used in mitigating
its impact. However, by only gathering secondary data study it can be interpreted about what are
the things required to manage ERM. Alongside, what other measures or techniques can be used
by private firms to manage risk. Thus, it will be beneficial for them to apply those in case of
ERM failure. Furthermore, there lies a vast number of areas where research can be conducted.
Here, it is essential for the author to identify those and relate them to the study topic. Apart from
it, the significance of the research is scholars can conduct studies on risk management strategies
and what relevant or appropriate strategies can be used in reducing risk. Moreover, strategies are
categorized and then segregated on basis of their usefulness. They can be analysed that what type
This is pertaining to the fact that in case the other scholars are also having the similar issues or
research topic then this research can be used as base for the new research. They can interrelate
ERM with finance and investigate risk impact on the future financial performance of the firm. In
this they include ratios, share price, market value, etc. thus, it will be easy to gather data and
conduct a study. Other than this, scholars will do research on ERM strategies used by firms in
mitigating risk. So, from it, the results can be used by private businesses to use a particular
strategy in that situation. Another significance of the study is that by interpreting outcomes
different risk practices can be implemented to manage risk. The company can identify risk and
categorize it on basis of priority (Viscelli, Beasley, & Hermanson, 2016). This will make it easy
for them to mitigate risk in a specified time. Furthermore, the results of the report can be used by
public firms as well to manage risk in their procurement. They can also utilize and implement
similar strategies to manage risk and improve financial performance. However, other country's
private procurement firms can also use the outcomes of this study. With help of it, they will be
able to follow ERM ineffective way and manage risk as well as mitigate its impact. In this way,
those companies can minimize risk impact through self-organization and improve their financial
performance. It will be easy for them to compete in the market and survive in the long term.
In the future, the scholar can conduct a study to evaluate risks in financial performance. Besides,
the relationship between networking and self-organization can be explained by studying various
variables involved in it. In addition to it, further research can be done to analyse the degree of
risk with finance. This will be useful in drawing various strategies that can be used in mitigating
its impact. However, by only gathering secondary data study it can be interpreted about what are
the things required to manage ERM. Alongside, what other measures or techniques can be used
by private firms to manage risk. Thus, it will be beneficial for them to apply those in case of
ERM failure. Furthermore, there lies a vast number of areas where research can be conducted.
Here, it is essential for the author to identify those and relate them to the study topic. Apart from
it, the significance of the research is scholars can conduct studies on risk management strategies
and what relevant or appropriate strategies can be used in reducing risk. Moreover, strategies are
categorized and then segregated on basis of their usefulness. They can be analysed that what type
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of strategy is implemented to maintain financial performance, improve networking and self-
organization (Ying, Hassan, & Ahmad, 2019). From this study, it will be easy for private as well
as public firms to get an overview of what strategy they can follow.
However, more research can be conducted on ERM. Here, the scholar or researcher can find out
what are different types of challenges that are faced by organizations in managing risk. Also,
they can identify the reason due to which those risks are not managed. Therefore, it will provide
insight on challenges faced and in which area. Similarly, the challenges can also be determined
in managing financial performance. Thus, it will make it easier for procurement companies to
take appropriate measures in solving that risk. But it is important for scholars to select different
sample sizes and populations and the researcher can focus on the supplier side as well. It means
by not emphasizing on firms they can find out that what type of risk occurs on the supplier side
and how they are able to manage it. So, it will be beneficial for the organizations and suppliers to
manage risk in an effective way. In addition to it, further studies can be done on networking.
Here, the role of stakeholders or internetworking in procurement can be evaluated. Through this,
variation and loopholes in networking are figured out. However, both internal and external
network and their significance are studied. Likewise, the study can be conducted on the
importance of self-organization in procurement (Salloum, Jobbour, & Mercier-Suissa, 2019). It
will be understood that how processes or methods are changed to manage risk. Apart from it,
what type of data and information is useful in managing risk can be defined. Hence, it will
provide an overview of where that data can be used and how. Other than this, doing a study in
ERM can be beneficial in gathering data and using it in managing risk. It shows how things
change and what action can be taken to mitigate the impact of risk. So, these all are research
areas wherein future studies can be done.
BACKGROUND
Enterprise risk management is a business that includes both method and process which is
used by the firm to manage the risk and develop the best opportunities for the company to lead it
towards a further level of success. Moreover, ERM is the process that is described as a risk-based
approach to manage a business by integrating the concept of internal control and develop the best
strategic planning as well. Therefore, the current study is also based upon the different enterprise
organization (Ying, Hassan, & Ahmad, 2019). From this study, it will be easy for private as well
as public firms to get an overview of what strategy they can follow.
However, more research can be conducted on ERM. Here, the scholar or researcher can find out
what are different types of challenges that are faced by organizations in managing risk. Also,
they can identify the reason due to which those risks are not managed. Therefore, it will provide
insight on challenges faced and in which area. Similarly, the challenges can also be determined
in managing financial performance. Thus, it will make it easier for procurement companies to
take appropriate measures in solving that risk. But it is important for scholars to select different
sample sizes and populations and the researcher can focus on the supplier side as well. It means
by not emphasizing on firms they can find out that what type of risk occurs on the supplier side
and how they are able to manage it. So, it will be beneficial for the organizations and suppliers to
manage risk in an effective way. In addition to it, further studies can be done on networking.
Here, the role of stakeholders or internetworking in procurement can be evaluated. Through this,
variation and loopholes in networking are figured out. However, both internal and external
network and their significance are studied. Likewise, the study can be conducted on the
importance of self-organization in procurement (Salloum, Jobbour, & Mercier-Suissa, 2019). It
will be understood that how processes or methods are changed to manage risk. Apart from it,
what type of data and information is useful in managing risk can be defined. Hence, it will
provide an overview of where that data can be used and how. Other than this, doing a study in
ERM can be beneficial in gathering data and using it in managing risk. It shows how things
change and what action can be taken to mitigate the impact of risk. So, these all are research
areas wherein future studies can be done.
BACKGROUND
Enterprise risk management is a business that includes both method and process which is
used by the firm to manage the risk and develop the best opportunities for the company to lead it
towards a further level of success. Moreover, ERM is the process that is described as a risk-based
approach to manage a business by integrating the concept of internal control and develop the best
strategic planning as well. Therefore, the current study is also based upon the different enterprise
risk management strategies used in Australian public procurement contracts so that it will easily
understand the broad spectrum of risk faced by the firm to make sure that it is managed and well
organized (Gastaldo, Rivas-Quarneti, & Magalhaes, 2018). Thus, the dissertation's main aim is to
determine the impact of establishing a risk management process in the firm to analyse the
business performance related to business cooperation, good governance as well as promotion of
safety.
It is a business strategy that provides the methods used by an organization to discern, assess, and
control any kind of hazard, operational, strategic, or financial risks as defined by the Casualty
Actuarial Society (CAS). The main aim of ERM is to fortify the capital of the organization and
plan to face any form of risk, including risks caused by accidental losses. One of the ways of
ensuring active risk management includes buying insurance like property insurance, malpractice
insurance, and liability insurance. ERM manages to identify the risks, prioritize the risks to
manage, and devise the process to the stakeholders and shareholders who wish to understand the
wide range of risks faced by complex organizations and ensure they are appropriately managed.
A risk response strategy is selected by the management for specific risks identified and assessed,
which may include: Avoidance: steer clear of the activities arising risks, Reduction: reducing the
impact associated with the risk, Alternative Actions: determining optimal steps to mitigate risks,
Share or Insure: sharing a part of the risk, for fiscal matters, Acceptance: enduring the risk for
cost-benefit decision. The focus of ERM is not to create more bureaucracy, but to facilitate
discussion on what the big risks are (Hang, Geyer-Klingeberg, & Rathgeber, 2019).
A common risk management technique can be developed to reduce enterprise risk by Defining
scope - recognizing and prioritizing the related risks, Map-risk - determining which risks could
threaten business strategy and leak the information, developing an action plan - creating a risk
treatment plan, Automation – using AI technologies to automating manual processes., Measuring
and monitoring - establishing metrics systems to identify key control deficiencies. Evaluating the
progress of ERM and the count of decreasing risk incidents. Experts and project managers who
deploy ERM strategies focus on appraising the risks relevant to their organization, prioritizing
those risks, and making efficient decisions to resolve those risks. The risk management plans
created by them evaluate the impact of various uncertain accidents or disasters and frame
feasible responses if any of these disasters eventuate. In an organization, every risk function
potentially behaves differently in correlating with other risk functions. Though the organizations
understand the broad spectrum of risk faced by the firm to make sure that it is managed and well
organized (Gastaldo, Rivas-Quarneti, & Magalhaes, 2018). Thus, the dissertation's main aim is to
determine the impact of establishing a risk management process in the firm to analyse the
business performance related to business cooperation, good governance as well as promotion of
safety.
It is a business strategy that provides the methods used by an organization to discern, assess, and
control any kind of hazard, operational, strategic, or financial risks as defined by the Casualty
Actuarial Society (CAS). The main aim of ERM is to fortify the capital of the organization and
plan to face any form of risk, including risks caused by accidental losses. One of the ways of
ensuring active risk management includes buying insurance like property insurance, malpractice
insurance, and liability insurance. ERM manages to identify the risks, prioritize the risks to
manage, and devise the process to the stakeholders and shareholders who wish to understand the
wide range of risks faced by complex organizations and ensure they are appropriately managed.
A risk response strategy is selected by the management for specific risks identified and assessed,
which may include: Avoidance: steer clear of the activities arising risks, Reduction: reducing the
impact associated with the risk, Alternative Actions: determining optimal steps to mitigate risks,
Share or Insure: sharing a part of the risk, for fiscal matters, Acceptance: enduring the risk for
cost-benefit decision. The focus of ERM is not to create more bureaucracy, but to facilitate
discussion on what the big risks are (Hang, Geyer-Klingeberg, & Rathgeber, 2019).
A common risk management technique can be developed to reduce enterprise risk by Defining
scope - recognizing and prioritizing the related risks, Map-risk - determining which risks could
threaten business strategy and leak the information, developing an action plan - creating a risk
treatment plan, Automation – using AI technologies to automating manual processes., Measuring
and monitoring - establishing metrics systems to identify key control deficiencies. Evaluating the
progress of ERM and the count of decreasing risk incidents. Experts and project managers who
deploy ERM strategies focus on appraising the risks relevant to their organization, prioritizing
those risks, and making efficient decisions to resolve those risks. The risk management plans
created by them evaluate the impact of various uncertain accidents or disasters and frame
feasible responses if any of these disasters eventuate. In an organization, every risk function
potentially behaves differently in correlating with other risk functions. Though the organizations
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can manage risks at times, this variation becomes difficult to handle (Laisasikorn & Rompho,
2014). The primary goal of ERM is to improve this capability and coordination providing an
integrated picture of risk and allowing the organization to handle risks effectively.
The current research's main aim is to describe the business policy and determine the relationship
between public governance and private business development as well. In addition to this,
Enterprise risk management analysis applicable in the corporate world that performs the process
globally as looking at the overall structure, a framework that evaluates the management system
of the organization. Further, through this method, the researcher highlights different risk
management process which must be used by the company to generate the best results and raise
the financial performance as well. Through research, it is also analysed that companies also have
managed such risk through the capital market by using different instruments and it also deals
with day-to-day operational procedures, legal and human resources management, financial
management, etc. Therefore, it relates to overall governance and ERM is that strategy that is used
to respond to selected risk and it may also include avoidance, reduction, and alternative action to
monitor internal control (Mikes, Oyon, Lausanne, & Jeitziner, 2016).
ERM and procurement are interrelated to one another. and the common thing in both is a risk.
ERM support in managing risk that occurs in procurement. It helps in finding out those areas
where risk occurs and along with it, in procurement, there are high chances of risk. It directly
impacts a high level and leads to an effect on financial performance. However, it is important to
reduce the negative impact of risk on financial performance. It allows private firms to grow in
the industry. Risk highly impacts business efficiency and leads to ineffective measurement. It is
because future strategies and goals are developed by identifying situations. But the market
situation is unpredictable. Hence, there may occur several risks that can directly impact financial
performance. The firms must incur more expenses on reducing impact. Besides strategies or
plans developed get failed. Also, in procurement quality of the contract is degraded. It results in
rising in the cost of the contract as well.
The managers associated with risk management must deal with day-to-day obstacles in daily
work, human resource activities, legal as well as environmental risks (Palinkas, et al., 2015). So,
2014). The primary goal of ERM is to improve this capability and coordination providing an
integrated picture of risk and allowing the organization to handle risks effectively.
The current research's main aim is to describe the business policy and determine the relationship
between public governance and private business development as well. In addition to this,
Enterprise risk management analysis applicable in the corporate world that performs the process
globally as looking at the overall structure, a framework that evaluates the management system
of the organization. Further, through this method, the researcher highlights different risk
management process which must be used by the company to generate the best results and raise
the financial performance as well. Through research, it is also analysed that companies also have
managed such risk through the capital market by using different instruments and it also deals
with day-to-day operational procedures, legal and human resources management, financial
management, etc. Therefore, it relates to overall governance and ERM is that strategy that is used
to respond to selected risk and it may also include avoidance, reduction, and alternative action to
monitor internal control (Mikes, Oyon, Lausanne, & Jeitziner, 2016).
ERM and procurement are interrelated to one another. and the common thing in both is a risk.
ERM support in managing risk that occurs in procurement. It helps in finding out those areas
where risk occurs and along with it, in procurement, there are high chances of risk. It directly
impacts a high level and leads to an effect on financial performance. However, it is important to
reduce the negative impact of risk on financial performance. It allows private firms to grow in
the industry. Risk highly impacts business efficiency and leads to ineffective measurement. It is
because future strategies and goals are developed by identifying situations. But the market
situation is unpredictable. Hence, there may occur several risks that can directly impact financial
performance. The firms must incur more expenses on reducing impact. Besides strategies or
plans developed get failed. Also, in procurement quality of the contract is degraded. It results in
rising in the cost of the contract as well.
The managers associated with risk management must deal with day-to-day obstacles in daily
work, human resource activities, legal as well as environmental risks (Palinkas, et al., 2015). So,
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to cope, with this risk managers must be in streamline with business trends, technologies
otherwise any hazards in any department will lead to creating expenditure for the company, and
the company's financial performance decreases. for this manager must be ready to face any
disasters or hazards. For this operation, the department must maintain the machinery up to date.
That is time to time maintenance is required for each machine in the work. Sometimes
technology up-gradation and innovation lead to obsolete machinery, which will lead to a
financial burden on the company. So, enterprise risk management ensures the safety against
shutdowns and explosions that will suffer employees or the public in the surrounding. In addition
to this, it will create a financial crisis for the company. According to the company's risk
management strategies, investors trust and likely to invest and work with them. In this way
managing the risk well will lead to an increase in company value. Based on the company's ERM
approach legal as well as political obstacles for constructing a new plant are fewer. Thus, the
company can easily develop the market. Thus, the best ERM technique provides a safeguard to
the company against any shutdown, explosion, cyber-attack, and disruption in the supply chain.
Risk management of any enterprise increases the financial position by maintaining the equipment
because it will deliver a quality product at an economical cost in lesser time, which will ensure
the satisfaction among the company customers and give profit to the company (Ramalho,
Adams, Huggard, & Hoare, 2015). There are different techniques to manage risk. It depends on
the degree and type of risk that what technique is suitable. They are to prevent, retain and avoid
risk. usually, risk prevention is applied to deal. It is because here measures are taken to prevent
risk.
A procurement contract is those contracts that are undertaken to provide specific types of
products or services. usually, these contracts are fixed priced where cost, time, and materials are
the same. The third parties or company makes an agreement with other organizations to supply
raw materials or goods. The contracts are of different types based on business requirements.
However, it is necessary to determine the risk involved in it. The risk highly impacts on firm’s
financial performance. Besides, in contrast, there is the risk related to change in requirement,
price, etc. However, organizations are facing dilemmas in solving risk. The risk is mitigated only
to a certain level. Hence, it is affecting in a similar way.
AIMS AND OBJECTIVES
otherwise any hazards in any department will lead to creating expenditure for the company, and
the company's financial performance decreases. for this manager must be ready to face any
disasters or hazards. For this operation, the department must maintain the machinery up to date.
That is time to time maintenance is required for each machine in the work. Sometimes
technology up-gradation and innovation lead to obsolete machinery, which will lead to a
financial burden on the company. So, enterprise risk management ensures the safety against
shutdowns and explosions that will suffer employees or the public in the surrounding. In addition
to this, it will create a financial crisis for the company. According to the company's risk
management strategies, investors trust and likely to invest and work with them. In this way
managing the risk well will lead to an increase in company value. Based on the company's ERM
approach legal as well as political obstacles for constructing a new plant are fewer. Thus, the
company can easily develop the market. Thus, the best ERM technique provides a safeguard to
the company against any shutdown, explosion, cyber-attack, and disruption in the supply chain.
Risk management of any enterprise increases the financial position by maintaining the equipment
because it will deliver a quality product at an economical cost in lesser time, which will ensure
the satisfaction among the company customers and give profit to the company (Ramalho,
Adams, Huggard, & Hoare, 2015). There are different techniques to manage risk. It depends on
the degree and type of risk that what technique is suitable. They are to prevent, retain and avoid
risk. usually, risk prevention is applied to deal. It is because here measures are taken to prevent
risk.
A procurement contract is those contracts that are undertaken to provide specific types of
products or services. usually, these contracts are fixed priced where cost, time, and materials are
the same. The third parties or company makes an agreement with other organizations to supply
raw materials or goods. The contracts are of different types based on business requirements.
However, it is necessary to determine the risk involved in it. The risk highly impacts on firm’s
financial performance. Besides, in contrast, there is the risk related to change in requirement,
price, etc. However, organizations are facing dilemmas in solving risk. The risk is mitigated only
to a certain level. Hence, it is affecting in a similar way.
AIMS AND OBJECTIVES
Aims:
“To investigate the impact of establishing risk management process within an organization on
the business performance sustainable development regarding the business corporation, good
governance, and promotion of safety”.
Objectives
• To analyse the making of business capture policies by the organization.
• To evaluate the role of business in building risk resilience communities in the face of
natural disasters.
• To determine the management of natural resources for contributing to sustainable
development.
• To examine the relationship between private governance and private business
development.
• To assess the promotion of innovation by the government through procurement.
• To provide recommendations for improving the existing performance of the
company.
Research questions
• When and how do business capture policy make?
• How can businesses play a role in building communities' risk resilience in the face of
natural disasters?
• How can management of natural resources such as forests, water, etc. contribute to
sustainable development?
• What is the relation between private governance and private business development?
• How can governments promote innovations through procurement?
Research hypothesis
H1- Ongoing activity impact on self organisation and enterprise risk management
H2- There is relationship between data and information and risk appetite and tolerance.
H3- Risk management techniques improves financial performance.
H4- is there relation in networking and risk management
H5- Risk management technique and data analysis reduces risk
“To investigate the impact of establishing risk management process within an organization on
the business performance sustainable development regarding the business corporation, good
governance, and promotion of safety”.
Objectives
• To analyse the making of business capture policies by the organization.
• To evaluate the role of business in building risk resilience communities in the face of
natural disasters.
• To determine the management of natural resources for contributing to sustainable
development.
• To examine the relationship between private governance and private business
development.
• To assess the promotion of innovation by the government through procurement.
• To provide recommendations for improving the existing performance of the
company.
Research questions
• When and how do business capture policy make?
• How can businesses play a role in building communities' risk resilience in the face of
natural disasters?
• How can management of natural resources such as forests, water, etc. contribute to
sustainable development?
• What is the relation between private governance and private business development?
• How can governments promote innovations through procurement?
Research hypothesis
H1- Ongoing activity impact on self organisation and enterprise risk management
H2- There is relationship between data and information and risk appetite and tolerance.
H3- Risk management techniques improves financial performance.
H4- is there relation in networking and risk management
H5- Risk management technique and data analysis reduces risk
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H6- Self organization and ERM reduces risk
H7 - Difference between group risk management technique and top management of company in
data and information
H8- Self organisation and networking capabilities differs from each other
1.4 Research methodology
Research design- For the current research, the researcher has chosen descriptive research design
under conclusive research design because through this the researcher may easily collect the best
outcomes.
Data Collection- The researcher has chosen both primary and secondary sources of data. In
primary data collection method in the questionnaire is used and in secondary data collection
method such as books, articles, and newspaper, etc.
Data process and analysis- The researcher of the study has opted for SPSS analysis which helps
in gaining a wider perspective on the risk management process within the organization on the
business performance sustainable development regarding the business corporation, good
governance, and promotion of safety.
1.5 Outline of research
This section it is described the overall framework of the research. Here, it is discussed in
brief about each chapter and what is included in that. This enables the reader to understand the
entire report by getting an insight into it.
Chapter 1 Introduction – This chapter describes the overall research. Here, many elements are
included such as aims and objectives, significance, rationale, etc. It explains why the study is
been conducted.
Chapter 2 Literature review- It is the second chapter in which the researcher will analyse
secondary data from different research articles, journals, etc. Here, the topic is discussed in depth
by developing themes from objectives. The secondary data is collected and analysed which
makes it easy for users to know what the topic is about.
H7 - Difference between group risk management technique and top management of company in
data and information
H8- Self organisation and networking capabilities differs from each other
1.4 Research methodology
Research design- For the current research, the researcher has chosen descriptive research design
under conclusive research design because through this the researcher may easily collect the best
outcomes.
Data Collection- The researcher has chosen both primary and secondary sources of data. In
primary data collection method in the questionnaire is used and in secondary data collection
method such as books, articles, and newspaper, etc.
Data process and analysis- The researcher of the study has opted for SPSS analysis which helps
in gaining a wider perspective on the risk management process within the organization on the
business performance sustainable development regarding the business corporation, good
governance, and promotion of safety.
1.5 Outline of research
This section it is described the overall framework of the research. Here, it is discussed in
brief about each chapter and what is included in that. This enables the reader to understand the
entire report by getting an insight into it.
Chapter 1 Introduction – This chapter describes the overall research. Here, many elements are
included such as aims and objectives, significance, rationale, etc. It explains why the study is
been conducted.
Chapter 2 Literature review- It is the second chapter in which the researcher will analyse
secondary data from different research articles, journals, etc. Here, the topic is discussed in depth
by developing themes from objectives. The secondary data is collected and analysed which
makes it easy for users to know what the topic is about.
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Chapter 3 Research methodology – This chapter will describe different types of research
methods which will be used or applied by the scholar. It will give an overview of how overall
research will be conducted and what methods are used.
Chapter 4 Findings and results – This chapter will show how primary data is collected and
interpreted. It gives a brief analysis of results obtained from data. It will include graphs, tables,
charts, etc. along with its interpretation. Here, the hypothesis is tested by interpreting results.
Chapter 5 Discussion, conclusion, and recommendation- In this, a discussion of data is done that
is based on findings and results. The researcher will give an in-depth discussion of data and
information interpreted. Also, it includes a conclusion that is summarized by evaluating data.
Besides this, recommendations are given at last that about the report and findings of data.
1.6 Summary of findings
It can be found that the current dissertation is also main is to describe the usage of ERM in an
organization by describing the self-organization, networking, and financial performance as well.
Further, it also focuses on risk management, current changes and issues, the company's actual
performance, and sustainable development that leads to promotes safety and leads a business
towards a further level of success.
1.7 Definition of key terms
ERM- It is a plan-based business strategy that aims to identify, assess, and prepare for any
hazards and other potentials.
Networking - the exchange of information and ideas among people
Financial performance- a measure of how well a firm can use assets and generate revenues.
Risk management- the process of identifying, assessing, and controlling threats.
Risk appetite - level of risk that an organization is willing to accept while pursuing its objectives.
methods which will be used or applied by the scholar. It will give an overview of how overall
research will be conducted and what methods are used.
Chapter 4 Findings and results – This chapter will show how primary data is collected and
interpreted. It gives a brief analysis of results obtained from data. It will include graphs, tables,
charts, etc. along with its interpretation. Here, the hypothesis is tested by interpreting results.
Chapter 5 Discussion, conclusion, and recommendation- In this, a discussion of data is done that
is based on findings and results. The researcher will give an in-depth discussion of data and
information interpreted. Also, it includes a conclusion that is summarized by evaluating data.
Besides this, recommendations are given at last that about the report and findings of data.
1.6 Summary of findings
It can be found that the current dissertation is also main is to describe the usage of ERM in an
organization by describing the self-organization, networking, and financial performance as well.
Further, it also focuses on risk management, current changes and issues, the company's actual
performance, and sustainable development that leads to promotes safety and leads a business
towards a further level of success.
1.7 Definition of key terms
ERM- It is a plan-based business strategy that aims to identify, assess, and prepare for any
hazards and other potentials.
Networking - the exchange of information and ideas among people
Financial performance- a measure of how well a firm can use assets and generate revenues.
Risk management- the process of identifying, assessing, and controlling threats.
Risk appetite - level of risk that an organization is willing to accept while pursuing its objectives.
1.8 Assumption, delimitation, and justification for the scope of research
Assumptions- The study may not evaluate and interpret outcomes related to risk management
and financial performance. Also, it may not focus on policies of risk. Besides, the strategy may
not be discussed properly.
Delimitation- Here, the study is only limited to enterprise risk management. Also, risk related to
financial, business performance, etc. is mentioned. Also, only private business is taken in this
research, and data is gathered from it. Moreover, the risk of self-organization, networking, and
financial performance is stated in the thesis.
Justification for the scope of research – The scholar will explore what is ERM, what are a risk in
self-organization, networking, and financial performance in private companies.
1.9 Conclusion
It can be summarized that a study is being conducted to examine the impact of establishing a risk
management process within the organization on business performance. For that, both primary
and secondary data collection method is used.
Assumptions- The study may not evaluate and interpret outcomes related to risk management
and financial performance. Also, it may not focus on policies of risk. Besides, the strategy may
not be discussed properly.
Delimitation- Here, the study is only limited to enterprise risk management. Also, risk related to
financial, business performance, etc. is mentioned. Also, only private business is taken in this
research, and data is gathered from it. Moreover, the risk of self-organization, networking, and
financial performance is stated in the thesis.
Justification for the scope of research – The scholar will explore what is ERM, what are a risk in
self-organization, networking, and financial performance in private companies.
1.9 Conclusion
It can be summarized that a study is being conducted to examine the impact of establishing a risk
management process within the organization on business performance. For that, both primary
and secondary data collection method is used.
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CHAPTER 2: LITERATURE REVIEW
It is the second chapter that provides theoretical insight into the overall research topic. In this
section, the researcher analyses secondary data taken from previous articles and journals and
writes it in the study. The data is evaluated that provides views and opinions of other authors on
ERM. Besides this, it also becomes easy for users to read and understand as well as gaining
knowledge about the research topics. This is the main chapter of the study and it is written on
basis of objectives developed and according to themes. Here, each theme can be further divided
into sub-themes. From that, it becomes easier to go through the entire chapter. This chapter
presents the literature review to cover all objectives and representing the answer of each
objective in the form of a Literature Review theme.
2.0 Introduction
It is important for businesses to identify risks so that they can be managed the risk and in such a
competitive environment, there are many challenges and risks that businesses must face due to
shifts in risk operations are affected and resources are over or underutilized. However,
advancements in different fields like technology could offer various types of tools and
techniques that can be used by the business. It is useful for managing and controlling overall
business information with the help of Enterprise resource management. Similarly, for risk
management, ERM is a tool that can be used (Mikes, Oyon, Lausanne, & Jeitziner, 2016). It
evaluates the entire organization's risk and suggests ways to manage it. The tool can be
integrated with much other software also. However, managing risk properly allows businesses in
their growth. It provides enough time to take appropriate measures and minimize the impact of
risk. Furthermore, strategies are developed on basis of the degree of risk.
According to Arena, Arnaboldi, & Palermo, (2017) enterprise risk management is a process that
is used in an organization to reduce risk regarding investment and development, a framework
that evaluates the management system of an organization. In this way, it also identifies the
overall enterprise profitability and productivity in the global world. This type of ERM provides
the management with the data or information to easily optimize the earning in which the firm
ultimately generates more values while maintaining the risk of enterprises in a proper manner.
It is the second chapter that provides theoretical insight into the overall research topic. In this
section, the researcher analyses secondary data taken from previous articles and journals and
writes it in the study. The data is evaluated that provides views and opinions of other authors on
ERM. Besides this, it also becomes easy for users to read and understand as well as gaining
knowledge about the research topics. This is the main chapter of the study and it is written on
basis of objectives developed and according to themes. Here, each theme can be further divided
into sub-themes. From that, it becomes easier to go through the entire chapter. This chapter
presents the literature review to cover all objectives and representing the answer of each
objective in the form of a Literature Review theme.
2.0 Introduction
It is important for businesses to identify risks so that they can be managed the risk and in such a
competitive environment, there are many challenges and risks that businesses must face due to
shifts in risk operations are affected and resources are over or underutilized. However,
advancements in different fields like technology could offer various types of tools and
techniques that can be used by the business. It is useful for managing and controlling overall
business information with the help of Enterprise resource management. Similarly, for risk
management, ERM is a tool that can be used (Mikes, Oyon, Lausanne, & Jeitziner, 2016). It
evaluates the entire organization's risk and suggests ways to manage it. The tool can be
integrated with much other software also. However, managing risk properly allows businesses in
their growth. It provides enough time to take appropriate measures and minimize the impact of
risk. Furthermore, strategies are developed on basis of the degree of risk.
According to Arena, Arnaboldi, & Palermo, (2017) enterprise risk management is a process that
is used in an organization to reduce risk regarding investment and development, a framework
that evaluates the management system of an organization. In this way, it also identifies the
overall enterprise profitability and productivity in the global world. This type of ERM provides
the management with the data or information to easily optimize the earning in which the firm
ultimately generates more values while maintaining the risk of enterprises in a proper manner.
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Enterprise risk management system is providing an effective clearer language that can transfer
information about the capabilities and intentions of the management system.
In the global marketplace, ERM has been rapidly growing during past years within specific
regulators. As per response to the demand of people, more companies are implementing the
concept of ERM which is poorly integrated with the business practices under the same type of
label. Enterprise risk management also viewed the culmination to the risk explosion that must be
started in 1990. In this way, many companies have faced problems or risk-related financial loss.
In 2004, Moeller, (2011) it has been clearly defined the ERM provides guidance in the form of
documents that were published by the organization's committee that sponsoring services.
Sometimes, the Enterprise risk management process can be affected by the directors of entity
boards and other types of strategies implemented for changing the designed patterns, potential
events. It can manage the risk to give reasonable assurance related to the achievements of
business goals and objectives.
Risk management is important for organizations because it increases the enterprise driver and
other stakeholders that always concerned about the organizational risk. This type of risk is also
including as a driver in terms of strategic decisions. It causes due to uncertainty that occurs in the
business because the risk is mainly embedded in the operations and functions of organizations. In
most cases, companies are considered the worldwide approach in the context of risk management
and enable the approach to identify the significant impact of different types of risk in the
business process, product and services, activities, stakeholders. The approach might be
implemented in the business activities so as it will generate an effective result or outcome. It also
offered an upside risk.
In 2008, it has been increased the global financial crisis that directly demonstrates the
importance of enterprise risk management. At that time. it has been published the new standards
of risk management that may include principles and guidelines of risk management, international
standards. In this way, this guideline draws the development approach and implementation in the
ERM (Enterprise Risk Management).
information about the capabilities and intentions of the management system.
In the global marketplace, ERM has been rapidly growing during past years within specific
regulators. As per response to the demand of people, more companies are implementing the
concept of ERM which is poorly integrated with the business practices under the same type of
label. Enterprise risk management also viewed the culmination to the risk explosion that must be
started in 1990. In this way, many companies have faced problems or risk-related financial loss.
In 2004, Moeller, (2011) it has been clearly defined the ERM provides guidance in the form of
documents that were published by the organization's committee that sponsoring services.
Sometimes, the Enterprise risk management process can be affected by the directors of entity
boards and other types of strategies implemented for changing the designed patterns, potential
events. It can manage the risk to give reasonable assurance related to the achievements of
business goals and objectives.
Risk management is important for organizations because it increases the enterprise driver and
other stakeholders that always concerned about the organizational risk. This type of risk is also
including as a driver in terms of strategic decisions. It causes due to uncertainty that occurs in the
business because the risk is mainly embedded in the operations and functions of organizations. In
most cases, companies are considered the worldwide approach in the context of risk management
and enable the approach to identify the significant impact of different types of risk in the
business process, product and services, activities, stakeholders. The approach might be
implemented in the business activities so as it will generate an effective result or outcome. It also
offered an upside risk.
In 2008, it has been increased the global financial crisis that directly demonstrates the
importance of enterprise risk management. At that time. it has been published the new standards
of risk management that may include principles and guidelines of risk management, international
standards. In this way, this guideline draws the development approach and implementation in the
ERM (Enterprise Risk Management).
Apart from that for different types of companies, there is required to analyse and understand the
enterprise's risk that being taken when specifying the goals and objectives. It will require
attaining the desired level of awards and rewards. In this way, it will require an organization to
understand the overall embedded risk and its level in the business process. It is very important
for companies to recognize their own prioritize and understand the weak points.
For improving the risk management in the organization to develop a new setting that helps to
increase the efficiency and performance. Management systems have always taken the initiative
to establish their own strategy as per requirement and generate better results or outcomes.
Successful risk management will generate positive output by using quality assurance,
compliances, and enhanced decision-making. The positive results will give better options in the
context of improvement related efficiency of enterprise operations, tactics, and efficient strategy
in the organization.
Risk management initiative which can influence on the consequences of risk related
materializing, benefits of delivering regarding the strategic decision making, these are considered
as important aspects in the business growth and development. other advantages include reduce
the capital price, appropriate financial reporting, the advantage of competition level, improve the
perception level of business (Tucker, Luu, & Poulsen, 2016). The presence of the organization in
the market requires supports of the legal aspects of organizations because it helps to enhance the
political culture and environment. on the other hand, it should involve the opinion related the
enterprise risk management that how it can be implemented the strategy to achieve objectives.
According to the International organization for standardization in 2001, there is a total of 31000
standards publish regarding Enterprise risk. It can be used as a brief guideline to provide the
answer that how to implement the risk management process in the business. especially, this
documentation is recognizing the risk in both downsides as well as the upside. (Olson & Wu,
2017), the review finds that the overall enterprise's risk-taking the fundamental driving force in
the organization when the cost of risk management becomes a failure and still underestimated
both internally and externally. It also includes the price in terms of business time management
which helps for rectifying the critical situation and conditions. Corporate governance always
ensures that business risk to manage, understand and communicate in a proper manner.
enterprise's risk that being taken when specifying the goals and objectives. It will require
attaining the desired level of awards and rewards. In this way, it will require an organization to
understand the overall embedded risk and its level in the business process. It is very important
for companies to recognize their own prioritize and understand the weak points.
For improving the risk management in the organization to develop a new setting that helps to
increase the efficiency and performance. Management systems have always taken the initiative
to establish their own strategy as per requirement and generate better results or outcomes.
Successful risk management will generate positive output by using quality assurance,
compliances, and enhanced decision-making. The positive results will give better options in the
context of improvement related efficiency of enterprise operations, tactics, and efficient strategy
in the organization.
Risk management initiative which can influence on the consequences of risk related
materializing, benefits of delivering regarding the strategic decision making, these are considered
as important aspects in the business growth and development. other advantages include reduce
the capital price, appropriate financial reporting, the advantage of competition level, improve the
perception level of business (Tucker, Luu, & Poulsen, 2016). The presence of the organization in
the market requires supports of the legal aspects of organizations because it helps to enhance the
political culture and environment. on the other hand, it should involve the opinion related the
enterprise risk management that how it can be implemented the strategy to achieve objectives.
According to the International organization for standardization in 2001, there is a total of 31000
standards publish regarding Enterprise risk. It can be used as a brief guideline to provide the
answer that how to implement the risk management process in the business. especially, this
documentation is recognizing the risk in both downsides as well as the upside. (Olson & Wu,
2017), the review finds that the overall enterprise's risk-taking the fundamental driving force in
the organization when the cost of risk management becomes a failure and still underestimated
both internally and externally. It also includes the price in terms of business time management
which helps for rectifying the critical situation and conditions. Corporate governance always
ensures that business risk to manage, understand and communicate in a proper manner.
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There are various advantages of ERM that can help organizations to identify risks, the impact
those risks would have on the organization, and ways in which they can be managed. Few
advantages of ERM are: It helps in linking growth, return and risk i.e., it helps in ensuring that
all the entities get the required to return for taking calculated risks. It also helps in identifying
risks, manage them to an acceptable level so that the growth and return objectives of entities are
met. It also helps in avoiding risk, reduce the impact of the risk, accept the risk, or share it so that
risk response decisions can be improved.
There are various advantages of ERM that can help organizations to identify risks, the impact
those risks would have on the organization, and ways in which they can be managed. Few
advantages of ERM are: It helps in linking growth, return and risk i.e., it helps in ensuring that
all the entities get the required to return for taking calculated risks. It also helps in identifying
risks, manage them to an acceptable level so that the growth and return objectives of entities are
met. It also helps in avoiding risk, reduce the impact of the risk, accept the risk, or share it so that
risk response decisions can be improved.
There are two main possibilities in which ERM have disadvantage for organizations such as
ERM takes both time and cost, so organizations need to calculate whether ERM is worth time
and cost investment or not because many times it increases the overall budget and time duration
in which project is required to be completed. ERM is one of the most important parts of an
organization which plays a vital role in the company’s leadership plan. If associated risks are not
understood well then it can lead to incorrect strategies and incorrect implementation of such
strategies which might disturb the overall organizational budget, increase time duration, or
sometimes mislead others as well.
2.1 Enterprise Risk Management and Financial performance
Enterprise Risk Management is a plan which is based upon the business strategy whose main aim
is to identify, assess, and prepare for some dangers and hazards (Bromiley, McShane, Nair, &
Rustambekov, 2015). Even many companies have been managing risk through insurance for
years, ERM includes methods as well as processes that are used by organizations to manage the
those risks would have on the organization, and ways in which they can be managed. Few
advantages of ERM are: It helps in linking growth, return and risk i.e., it helps in ensuring that
all the entities get the required to return for taking calculated risks. It also helps in identifying
risks, manage them to an acceptable level so that the growth and return objectives of entities are
met. It also helps in avoiding risk, reduce the impact of the risk, accept the risk, or share it so that
risk response decisions can be improved.
There are various advantages of ERM that can help organizations to identify risks, the impact
those risks would have on the organization, and ways in which they can be managed. Few
advantages of ERM are: It helps in linking growth, return and risk i.e., it helps in ensuring that
all the entities get the required to return for taking calculated risks. It also helps in identifying
risks, manage them to an acceptable level so that the growth and return objectives of entities are
met. It also helps in avoiding risk, reduce the impact of the risk, accept the risk, or share it so that
risk response decisions can be improved.
There are two main possibilities in which ERM have disadvantage for organizations such as
ERM takes both time and cost, so organizations need to calculate whether ERM is worth time
and cost investment or not because many times it increases the overall budget and time duration
in which project is required to be completed. ERM is one of the most important parts of an
organization which plays a vital role in the company’s leadership plan. If associated risks are not
understood well then it can lead to incorrect strategies and incorrect implementation of such
strategies which might disturb the overall organizational budget, increase time duration, or
sometimes mislead others as well.
2.1 Enterprise Risk Management and Financial performance
Enterprise Risk Management is a plan which is based upon the business strategy whose main aim
is to identify, assess, and prepare for some dangers and hazards (Bromiley, McShane, Nair, &
Rustambekov, 2015). Even many companies have been managing risk through insurance for
years, ERM includes methods as well as processes that are used by organizations to manage the
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risk and get hold of different opportunities which are related to attaining the set objectives. So,
ERM is the framework mainly used to minimize risk and it clearly defines the relationship
between the financial performance such that when the chances of risk are minimized then it
affects the financial performance in a better way. As per (Brustbauer, 2016), In this modern era,
each business faces a much and more diverse collection of hindrances and at that time, if the firm
has effective ERM strategies then it will help to overcome such situation. This crucial risk
includes reputation, day-to-day operational procedures, some legal and human resource
management, financial related issues, etc.
On the other side, (Brustbauer, 2016) stated that ERM considers as a traditional approach in
which the company should focus not only on the downside of risk but the upside as well.
Moreover, risk management is an essential element of strategic management and it should be
integrated with all ongoing activities of a business. The author also states that the ERM concept
mainly includes the risk philosophy, risk culture, and risk appetite. Therefore, this states that
these are the expression of the attitude to risk in the firm and the amount of risk that a firm is
willing to take. On the contrary, (Olson & Wu, 2017) state that there is an interrelationship
between ERM and financial performance such that it creates or generates the awareness about
the risks faced by the firm and even the ability to respond to those risks in an effective manner to
increase the financial performance of the company. If the organization has ERM then it
automatically enhances the confidence to achieve the strategic objectives of the firm and
therefore, it increases the efficiency of entire operations within the working area to meet the
defined aim in the specific time.
There are different components of ERM that can be established in the working area such that the
Internal Environment. As per the view of (Grace, Leverty, Phillips, & Shimpi, 2015) when the
resources are put to work, work culture creates a huge factor that directly influences team risk
aptitude as well as their moral code of conduct. Therefore, a healthy work culture mainly links
with the aptitude of seniors, and further, it is also analysed that if the senior management is well
qualified then they provide an effective training session to their juniors and as a result, it
decreases the chances of risk within the working area. As a result, it is clearly realized that the
company's internal environment largely influenced the quality of strategy that is used to
ERM is the framework mainly used to minimize risk and it clearly defines the relationship
between the financial performance such that when the chances of risk are minimized then it
affects the financial performance in a better way. As per (Brustbauer, 2016), In this modern era,
each business faces a much and more diverse collection of hindrances and at that time, if the firm
has effective ERM strategies then it will help to overcome such situation. This crucial risk
includes reputation, day-to-day operational procedures, some legal and human resource
management, financial related issues, etc.
On the other side, (Brustbauer, 2016) stated that ERM considers as a traditional approach in
which the company should focus not only on the downside of risk but the upside as well.
Moreover, risk management is an essential element of strategic management and it should be
integrated with all ongoing activities of a business. The author also states that the ERM concept
mainly includes the risk philosophy, risk culture, and risk appetite. Therefore, this states that
these are the expression of the attitude to risk in the firm and the amount of risk that a firm is
willing to take. On the contrary, (Olson & Wu, 2017) state that there is an interrelationship
between ERM and financial performance such that it creates or generates the awareness about
the risks faced by the firm and even the ability to respond to those risks in an effective manner to
increase the financial performance of the company. If the organization has ERM then it
automatically enhances the confidence to achieve the strategic objectives of the firm and
therefore, it increases the efficiency of entire operations within the working area to meet the
defined aim in the specific time.
There are different components of ERM that can be established in the working area such that the
Internal Environment. As per the view of (Grace, Leverty, Phillips, & Shimpi, 2015) when the
resources are put to work, work culture creates a huge factor that directly influences team risk
aptitude as well as their moral code of conduct. Therefore, a healthy work culture mainly links
with the aptitude of seniors, and further, it is also analysed that if the senior management is well
qualified then they provide an effective training session to their juniors and as a result, it
decreases the chances of risk within the working area. As a result, it is clearly realized that the
company's internal environment largely influenced the quality of strategy that is used to
minimize the risk. On the other hand, (Sweeting, 2017) argued that besides monetary and
resource investment, if the firm identified any risk, then it is the duty of risk managers that they
should immediately respond to risk and develop strategies to overcome this. Therefore, it shows
the interrelationship between ERM and Financial performance such that by complying with
ERM, the overall performance of the firm is increase. Side by side, the leader should also make
effective communication and share entire information related to risk. For that, the staff must be
trained properly to recognize the potential risk, and then they should communicate the same to
their leaders as well.
In addition to this, Enterprise Risk Management should also include effective monitoring and for
that (Oliva, 2016) state that the management system should be properly monitored and modified
whenever it is necessary. Generally, the risk arises at the time of maintaining the annual report
and that is why it Is essential for the company to keep evaluating and auditing and make separate
risk management wings as well because it shows the interrelationship between ERM and
financial performance. Moreover, the professionals of the company also work with Enterprise
Risk Management which focuses on how they assess the risk that is relevant to their companies.
So, using effective Enterprise Risk Management the company also avoids some unexpected and
costly plant that might result in the shutdown of the firm. So, it is analysed that using the best
Enterprise Risk Management strategies, the companies may avoid some unwanted risk and
sustain the brand image as well.
It is also analysed by (Florio & Leoni, 2017) that using Enterprise Risk Management, the
company makes better decisions, and this data also includes the status of a risk factor also help to
change the risk culture of a firm. Therefore, ERM also looks at the risk and considers or
determines the ways how to treat and exploit risk. Not only this, but the ERM also increases
competitive position and then helps to stay competitive in the market as well and as a result, it
shows the interrelationship between financial performance and ERM. It is so because Enterprise
Risk Management helps to identify risk early and track future potential risk as well by providing
a warning to the firm. The author also states that using Enterprise Risk Management helps to
increase the financial performance of the company and as a result, it provides different growth
options too. Moreover, using ERM in the working area, the company also minimizes the
resource investment, if the firm identified any risk, then it is the duty of risk managers that they
should immediately respond to risk and develop strategies to overcome this. Therefore, it shows
the interrelationship between ERM and Financial performance such that by complying with
ERM, the overall performance of the firm is increase. Side by side, the leader should also make
effective communication and share entire information related to risk. For that, the staff must be
trained properly to recognize the potential risk, and then they should communicate the same to
their leaders as well.
In addition to this, Enterprise Risk Management should also include effective monitoring and for
that (Oliva, 2016) state that the management system should be properly monitored and modified
whenever it is necessary. Generally, the risk arises at the time of maintaining the annual report
and that is why it Is essential for the company to keep evaluating and auditing and make separate
risk management wings as well because it shows the interrelationship between ERM and
financial performance. Moreover, the professionals of the company also work with Enterprise
Risk Management which focuses on how they assess the risk that is relevant to their companies.
So, using effective Enterprise Risk Management the company also avoids some unexpected and
costly plant that might result in the shutdown of the firm. So, it is analysed that using the best
Enterprise Risk Management strategies, the companies may avoid some unwanted risk and
sustain the brand image as well.
It is also analysed by (Florio & Leoni, 2017) that using Enterprise Risk Management, the
company makes better decisions, and this data also includes the status of a risk factor also help to
change the risk culture of a firm. Therefore, ERM also looks at the risk and considers or
determines the ways how to treat and exploit risk. Not only this, but the ERM also increases
competitive position and then helps to stay competitive in the market as well and as a result, it
shows the interrelationship between financial performance and ERM. It is so because Enterprise
Risk Management helps to identify risk early and track future potential risk as well by providing
a warning to the firm. The author also states that using Enterprise Risk Management helps to
increase the financial performance of the company and as a result, it provides different growth
options too. Moreover, using ERM in the working area, the company also minimizes the
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operational issues, and this directly creates a positive impact upon the business production level
so that company is ready to meet the defined objectives in a specific time.
Saeidi, (2019) stated that while running a business, the manager or the leaders faces multiple
risks, and this can only be minimized by using Enterprise Risk Management strategies in which
the system helps to describe the events which cause risk and even it also identifies various events
which further provides opportunities as well. Such that when the event is identified then the
assessment should also be emphasized because the framework places a lot of importance on
assessing the risk. Thus, it also includes the risk assessment as a component in which risk
collectively measures and further individually evaluated how they influenced each other. (Berry-
Stolzle & Xu, 2016) argued that Enterprise Risk Management not only determines the risk, but it
identifies different opportunities and facilitated improved decision making, planning, and
structured the understanding of opportunities as well as the threat of an enterprise.
Besides this, Enterprise Risk Management is considered as a cost centre and if the firm measures
the total cost of risk before it implements ERM then the company must identify the significant
risk at the time of executing the company's strategy. For instance, there is a situation, in which
the CRO using the Enterprise Risk Management process identifies the supply chain risk in a food
company that is not disclosed (Enterprise Risk Management, 2017). At that time, there is a risk
flown under the radar of the due- diligence team and as a result, the flooding creates uncertainty
about the quality as well as quantity of raw material. Hence, this situation damages the reputation
of the company, and at that time, using Enterprise Risk Management the company may come up
with this situation.
Thus, on the other side, (Lundqvist & Vilhelmsson, 2018) stated that there are some companies
who may not feel the need to measure the value of ERM and it is so because it makes good
business sense. But in today's modern era, every company uses advanced tools and analytically
oriented environments that further measure the value that helps to take a business towards
success. Overall, using Enterprise Risk Management in the working area will help to maintain
the financial performance of the company and the company hardly publish any comprehensive
information related to their existing risk management, but they use the ERM system to overcome
so that company is ready to meet the defined objectives in a specific time.
Saeidi, (2019) stated that while running a business, the manager or the leaders faces multiple
risks, and this can only be minimized by using Enterprise Risk Management strategies in which
the system helps to describe the events which cause risk and even it also identifies various events
which further provides opportunities as well. Such that when the event is identified then the
assessment should also be emphasized because the framework places a lot of importance on
assessing the risk. Thus, it also includes the risk assessment as a component in which risk
collectively measures and further individually evaluated how they influenced each other. (Berry-
Stolzle & Xu, 2016) argued that Enterprise Risk Management not only determines the risk, but it
identifies different opportunities and facilitated improved decision making, planning, and
structured the understanding of opportunities as well as the threat of an enterprise.
Besides this, Enterprise Risk Management is considered as a cost centre and if the firm measures
the total cost of risk before it implements ERM then the company must identify the significant
risk at the time of executing the company's strategy. For instance, there is a situation, in which
the CRO using the Enterprise Risk Management process identifies the supply chain risk in a food
company that is not disclosed (Enterprise Risk Management, 2017). At that time, there is a risk
flown under the radar of the due- diligence team and as a result, the flooding creates uncertainty
about the quality as well as quantity of raw material. Hence, this situation damages the reputation
of the company, and at that time, using Enterprise Risk Management the company may come up
with this situation.
Thus, on the other side, (Lundqvist & Vilhelmsson, 2018) stated that there are some companies
who may not feel the need to measure the value of ERM and it is so because it makes good
business sense. But in today's modern era, every company uses advanced tools and analytically
oriented environments that further measure the value that helps to take a business towards
success. Overall, using Enterprise Risk Management in the working area will help to maintain
the financial performance of the company and the company hardly publish any comprehensive
information related to their existing risk management, but they use the ERM system to overcome
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different challenges. The study also observed that the financial performance of ERM, its impact
is also measured by excess stock market returns, company's cost and revenue efficiency that
includes ROA and as well as cash flow volatility too.
According to Laisasikorn, (2014) said that It is a wide concept on the risk management decision
for the organization so that it states that the complete markets require the relevant financial
decision and they do not impact the moral values of stakeholders in the organization. It is the
better way to increase the wealth of stakeholders and always assets the organization to increase
profitability in the global marketplace. There are some important concepts identified the
providing the inspiration for businesses to take care through risk-related management, agency
cost, taxes, and many more.
As per (Florio & Leoni, 2017) it has been stated that there are multiples assumptions exist, but it
does not influence the financial decision of the organization. the important decision is simply
distributing the income to indifferent investors. They also act in the global market to accept all
conditions and terms in a proper manner.
According to (Gatzert & Martin, 2015) Enterprise risk management is considered the important
part of the financial policy which identifies the implications through findings or ERM strategy
implement in the organization. Sometimes, the position of investors' wealth always unaffected by
applying the risk management operations on the different parts of the business. As per
Modigliani and Miller's theories, it can be determined that risk management is purely related to
the financial transaction which has a significance in the corporate world to identify the risk. This
theory is derived the positive business risk management by implementing appropriate
assumptions (Ahmeti & Prenaj, 2015).
(Shatnawi, Hanefah, & Eldaia, 2019) performance of an organization can be identified by using
financial measurement because it will generate the overall estimation in the specified numbers.
The financial measure is considered in the form of enterprise efficiency and performance that
still essential for measurement entity, usually in the current economic culture or environment.
Many enterprises are targeting the rate of profit, solvency, and liquidity as measures of the
is also measured by excess stock market returns, company's cost and revenue efficiency that
includes ROA and as well as cash flow volatility too.
According to Laisasikorn, (2014) said that It is a wide concept on the risk management decision
for the organization so that it states that the complete markets require the relevant financial
decision and they do not impact the moral values of stakeholders in the organization. It is the
better way to increase the wealth of stakeholders and always assets the organization to increase
profitability in the global marketplace. There are some important concepts identified the
providing the inspiration for businesses to take care through risk-related management, agency
cost, taxes, and many more.
As per (Florio & Leoni, 2017) it has been stated that there are multiples assumptions exist, but it
does not influence the financial decision of the organization. the important decision is simply
distributing the income to indifferent investors. They also act in the global market to accept all
conditions and terms in a proper manner.
According to (Gatzert & Martin, 2015) Enterprise risk management is considered the important
part of the financial policy which identifies the implications through findings or ERM strategy
implement in the organization. Sometimes, the position of investors' wealth always unaffected by
applying the risk management operations on the different parts of the business. As per
Modigliani and Miller's theories, it can be determined that risk management is purely related to
the financial transaction which has a significance in the corporate world to identify the risk. This
theory is derived the positive business risk management by implementing appropriate
assumptions (Ahmeti & Prenaj, 2015).
(Shatnawi, Hanefah, & Eldaia, 2019) performance of an organization can be identified by using
financial measurement because it will generate the overall estimation in the specified numbers.
The financial measure is considered in the form of enterprise efficiency and performance that
still essential for measurement entity, usually in the current economic culture or environment.
Many enterprises are targeting the rate of profit, solvency, and liquidity as measures of the
financial wealth of the organization. Performance can be measured for identifying the profit rate
of the organization from the different factors such as capital, labour, and management. It is
mainly focused on the relational between the profit level expenses and revenue of the business.
(Oliva, 2016) argues that stakeholder’s interests as the main components of business policy
which are particularly based on consumer trust, high technology services in the organization. it
also able to continue offering the services in the future development and give a contribution to
the value of the company. In the context of financial condition, it is being highly sensitive to the
expected price/ cost. However, enterprises' risk management practices must be increased to
minimize the price therefore it will increase the value of the business in the global marketplace.
(Kopia, Just, Geldmacher, & Bubian, 2017) it can be predicting the overall risk by management
practices, which determined by the accepted practices that implement within the market.
Furthermore, it is essential to link the security aspects in the purchase’s assets, which implies the
risk management that can be important in the contracts which improve the business performance
and efficiency.
2.2 Enterprise risk management and self-organisation
As per the view of (Savini, 2017), One of the most important factors on which every
organization needs to focus is to identify and manage risk. A running business comes across
many kinds of risks, some of them might be hazardous and some might not be hazardous and if
these risks are not taken care of then they can cause some serious damage to the organization.
Identification, preparation, and management of risk are most of the time costly as well as time-
consuming. There are various kinds of risk management techniques used by organizations for
risk management that help them to prepare for the risk regardless of the size of the business. Risk
management helps in the identification, evaluation, analysis, and prioritization of risk so that its
impact on the organization and its resources can be reduced. (Savini, 2017) further explains that
most organizations use enterprise risk management technique in which risk is defined as a
possible circumstance or event which is likely to occur and have a negative impact on the
enterprise and can influence their overall working. The impact of the risk can be on everything
such as on the existence of the organization, their resources, products, capitals, services,
customers, market, or environment in which they operate, and many more. Enterprise risk
of the organization from the different factors such as capital, labour, and management. It is
mainly focused on the relational between the profit level expenses and revenue of the business.
(Oliva, 2016) argues that stakeholder’s interests as the main components of business policy
which are particularly based on consumer trust, high technology services in the organization. it
also able to continue offering the services in the future development and give a contribution to
the value of the company. In the context of financial condition, it is being highly sensitive to the
expected price/ cost. However, enterprises' risk management practices must be increased to
minimize the price therefore it will increase the value of the business in the global marketplace.
(Kopia, Just, Geldmacher, & Bubian, 2017) it can be predicting the overall risk by management
practices, which determined by the accepted practices that implement within the market.
Furthermore, it is essential to link the security aspects in the purchase’s assets, which implies the
risk management that can be important in the contracts which improve the business performance
and efficiency.
2.2 Enterprise risk management and self-organisation
As per the view of (Savini, 2017), One of the most important factors on which every
organization needs to focus is to identify and manage risk. A running business comes across
many kinds of risks, some of them might be hazardous and some might not be hazardous and if
these risks are not taken care of then they can cause some serious damage to the organization.
Identification, preparation, and management of risk are most of the time costly as well as time-
consuming. There are various kinds of risk management techniques used by organizations for
risk management that help them to prepare for the risk regardless of the size of the business. Risk
management helps in the identification, evaluation, analysis, and prioritization of risk so that its
impact on the organization and its resources can be reduced. (Savini, 2017) further explains that
most organizations use enterprise risk management technique in which risk is defined as a
possible circumstance or event which is likely to occur and have a negative impact on the
enterprise and can influence their overall working. The impact of the risk can be on everything
such as on the existence of the organization, their resources, products, capitals, services,
customers, market, or environment in which they operate, and many more. Enterprise risk
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management is a technique that helps in evaluating risk level, risk management, the impact of
risk on the organization. Each organization has a pre-formulated plan for every kind of risk
which helps the enterprises to deal with their possible consequences.
According to the view of (Presemann, 2015) For risk management or getting prepared for the
risk it is important too, first of all, identify the type of risk enterprise needs to deal with i.e. if the
risk becomes a reality it is the first and the foremost step to identify the type of risk an
organization is dealing with so that its impact on business can be reduced, both time and cost can
be saved other than this negative impact on the customers can also be reduced. Business risks
can be identified using various kinds of methods, but each identified method relies on a specific
analysis of business activity so that all the challenges in dealing with the risk can be identified.
Each of the identified risks can be managed either by accepting it, transferring it, reducing it or
by eliminating it. (Presemann, 2015) further elaborates that, there are various kinds of risks that
can be identified by the businesses to be taken care of such as physical risks like building risks,
location risks, human risks, technology risks, strategic risks, etc. Each of these risks is further of
various other types and the impact of each risk on business is completely different i.e., the
impact of these identified risks can be both severe and with the least risk. After identification of
risk, risk assessment comes into the picture i.e., all the identified types of risks are prioritized
according to their probability of occurrence. For example, it has a very little chance of
occurrence, has some changes of occurring, has a small chance of occurring, or has high chances
of occurrence. All the risks are managed according to their chances or likelihood of occurrence
so that all kinds of damages can be taken care of and further damages can be reduced with a
reduction of both time and cost.
In addition to this (Jaderi, Ibrahim, Nikoo, & Nikoo, 2019) elaborates that, after the assessment
of risk is done, its insurance is done management of risk is focused on. There are many kinds of
risks that can be insured due to which its impact and likelihood on the business can be decreased.
Many kinds of risks are automatically managed if proper insurance is done but some of the risks
are of extremely high priority and cannot be insured so it becomes extremely important for
organizations to manage those risks with proper planning and organization of data. After this
again analysis is done where all the risks that cannot be managed are categorized into
risk on the organization. Each organization has a pre-formulated plan for every kind of risk
which helps the enterprises to deal with their possible consequences.
According to the view of (Presemann, 2015) For risk management or getting prepared for the
risk it is important too, first of all, identify the type of risk enterprise needs to deal with i.e. if the
risk becomes a reality it is the first and the foremost step to identify the type of risk an
organization is dealing with so that its impact on business can be reduced, both time and cost can
be saved other than this negative impact on the customers can also be reduced. Business risks
can be identified using various kinds of methods, but each identified method relies on a specific
analysis of business activity so that all the challenges in dealing with the risk can be identified.
Each of the identified risks can be managed either by accepting it, transferring it, reducing it or
by eliminating it. (Presemann, 2015) further elaborates that, there are various kinds of risks that
can be identified by the businesses to be taken care of such as physical risks like building risks,
location risks, human risks, technology risks, strategic risks, etc. Each of these risks is further of
various other types and the impact of each risk on business is completely different i.e., the
impact of these identified risks can be both severe and with the least risk. After identification of
risk, risk assessment comes into the picture i.e., all the identified types of risks are prioritized
according to their probability of occurrence. For example, it has a very little chance of
occurrence, has some changes of occurring, has a small chance of occurring, or has high chances
of occurrence. All the risks are managed according to their chances or likelihood of occurrence
so that all kinds of damages can be taken care of and further damages can be reduced with a
reduction of both time and cost.
In addition to this (Jaderi, Ibrahim, Nikoo, & Nikoo, 2019) elaborates that, after the assessment
of risk is done, its insurance is done management of risk is focused on. There are many kinds of
risks that can be insured due to which its impact and likelihood on the business can be decreased.
Many kinds of risks are automatically managed if proper insurance is done but some of the risks
are of extremely high priority and cannot be insured so it becomes extremely important for
organizations to manage those risks with proper planning and organization of data. After this
again analysis is done where all the risks that cannot be managed are categorized into
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management and risk prevention strategy. Risk prevention is one of the most important parts to
be focused on in risk management techniques. Risk prevention helps in reducing the impact of
the risk on the organizations so that if further management is required then it can be taken care
of.
According to (Savini, 2017) Risk at any level of an organization can affect their current
operations, projects, functions, activities, or projects. Without clear objectives and purposes, it is
impossible to identify events due to which risk can occur, and if those events are not identified
then risk management strategies cannot be developed. So, it can be said that Risk identification
needs a clear understanding of objectives and strategies as well as modification required at every
level of the organization. So before identifying risk or understanding techniques used for
identifying risk, there are various factors that should be noted such as mostly combination of
techniques should be used for identification of risk because there are many types of risks that
require a particular method to be chosen for identification, each used technique should involve
discussions so that individual advice and concerns can also be identified. (Savini, 2017) further
explains that there are various techniques that can be used for risk identification such as
brainstorming, interviews, self-assessments, SWOT analysis, risk questionnaires, scenarios
analysis, using various technologies, risk surveys, workshops, and many more. After
identification of risk using enterprise risk management risk portfolio is made where risks are
categorized into four groups that are financial risks, strategic risks, hazardous risks, and
operational risks.
As per the view of (Jaderi, Ibrahim, Nikoo, & Nikoo, 2019) Enterprise risk management is
directly/indirectly linked to self-organization where the spontaneous arrangement of risks is done
in a purposeful manner under proper conditions without external help i.e., the risk is identified
and managed within the organization itself without outsiders helps. ERM helps in self-organizing
the risk where it is not avoided but is faced so that greater financial stability can be achieved, and
further economic or non-economic losses can be avoided. ERM is one of the most appropriate
technologies that is mostly used by organizations to face any kind of risk that is within the
boundaries of the organization. There are two main key concepts of ERM that help in self-
organization that are: to manage risk within the boundaries of the organization and to report risk
be focused on in risk management techniques. Risk prevention helps in reducing the impact of
the risk on the organizations so that if further management is required then it can be taken care
of.
According to (Savini, 2017) Risk at any level of an organization can affect their current
operations, projects, functions, activities, or projects. Without clear objectives and purposes, it is
impossible to identify events due to which risk can occur, and if those events are not identified
then risk management strategies cannot be developed. So, it can be said that Risk identification
needs a clear understanding of objectives and strategies as well as modification required at every
level of the organization. So before identifying risk or understanding techniques used for
identifying risk, there are various factors that should be noted such as mostly combination of
techniques should be used for identification of risk because there are many types of risks that
require a particular method to be chosen for identification, each used technique should involve
discussions so that individual advice and concerns can also be identified. (Savini, 2017) further
explains that there are various techniques that can be used for risk identification such as
brainstorming, interviews, self-assessments, SWOT analysis, risk questionnaires, scenarios
analysis, using various technologies, risk surveys, workshops, and many more. After
identification of risk using enterprise risk management risk portfolio is made where risks are
categorized into four groups that are financial risks, strategic risks, hazardous risks, and
operational risks.
As per the view of (Jaderi, Ibrahim, Nikoo, & Nikoo, 2019) Enterprise risk management is
directly/indirectly linked to self-organization where the spontaneous arrangement of risks is done
in a purposeful manner under proper conditions without external help i.e., the risk is identified
and managed within the organization itself without outsiders helps. ERM helps in self-organizing
the risk where it is not avoided but is faced so that greater financial stability can be achieved, and
further economic or non-economic losses can be avoided. ERM is one of the most appropriate
technologies that is mostly used by organizations to face any kind of risk that is within the
boundaries of the organization. There are two main key concepts of ERM that help in self-
organization that are: to manage risk within the boundaries of the organization and to report risk
upwards within the organization to an appropriate level so that it can be attended properly, and
proper required actions can be taken. The process used in ERM is not particularly different from
other types of risk management applications but has a wide process that helps in taking care of
risks at the level of the organization. Successful risk management will generate positive output
by using quality assurance, compliances, and enhanced decision-making. The positive results
will give better options in the context of improvement related efficiency of enterprise operations,
tactics, and efficient strategy in the organization.
As the view of (Tucker, Luu, & Poulsen, 2016) demonstrates that ERM follows various kinds of
risk standards such as ISO standards, OGC risk management guidelines, etc. these standards are
used in risk processes that are implemented at different levels of the organizations. It also helps
in building a clear understanding of what is required to be implemented at each level within the
organization so that it can be managed manner. Each risk management process within the ERM
technique has a particular way in which risk management is processed within an enterprise.
Basic steps involved in risk management are risk process initiation, risk identification, qualitative
risk assessment, quantitative risk assessment, risk response planning, risk response identification,
risk review, risk reporting, and lessons learned for risk review.
Managing risks across boundaries.
As cited by (Dobson, et al., 2019) There are various other processes that help in managing risks
across boundaries as well where self-organization techniques are not used. Whenever there is a
need to manage risk across boundaries multileveled approach to risk management does not work
as it not effective across the organization. It requires risks to be communicated between various
levels so that it can be ensured that risk is addressed in a proper manner and appropriate methods
are being used for its management. There are three major sources through which risks can occur
i.e., at the lower intermediate and tactical level, higher intermediate levels, and higher strategic
level. Based on these sources level at which risk is going to be managed is decided such as risks
from the above level are managed at just below level, risks from the same level are managed at
the same level and risks from below are addressed and managed at higher or just upper level. It is
extremely important for the organization to focus on the source or way of communication
through which risk will be transferred to another level to be managed. It also helps the
proper required actions can be taken. The process used in ERM is not particularly different from
other types of risk management applications but has a wide process that helps in taking care of
risks at the level of the organization. Successful risk management will generate positive output
by using quality assurance, compliances, and enhanced decision-making. The positive results
will give better options in the context of improvement related efficiency of enterprise operations,
tactics, and efficient strategy in the organization.
As the view of (Tucker, Luu, & Poulsen, 2016) demonstrates that ERM follows various kinds of
risk standards such as ISO standards, OGC risk management guidelines, etc. these standards are
used in risk processes that are implemented at different levels of the organizations. It also helps
in building a clear understanding of what is required to be implemented at each level within the
organization so that it can be managed manner. Each risk management process within the ERM
technique has a particular way in which risk management is processed within an enterprise.
Basic steps involved in risk management are risk process initiation, risk identification, qualitative
risk assessment, quantitative risk assessment, risk response planning, risk response identification,
risk review, risk reporting, and lessons learned for risk review.
Managing risks across boundaries.
As cited by (Dobson, et al., 2019) There are various other processes that help in managing risks
across boundaries as well where self-organization techniques are not used. Whenever there is a
need to manage risk across boundaries multileveled approach to risk management does not work
as it not effective across the organization. It requires risks to be communicated between various
levels so that it can be ensured that risk is addressed in a proper manner and appropriate methods
are being used for its management. There are three major sources through which risks can occur
i.e., at the lower intermediate and tactical level, higher intermediate levels, and higher strategic
level. Based on these sources level at which risk is going to be managed is decided such as risks
from the above level are managed at just below level, risks from the same level are managed at
the same level and risks from below are addressed and managed at higher or just upper level. It is
extremely important for the organization to focus on the source or way of communication
through which risk will be transferred to another level to be managed. It also helps the
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organization to understand the manner and level up to which impact, threats, and opportunities
associated with the risks are communicated, identified, and managed. This helps the organization
to translate risks in terms of qualitative and quantitative measurable terms based on risk
characteristics. It is important for organizations to focus because the impact of risk also depends
upon the type of business and the market in which they operate which affects the outcome or
impact of risk based on the nature of the risk.
2.3 Enterprises risk management and networking
According to the view of (Agarwal & Virine , 2017) networking between company’s managers
and internal-external stakeholders. Most of the organizations depend upon their network for most
of the work, as many organizations work depend upon their business network so that they can
work on their products and services through their business network. Enterprise risk management
is an important technique that is used by many organizations especially by those who are
completely dependent upon their business network. Other than ERM, organizations have two
other most important processes whose main function is to control uncertainty. The first is the
information technology and risk management and the second is operational planning. These two
processes are dependent upon the correct functioning of the organization’s network.
Implementation of IT risk management requires a specific person or group of people who are
trained in the security management area specifically and can understand all the technologies used
within an organization. Other than it is also preferred that the person should also have prior
knowledge of working in a large communication company or a company with a large network.
According to (Cohen , Krishnamoorthy & Wright, 2017) information technology risk
management requires companies to track, monitor, and manage all kinds of security risks
associated with their business network. Each organization that connects to the internet need to
consider all kinds of risks associated with their business. As it has already been discussed that
each business has some unexpected risk of harmful events that can cause some damage to the
company as well as to their network. IT risk management allows businesses to prepare
themselves as their network to get prepared for unexpected risks so that the extra cost of
managing and minimizing risk can be reduced.
associated with the risks are communicated, identified, and managed. This helps the organization
to translate risks in terms of qualitative and quantitative measurable terms based on risk
characteristics. It is important for organizations to focus because the impact of risk also depends
upon the type of business and the market in which they operate which affects the outcome or
impact of risk based on the nature of the risk.
2.3 Enterprises risk management and networking
According to the view of (Agarwal & Virine , 2017) networking between company’s managers
and internal-external stakeholders. Most of the organizations depend upon their network for most
of the work, as many organizations work depend upon their business network so that they can
work on their products and services through their business network. Enterprise risk management
is an important technique that is used by many organizations especially by those who are
completely dependent upon their business network. Other than ERM, organizations have two
other most important processes whose main function is to control uncertainty. The first is the
information technology and risk management and the second is operational planning. These two
processes are dependent upon the correct functioning of the organization’s network.
Implementation of IT risk management requires a specific person or group of people who are
trained in the security management area specifically and can understand all the technologies used
within an organization. Other than it is also preferred that the person should also have prior
knowledge of working in a large communication company or a company with a large network.
According to (Cohen , Krishnamoorthy & Wright, 2017) information technology risk
management requires companies to track, monitor, and manage all kinds of security risks
associated with their business network. Each organization that connects to the internet need to
consider all kinds of risks associated with their business. As it has already been discussed that
each business has some unexpected risk of harmful events that can cause some damage to the
company as well as to their network. IT risk management allows businesses to prepare
themselves as their network to get prepared for unexpected risks so that the extra cost of
managing and minimizing risk can be reduced.
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Risk management plan implementation helps in reducing potential risks associated with an
organization’s network. furthers explains that many times to expand one’s own business many
organizations focus on expanding their network with other organizations which increases the risk
associated with their network. Both internal and external business processes are required to be
focused on so that risk associated with the business network and their impact can be identified
and taken care of such that it does not impact the overall business of the organization. There are
various kinds of benefits that are associated with risk management, such as it helps in creating a
secure and safe working environment for the organizations, their employees, and customer’s
increases business operation stability decreases legal liabilities, provide protection from events
that are important to both business environment and the company, helps in protecting all the
people or stakeholders associated with the business and the potential harm it can cause to the
business, helps in establishing organization’s insurance in order to secure unnecessary
expenditures.
Risk Resilience
As elaborated by (Sekerci & Pagach, 2019) risk resilience is a kind of risk management approach
that focuses on the way organizations or business communities deal with surprises, changes, and
disturbances and the way businesses think about the sustainable future of their organization in
the environment of growing uncertainties and risk. In other words, risk resilience can be defined
as a practical set of tools and approaches that can be used by organizations to understand the way
in which uncertainties and risks can be dealt with. Risk resilience is an integrated concept that
allows multiple risks, stress, shocks as well as their impacts on the ecosystem, organization, and
all the vulnerable people involved in the context of development programming. There are two
most important stages that are needed to be considered to become more risk resilient, such as
First is to identify emerging risks in which all businesses are required to have deep knowledge
and understanding of all kinds of major risks to which they are vulnerable. The second is to
manage risks more efficiently where businesses need to evaluate the effectiveness of all current
risk management strategies, they use so that they can ensure robustness, the relativity of all the
changing needs of regulators of their organization.
organization’s network. furthers explains that many times to expand one’s own business many
organizations focus on expanding their network with other organizations which increases the risk
associated with their network. Both internal and external business processes are required to be
focused on so that risk associated with the business network and their impact can be identified
and taken care of such that it does not impact the overall business of the organization. There are
various kinds of benefits that are associated with risk management, such as it helps in creating a
secure and safe working environment for the organizations, their employees, and customer’s
increases business operation stability decreases legal liabilities, provide protection from events
that are important to both business environment and the company, helps in protecting all the
people or stakeholders associated with the business and the potential harm it can cause to the
business, helps in establishing organization’s insurance in order to secure unnecessary
expenditures.
Risk Resilience
As elaborated by (Sekerci & Pagach, 2019) risk resilience is a kind of risk management approach
that focuses on the way organizations or business communities deal with surprises, changes, and
disturbances and the way businesses think about the sustainable future of their organization in
the environment of growing uncertainties and risk. In other words, risk resilience can be defined
as a practical set of tools and approaches that can be used by organizations to understand the way
in which uncertainties and risks can be dealt with. Risk resilience is an integrated concept that
allows multiple risks, stress, shocks as well as their impacts on the ecosystem, organization, and
all the vulnerable people involved in the context of development programming. There are two
most important stages that are needed to be considered to become more risk resilient, such as
First is to identify emerging risks in which all businesses are required to have deep knowledge
and understanding of all kinds of major risks to which they are vulnerable. The second is to
manage risks more efficiently where businesses need to evaluate the effectiveness of all current
risk management strategies, they use so that they can ensure robustness, the relativity of all the
changing needs of regulators of their organization.
In addition to this (Mikes, Oyon, Lausanne, & Jeitziner, 2016) elaborates that risk management
and resilience are important for every business today as it helps in protecting and avoiding future
cost related to business. Once an enterprise is clear about the risk that is required to be faced by
them, then based on those risks’ organizations can develop a risk management strategy so that
those risks can be managed effectively and efficiently. It is also said that risk management
approaches should be included across all business operations and work ethics. This can help
organizations to manage their financial concerns in an appropriate manner. An organization that
faces risks quite frequently can articulate risk apatite and then define its risk strategies
accordingly. This can also help the organizations in better decision-making, greater agility, and a
sharp competitive edge. This further helps an organization with familiarity, similarity, discussion
issues that are needed to be discussed for the management of risk.
Risk management in decision making.
As per the view of (Viscelli, Beasley, & Hermanson, 2016) risk management plays a vital role in
decision making as it helps the organization to select the best alternative, rank alternatives for a
specific risk management goal. For this, all the risks are identified and prioritized according to
their impact on the organization. After prioritizing risks only significant and important risks are
taken further to be managed. It also helps in protecting and enhancing stakeholder value by
managing unnecessary risks that can impact an organization’s achievement of business
objectives. Risk management in decision-making involves conflicting factors and alternatives, as
it involves a lot of intangibles that can affect decision making. Many times, risk managers need
to make decisions that have high risks associated with them based on unlimited information, but
they are provided with limited information and time to make decisions and organize data. Many
times, uncertainty and instability in the business environment also affect risk management and
decision-making associated with it. Whenever risk managers need to take and decision
associated with the business network then, the risk associated with the business increases as
instability and uncertainty associated with the network is high. So, it can be said that the
complexity of risk management associated with decision-making related to business networks is
high. There are multiple criteria based on which such decisions are taken so that risk associated
with the network can be reduced. Many times, changes in an organization’s policies are also
made so that complexity associated with the network can be reduced which would eventually
and resilience are important for every business today as it helps in protecting and avoiding future
cost related to business. Once an enterprise is clear about the risk that is required to be faced by
them, then based on those risks’ organizations can develop a risk management strategy so that
those risks can be managed effectively and efficiently. It is also said that risk management
approaches should be included across all business operations and work ethics. This can help
organizations to manage their financial concerns in an appropriate manner. An organization that
faces risks quite frequently can articulate risk apatite and then define its risk strategies
accordingly. This can also help the organizations in better decision-making, greater agility, and a
sharp competitive edge. This further helps an organization with familiarity, similarity, discussion
issues that are needed to be discussed for the management of risk.
Risk management in decision making.
As per the view of (Viscelli, Beasley, & Hermanson, 2016) risk management plays a vital role in
decision making as it helps the organization to select the best alternative, rank alternatives for a
specific risk management goal. For this, all the risks are identified and prioritized according to
their impact on the organization. After prioritizing risks only significant and important risks are
taken further to be managed. It also helps in protecting and enhancing stakeholder value by
managing unnecessary risks that can impact an organization’s achievement of business
objectives. Risk management in decision-making involves conflicting factors and alternatives, as
it involves a lot of intangibles that can affect decision making. Many times, risk managers need
to make decisions that have high risks associated with them based on unlimited information, but
they are provided with limited information and time to make decisions and organize data. Many
times, uncertainty and instability in the business environment also affect risk management and
decision-making associated with it. Whenever risk managers need to take and decision
associated with the business network then, the risk associated with the business increases as
instability and uncertainty associated with the network is high. So, it can be said that the
complexity of risk management associated with decision-making related to business networks is
high. There are multiple criteria based on which such decisions are taken so that risk associated
with the network can be reduced. Many times, changes in an organization’s policies are also
made so that complexity associated with the network can be reduced which would eventually
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help in reducing the risk associated with it. The decision is to be taken by evaluating certain
things and criteria. Here, management plays a vital role as any incorrect decision can hamper the
process. The risk factor can highly affect business strategy or goals that are developed for
minimizing risk.
In addition to this further elaborated by (Arena, Arnaboldi, & Palermo, 2017) organizational
decision-making faces various kinds of uncertainties that affect decision-makers choice which
further leads to disaster or benefits for the organization. If there is any kind of problem
associated with decision-making, then it can lead to undesirable outcomes or loss. As decision-
making has various kinds of risks associated with it, so it is needed to be done in an accurate
manner so that organizational management is doe disturbed. There are several methods that can
help in reducing risks associated with decision making, some of them are quantitative in nature
and some of them are qualitative in nature. All these methods are used in risk management in
decision-making. These methods also help in identifying uncertain events and the achievement
of organizational objectives. This increases the necessity of risk management in decision making
and decreases uncertain events and unnecessary outcomes probability.
2.4 Self-organisation and networking
It has been evaluated by (Presemann, 2015) that organization consists of specific process or
methods which enable in performing operations in an effective way. There is a system that is
made for a specific purpose and performs a task in that manner. The way of the system can be
changed as per requirements. Its scope is wide as for each system there are different components.
For a similar system, components may be the same, but the condition differs in which they work.
The procurement used in that is arranged in various ways. In terms of business, it means to attain
a goal by using the most efficient path and with help of available skills, knowledge, and
resources. Here, various approaches are being used to make continuous changes in that path. So,
through this, it becomes easy to complete tasks in less time. Moreover, there is a broad range of
processes that are used. Self-organization contains policies and practices that are followed in
process or method. Policies set some clear guidelines which enable to proceed in a defined way.
Moreover, practices vary when there is any change in networking as both are interrelated. They
both act as the base of networking in inter-firm relationships and outside as well.
things and criteria. Here, management plays a vital role as any incorrect decision can hamper the
process. The risk factor can highly affect business strategy or goals that are developed for
minimizing risk.
In addition to this further elaborated by (Arena, Arnaboldi, & Palermo, 2017) organizational
decision-making faces various kinds of uncertainties that affect decision-makers choice which
further leads to disaster or benefits for the organization. If there is any kind of problem
associated with decision-making, then it can lead to undesirable outcomes or loss. As decision-
making has various kinds of risks associated with it, so it is needed to be done in an accurate
manner so that organizational management is doe disturbed. There are several methods that can
help in reducing risks associated with decision making, some of them are quantitative in nature
and some of them are qualitative in nature. All these methods are used in risk management in
decision-making. These methods also help in identifying uncertain events and the achievement
of organizational objectives. This increases the necessity of risk management in decision making
and decreases uncertain events and unnecessary outcomes probability.
2.4 Self-organisation and networking
It has been evaluated by (Presemann, 2015) that organization consists of specific process or
methods which enable in performing operations in an effective way. There is a system that is
made for a specific purpose and performs a task in that manner. The way of the system can be
changed as per requirements. Its scope is wide as for each system there are different components.
For a similar system, components may be the same, but the condition differs in which they work.
The procurement used in that is arranged in various ways. In terms of business, it means to attain
a goal by using the most efficient path and with help of available skills, knowledge, and
resources. Here, various approaches are being used to make continuous changes in that path. So,
through this, it becomes easy to complete tasks in less time. Moreover, there is a broad range of
processes that are used. Self-organization contains policies and practices that are followed in
process or method. Policies set some clear guidelines which enable to proceed in a defined way.
Moreover, practices vary when there is any change in networking as both are interrelated. They
both act as the base of networking in inter-firm relationships and outside as well.
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Every business possesses its own self-organization which enables them to perform tasks using a
specified path. It is important for them to work the basis on the path so that the resources are
utilized efficiently. This path depends on the nature of the business and what process they are
following. In this resources and knowledge is also taken into consideration. Thus, by combining
all these a specified path is developed. According to (Hancock & Mueller, 2010), by using that
path there is an efficient use of skills and knowledge. In addition to it, on basis of path network is
established, it provides a brief description of what process or method is being used b
stakeholders. However, any change in path forces to modification network as well and the
change in path is made for improvements. In this also risks are identified that allow maximizing
use of the path. Thus, it increases the efficiency of self-organization. Along with it, networking
plays a vital role here. This can be identified that when the process is modified some connections
of the network are either excluded or included. Therefore, it brings some modifications to the
path as well. It is determined that changes are required in self-organization and networking to
eliminate risk. This has been useful to maintain consistency in operations. However, policies and
practices are modified when risk is identified, and changes are made. Therefore, changes in
practices enforce in the designing of new processes or methods.
In research done by (Savini, 2017) the process or methods are continuously changed due to
chances of risk. The ERM system identifies risk and its degree. So, it is calculated that how
much impact risk has on self-organization. In a similar way, networking is modified which as
well led to enhancing communication. New technology is installed which provides a different
way of utilizing resources, skills, and knowledge. The outcome can also be in favour of
networking as practices are applied.
However, according to (Carnovale, Rogers, & Yeniyurt, 2019), networking refers to the way in
which stakeholders are connected to the organization. It also includes the process through which
the method is followed, and information is shared and, in this policy, procedures, resources,
knowledge, etc. are defined and connected. Nowadays, businesses are framing things through
self-organization. They consist of specific process, practices, and policies which are integrated
together. So, it highly focuses on things that are required in establishing a relation between self-
specified path. It is important for them to work the basis on the path so that the resources are
utilized efficiently. This path depends on the nature of the business and what process they are
following. In this resources and knowledge is also taken into consideration. Thus, by combining
all these a specified path is developed. According to (Hancock & Mueller, 2010), by using that
path there is an efficient use of skills and knowledge. In addition to it, on basis of path network is
established, it provides a brief description of what process or method is being used b
stakeholders. However, any change in path forces to modification network as well and the
change in path is made for improvements. In this also risks are identified that allow maximizing
use of the path. Thus, it increases the efficiency of self-organization. Along with it, networking
plays a vital role here. This can be identified that when the process is modified some connections
of the network are either excluded or included. Therefore, it brings some modifications to the
path as well. It is determined that changes are required in self-organization and networking to
eliminate risk. This has been useful to maintain consistency in operations. However, policies and
practices are modified when risk is identified, and changes are made. Therefore, changes in
practices enforce in the designing of new processes or methods.
In research done by (Savini, 2017) the process or methods are continuously changed due to
chances of risk. The ERM system identifies risk and its degree. So, it is calculated that how
much impact risk has on self-organization. In a similar way, networking is modified which as
well led to enhancing communication. New technology is installed which provides a different
way of utilizing resources, skills, and knowledge. The outcome can also be in favour of
networking as practices are applied.
However, according to (Carnovale, Rogers, & Yeniyurt, 2019), networking refers to the way in
which stakeholders are connected to the organization. It also includes the process through which
the method is followed, and information is shared and, in this policy, procedures, resources,
knowledge, etc. are defined and connected. Nowadays, businesses are framing things through
self-organization. They consist of specific process, practices, and policies which are integrated
together. So, it highly focuses on things that are required in establishing a relation between self-
organization and networking. It is being evaluated that certain standards are considered in
reviewing things. Hence, standards are replaced as well to redefine the process. Moreover, it is
identified that self-organization and networking are integrated. Any change in self-organization
also changes networking. The managers are connected in such a manner that each manager can
easily interact with one another. Furthermore, it also requires changing the external entities of the
network. The inter-firm network is based on set criteria and procedures. In that, each department
must follow a specific method or path to finish their task. For example- if businesses must share
any information with the government, they should follow the method. Therefore, it requires a
strong network it. Other than this, for everything, there is some set method in business which is
followed. Alongside, both self-organization and networking are dependent on each other. It
means that whenever a change occurs in one to them the other must be changed as well.
However, it becomes necessary to view things and analyse them to make things easy.
As per the view of (Sekerci & Pagach, 2019) the risk must be analysed so that it can be
eliminated. Risk can affect the entire process through which managers and stakeholders are
connected. It depends on the degree of risk that how much it can impact. Also, for each process
risk and its degree varies. It requires proper risk management to evaluate overall networking. On
basis of risk, changes are done in practices, and policies are formed. There are various other
processes that help in managing risks across boundaries as well where self-organization
techniques are not used. Whenever there is a need to manage risk across boundaries multileveled
approach to risk management does not work as it not effective across the organization. It requires
risks to be communicated between various levels so that it can be ensured that risk is addressed
in a proper manner and appropriate methods are being used for its management. Business needs
to focus on risk to apply policies and both inter ad outer firm relation in networking remains
same.
(Sweeting, 2017) said that there are many other things related to both concepts. It is either inter-
firm relation or some other factors which force to make improvements in practices. Businesses
usually emphasize forming effective policies to maintain the flow of things. Doing risk
management allows firms to analyse future changes that can affect practices. Hence, there is
continuous monitoring of practices and certain improvements are made. It must be linked with
reviewing things. Hence, standards are replaced as well to redefine the process. Moreover, it is
identified that self-organization and networking are integrated. Any change in self-organization
also changes networking. The managers are connected in such a manner that each manager can
easily interact with one another. Furthermore, it also requires changing the external entities of the
network. The inter-firm network is based on set criteria and procedures. In that, each department
must follow a specific method or path to finish their task. For example- if businesses must share
any information with the government, they should follow the method. Therefore, it requires a
strong network it. Other than this, for everything, there is some set method in business which is
followed. Alongside, both self-organization and networking are dependent on each other. It
means that whenever a change occurs in one to them the other must be changed as well.
However, it becomes necessary to view things and analyse them to make things easy.
As per the view of (Sekerci & Pagach, 2019) the risk must be analysed so that it can be
eliminated. Risk can affect the entire process through which managers and stakeholders are
connected. It depends on the degree of risk that how much it can impact. Also, for each process
risk and its degree varies. It requires proper risk management to evaluate overall networking. On
basis of risk, changes are done in practices, and policies are formed. There are various other
processes that help in managing risks across boundaries as well where self-organization
techniques are not used. Whenever there is a need to manage risk across boundaries multileveled
approach to risk management does not work as it not effective across the organization. It requires
risks to be communicated between various levels so that it can be ensured that risk is addressed
in a proper manner and appropriate methods are being used for its management. Business needs
to focus on risk to apply policies and both inter ad outer firm relation in networking remains
same.
(Sweeting, 2017) said that there are many other things related to both concepts. It is either inter-
firm relation or some other factors which force to make improvements in practices. Businesses
usually emphasize forming effective policies to maintain the flow of things. Doing risk
management allows firms to analyse future changes that can affect practices. Hence, there is
continuous monitoring of practices and certain improvements are made. It must be linked with
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the process or methods that are currently being followed. In present times due to advancement in
technology, several factors arise which are affecting networking. New practices are implemented
which has strengthened inter-firm relationships. Furthermore, policies related to sustainability
are also taken into consideration within practices. As identified in both private and private
business self-organization and networking is different. It varies to a great extent as both separate
methods and processes are followed. This requires proper monitoring of the process to find out
that how the change will enhance the processor to what extent it benefits. There is a need to
measure outcomes of self-organization so accordingly changes are made. However, the main
concept in networking is to incorporate with the government. It enables in sharing of information
and communication constantly. Moreover, it provides knowledge about factors and resources
that can be utilized. Through it, change in policies or ways of utilization of resources is
determined as well.
In view of (Agarwal & Virine , 2017) top management is responsible for developing self-
organization and networking. They decide that how managers will be connected to stakeholders,
which stakeholder will be included in the network, etc. So, it entirely depends on top
management to take decisions and make changes in practices. Also, they monitor overall
practices and policies to find out whether any changes are required or not and if yes in what areas
it is needed. Along with it, methods are evaluated to find out what will be its outcome. Then,
consequently, one specific method is chosen. Similarly, a network is established by management
to define inner and outer firm relations. It is done by separating resources and skills.
2.5 Networking and financial performance
According to Weldon (2018) the conceptual terms of networking in business for improving the
coordination between the supply chain. It may include the components: link, flows, actors, and
mechanism. It is individually participants make coordinate with other people and share the
information. The flow indicates the exchange of information where the overall mechanism of the
network is rules of interaction employed.
There are various types of benefits on business for increasing the wealth of employment in the
organization. it can be accelerating the knowledge of information regarding technology upgrades
technology, several factors arise which are affecting networking. New practices are implemented
which has strengthened inter-firm relationships. Furthermore, policies related to sustainability
are also taken into consideration within practices. As identified in both private and private
business self-organization and networking is different. It varies to a great extent as both separate
methods and processes are followed. This requires proper monitoring of the process to find out
that how the change will enhance the processor to what extent it benefits. There is a need to
measure outcomes of self-organization so accordingly changes are made. However, the main
concept in networking is to incorporate with the government. It enables in sharing of information
and communication constantly. Moreover, it provides knowledge about factors and resources
that can be utilized. Through it, change in policies or ways of utilization of resources is
determined as well.
In view of (Agarwal & Virine , 2017) top management is responsible for developing self-
organization and networking. They decide that how managers will be connected to stakeholders,
which stakeholder will be included in the network, etc. So, it entirely depends on top
management to take decisions and make changes in practices. Also, they monitor overall
practices and policies to find out whether any changes are required or not and if yes in what areas
it is needed. Along with it, methods are evaluated to find out what will be its outcome. Then,
consequently, one specific method is chosen. Similarly, a network is established by management
to define inner and outer firm relations. It is done by separating resources and skills.
2.5 Networking and financial performance
According to Weldon (2018) the conceptual terms of networking in business for improving the
coordination between the supply chain. It may include the components: link, flows, actors, and
mechanism. It is individually participants make coordinate with other people and share the
information. The flow indicates the exchange of information where the overall mechanism of the
network is rules of interaction employed.
There are various types of benefits on business for increasing the wealth of employment in the
organization. it can be accelerating the knowledge of information regarding technology upgrades
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which directly influences business efficiency and performance. As per (Ying, Hassan, & Ahmad,
2019) it is required for an organization to design an effective network of stakeholders and
managers that will help for improving performance. This type of structure has mainly defined the
patterns of employees which creating strong coordination between them. Network literature has
been considered the embedded risk of the organization when they will create an external
relationship with another company. Sometimes, it is a very crucial part to connect internal
stakeholders with managers. (Hang, Geyer-Klingeberg, & Rathgeber, 2019) stated that it has
emphasized the significance of the external capabilities and resources to the company through
the network. The performance of the organization is directly dependent on the network because it
helps to increase the size of resources for business growth and development. Since the network
influence the flow of communication which it clearly measures the overall performance of the
organization. network governance is an important element in terms of coordination which help
for creating a relationship with the multiple manager and stakeholder within networks. It is based
on the trust, support, power that will manage the sustainability in legal aspects.
For every organization, its financial performance predicts market value. It means that how much
profits are earned and what are the assets and liabilities of the business. Also, it is important to
maintain financial performance to survive for long-term growth. But to do so there must be a
strong inter-firm relationship that will support growth. However, if there is a lack of inter-
relationship the operations may be affected. It is essential to make pair of divisions and connect
with one another to develop relationships. A rise in revenue will lead to gaining a competitive
advantage. There is quick and frequent interaction among actors in the network. This provides
them a clear overview of the present situation. Hence, in case of any critical circumstances
accordingly, measures are taken. Apart from that for different types of companies, there is
required to analyse and understand the enterprise's risk that being taken when specifying the
goals and objectives. It will require attaining the desired level of awards and rewards. In this
way, it will require an organization to understand the overall embedded risk and its level in the
business process. It is very important for companies to recognize their own prioritize and
understand the weak points.
2019) it is required for an organization to design an effective network of stakeholders and
managers that will help for improving performance. This type of structure has mainly defined the
patterns of employees which creating strong coordination between them. Network literature has
been considered the embedded risk of the organization when they will create an external
relationship with another company. Sometimes, it is a very crucial part to connect internal
stakeholders with managers. (Hang, Geyer-Klingeberg, & Rathgeber, 2019) stated that it has
emphasized the significance of the external capabilities and resources to the company through
the network. The performance of the organization is directly dependent on the network because it
helps to increase the size of resources for business growth and development. Since the network
influence the flow of communication which it clearly measures the overall performance of the
organization. network governance is an important element in terms of coordination which help
for creating a relationship with the multiple manager and stakeholder within networks. It is based
on the trust, support, power that will manage the sustainability in legal aspects.
For every organization, its financial performance predicts market value. It means that how much
profits are earned and what are the assets and liabilities of the business. Also, it is important to
maintain financial performance to survive for long-term growth. But to do so there must be a
strong inter-firm relationship that will support growth. However, if there is a lack of inter-
relationship the operations may be affected. It is essential to make pair of divisions and connect
with one another to develop relationships. A rise in revenue will lead to gaining a competitive
advantage. There is quick and frequent interaction among actors in the network. This provides
them a clear overview of the present situation. Hence, in case of any critical circumstances
accordingly, measures are taken. Apart from that for different types of companies, there is
required to analyse and understand the enterprise's risk that being taken when specifying the
goals and objectives. It will require attaining the desired level of awards and rewards. In this
way, it will require an organization to understand the overall embedded risk and its level in the
business process. It is very important for companies to recognize their own prioritize and
understand the weak points.
In the view of (Weldon, 2017) a diversified network is necessary for a firm as it allows
ineffective communication between external stakeholders and managers. In a network, there are
many elements included which is makes it easy to interact with one another. Basically,
networking also consists of expanding into different departments and in business operation. It
connects internal and external stakeholders of the firm. Moreover, a centralized network makes it
simple to share data and interacting with managers.
As stated by (Emerson, 2015), in an organization networking plays an important role. This is
because it enables in setting a strong communication through which data and information are
shared. Moreover, there is a systematic way of the network which makes it easy to get things
done. However, all departments are interconnected in the network which makes it easy to
perform operations. Also, with recent technological advancement firm is finding out ways to
improve their networking. It is because financial performance is directly linked to networking.
The result obtained is a rise in the growth and revenue of the firm. With help of the network, it
becomes easy to analyse and study the intensity of the relationship between stakeholders and
managers. Also, it reflects that how quickly the flow of communication exists and what obstacles
are faced in it. When there is strong networking in business it automatically leads to effective
exchange and flow of data. Apart from it, using advanced tools and applications it makes it
allows divisions to improve their productivity. With help of different types of software, there is
the ease in operation. Alongside it, networking identifies weak areas and improves them. Thus,
loopholes are solved with help of technology. Through this, the efficiency of operation increases.
It results in generating more revenue and there is an increase in production.
It has been elucidated by (Brudern, Berger, Caspar, Maillart, & Michel, 2016) there are
many things considered in networking as it is useful in increasing communication within and
outside organizations. A diversified network includes many types of relations. It is also spread in
a wide range that creates a positive impact on business growth. However, networking acts as a
broker as it provides access to gather and share data. It forms an inter-firm relationship by which
it is easy to work together and in an effective way. So, if there is any inconsistency with help of
the network it can be overcome.
According to (Choi, Ye, Zhao, & Luo, 2016), there is a direct relationship between
networking and financial performance. It can be said that network support in analysing the
ineffective communication between external stakeholders and managers. In a network, there are
many elements included which is makes it easy to interact with one another. Basically,
networking also consists of expanding into different departments and in business operation. It
connects internal and external stakeholders of the firm. Moreover, a centralized network makes it
simple to share data and interacting with managers.
As stated by (Emerson, 2015), in an organization networking plays an important role. This is
because it enables in setting a strong communication through which data and information are
shared. Moreover, there is a systematic way of the network which makes it easy to get things
done. However, all departments are interconnected in the network which makes it easy to
perform operations. Also, with recent technological advancement firm is finding out ways to
improve their networking. It is because financial performance is directly linked to networking.
The result obtained is a rise in the growth and revenue of the firm. With help of the network, it
becomes easy to analyse and study the intensity of the relationship between stakeholders and
managers. Also, it reflects that how quickly the flow of communication exists and what obstacles
are faced in it. When there is strong networking in business it automatically leads to effective
exchange and flow of data. Apart from it, using advanced tools and applications it makes it
allows divisions to improve their productivity. With help of different types of software, there is
the ease in operation. Alongside it, networking identifies weak areas and improves them. Thus,
loopholes are solved with help of technology. Through this, the efficiency of operation increases.
It results in generating more revenue and there is an increase in production.
It has been elucidated by (Brudern, Berger, Caspar, Maillart, & Michel, 2016) there are
many things considered in networking as it is useful in increasing communication within and
outside organizations. A diversified network includes many types of relations. It is also spread in
a wide range that creates a positive impact on business growth. However, networking acts as a
broker as it provides access to gather and share data. It forms an inter-firm relationship by which
it is easy to work together and in an effective way. So, if there is any inconsistency with help of
the network it can be overcome.
According to (Choi, Ye, Zhao, & Luo, 2016), there is a direct relationship between
networking and financial performance. It can be said that network support in analysing the
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overall situation and immediately passing on data to one another. With help of this, it becomes
easy to identify issues and solve them. In that managers and experts can also participate by
receiving messages. Networking needs to be internal and external as well. If an organization is
having a strong internal network set up but there is a weak external network, then it will impact
its outer connection. They will not be able to gather sufficient data and in case of a critical
situation, ineffective decisions are taken. Furthermore, growth opportunities are also affected as
it restricts firms to find out and evaluate what they must do due to lack of information. Similarly,
having a resilient external network and weak inter-firm relations highly impact firm operations.
Besides getting external support the goals and objectives are not attained. Hence, it impacts
growth and development.
In a study done by (Dobson, et al., 2019) if departments are effectively connected with one
another there is appropriate communication between them. They also work together through
integration and can attain goals. However, in diversified network issues are identified quickly as
it includes different components in it. However, strong networking makes it easy to determine
risk instantly and allowing proper actions to be taken. Therefore, it reduces the impact on
operation, and it remains consistent. In a similar way, internal and external risks are identified
which as well makes it easy to recognize from where risk arises. Moreover, if the risk is
identified in networking, then advanced technology is used to enhance it. So, it brings a change
in way of communication and inter-firm relation. Thus, it eases interaction within the
department. Usually, a network is established to work together by developing strategies. It is
used in enterprise risk management where a systematic structure is followed. Henceforth, it can
be concluded that if risks are minimized or effectively managed its impact automatically
decreased. The units can improve their weak areas with more productivity. Thus, if network
connection risk is solved then in a similar way in the diversified network well risk can be
minimized and managed. So, increasing efficiency in one area contributes to generating revenue.
Likewise, in overall networking if improvements are done it results in increased financial
performance. Other than this, the use of advanced technology also enhances staff productivity
and allows for effective utilization of resources. It also leads to more investment in technology.
In networking, processes or methods of operation are connected as well. This gives insight into
key operational procedures, strategies, goals, etc., and how they are interlinked.
easy to identify issues and solve them. In that managers and experts can also participate by
receiving messages. Networking needs to be internal and external as well. If an organization is
having a strong internal network set up but there is a weak external network, then it will impact
its outer connection. They will not be able to gather sufficient data and in case of a critical
situation, ineffective decisions are taken. Furthermore, growth opportunities are also affected as
it restricts firms to find out and evaluate what they must do due to lack of information. Similarly,
having a resilient external network and weak inter-firm relations highly impact firm operations.
Besides getting external support the goals and objectives are not attained. Hence, it impacts
growth and development.
In a study done by (Dobson, et al., 2019) if departments are effectively connected with one
another there is appropriate communication between them. They also work together through
integration and can attain goals. However, in diversified network issues are identified quickly as
it includes different components in it. However, strong networking makes it easy to determine
risk instantly and allowing proper actions to be taken. Therefore, it reduces the impact on
operation, and it remains consistent. In a similar way, internal and external risks are identified
which as well makes it easy to recognize from where risk arises. Moreover, if the risk is
identified in networking, then advanced technology is used to enhance it. So, it brings a change
in way of communication and inter-firm relation. Thus, it eases interaction within the
department. Usually, a network is established to work together by developing strategies. It is
used in enterprise risk management where a systematic structure is followed. Henceforth, it can
be concluded that if risks are minimized or effectively managed its impact automatically
decreased. The units can improve their weak areas with more productivity. Thus, if network
connection risk is solved then in a similar way in the diversified network well risk can be
minimized and managed. So, increasing efficiency in one area contributes to generating revenue.
Likewise, in overall networking if improvements are done it results in increased financial
performance. Other than this, the use of advanced technology also enhances staff productivity
and allows for effective utilization of resources. It also leads to more investment in technology.
In networking, processes or methods of operation are connected as well. This gives insight into
key operational procedures, strategies, goals, etc., and how they are interlinked.
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As stated by (Caseiro & Coelho, 2019) an example can be taken here that if a firm is
stuck in a critical situation and there is a lack of inter-firm relation but strong external network.
In this case, networking can help in gathering data from outside businesses. It means that if there
is a delay in production then suppliers or vendors can be used. It states the use of networking
through which financial performance is raised. This reflects the relation of networking with
finance. Besides, when there is ineffective interaction within inter-firm then operational
efficiency is hampered. This also impacts outcomes that are to be attained. When business
networking is highly spread there is a strong connection between departments. So, there is
frequent interaction within them, and risks are managed properly. If associated risks are not
understood well then it can lead to incorrect strategies and incorrect implementation of such
strategies which might disturb the overall organizational budget, increase time duration, or
sometimes mislead others as well.
There are several challenges faced as well in networking. With the frequent change in technique
or way of interacting operations are hampered. This entire process is modified which forces to
begin from start. It makes it difficult to again start things. Due to this, tasks are not completed on
time. In addition, inter-firm relation is to be established again. So, sometimes information shared
is incomplete. The next operation remains stuck until complete info is not received.
2.6 Research problem gap
It is one of the most important part of a research that helps in understanding research
questions that has not been answered by the research in the current research. Here, it has been
analysed that private contractor are not able to find out the risk which occurs in doing research.
Besides, financial, and self-organization performance is not effective and there exit gap in
managing risk in it. Furthermore, networking done is not efficient and it is leading to impacting
on financial performance. This research will successfully analyse making of business capture
policies by the organization. In this research evaluation of role of business in building risk
resilience communities in the face of natural disasters has also been explained. But this research
do not helps in explaining ways in which existing performance of an organization can be
improved in a proper manner. in this research only methods or factors though which self-
organization performance can help in managing risk has been explained. In this research
stuck in a critical situation and there is a lack of inter-firm relation but strong external network.
In this case, networking can help in gathering data from outside businesses. It means that if there
is a delay in production then suppliers or vendors can be used. It states the use of networking
through which financial performance is raised. This reflects the relation of networking with
finance. Besides, when there is ineffective interaction within inter-firm then operational
efficiency is hampered. This also impacts outcomes that are to be attained. When business
networking is highly spread there is a strong connection between departments. So, there is
frequent interaction within them, and risks are managed properly. If associated risks are not
understood well then it can lead to incorrect strategies and incorrect implementation of such
strategies which might disturb the overall organizational budget, increase time duration, or
sometimes mislead others as well.
There are several challenges faced as well in networking. With the frequent change in technique
or way of interacting operations are hampered. This entire process is modified which forces to
begin from start. It makes it difficult to again start things. Due to this, tasks are not completed on
time. In addition, inter-firm relation is to be established again. So, sometimes information shared
is incomplete. The next operation remains stuck until complete info is not received.
2.6 Research problem gap
It is one of the most important part of a research that helps in understanding research
questions that has not been answered by the research in the current research. Here, it has been
analysed that private contractor are not able to find out the risk which occurs in doing research.
Besides, financial, and self-organization performance is not effective and there exit gap in
managing risk in it. Furthermore, networking done is not efficient and it is leading to impacting
on financial performance. This research will successfully analyse making of business capture
policies by the organization. In this research evaluation of role of business in building risk
resilience communities in the face of natural disasters has also been explained. But this research
do not helps in explaining ways in which existing performance of an organization can be
improved in a proper manner. in this research only methods or factors though which self-
organization performance can help in managing risk has been explained. In this research
Innovation can be promoted within an organization by the government through procurement has
been explained in detail but its effectiveness has not been analysed in detail.
2.7 Conclusion
It can be concluded that risk management plays a vital role in decision making as it helps the
organization to select best alternative, rank alternatives for a specific risk management goal. For
this all the risk are identified and prioritized according to their impact on organization. After
prioritizing risks only significant and important risks are taken further to be managed.
been explained in detail but its effectiveness has not been analysed in detail.
2.7 Conclusion
It can be concluded that risk management plays a vital role in decision making as it helps the
organization to select best alternative, rank alternatives for a specific risk management goal. For
this all the risk are identified and prioritized according to their impact on organization. After
prioritizing risks only significant and important risks are taken further to be managed.
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Chapter 3 Hypothesis development
It is necessary to link and develop the hypothesis which is developed in study. There are
various variables in hypothesis which is derived in this section. Along with that, hypothesis
linking is shown in section. Similarly, there are all hypotheses which is being developed and
linked in it. The development will show linking of variables in it. So, in 3.2.1 hypotheses linking
self-organisation and enterprise risk management with ongoing activity. In 3.2.2 hypotheses
linking data and info with risk appetite and tolerance is described. Also, in 3.2.3 hypotheses
linking with risk management and financial performance is discussed. Moreover, in 3.2.4
hypotheses linking networking and risk management is explained. The hypotheses linking risk
management technique and data analysis is shown in section 3.2.5. In section 3.2.6 self-
organisation and ERM variables linking is presented. The variables and hypotheses linking is
risk management technique and top management and data and information is presented. And in
last section 3.2.8 hypotheses linking self-organisation and networking capabilities is explained.
3.2.1 Self organisation and enterprise risk management
Self-organisation is way in which overall process of firm interact with each other and its
components are distributed over system. There are various types of goals which is being formed
in order by interaction. It has been stated by Sekerci, (2015) that self-organisation plays vital role
in organising activities. Thus, if systems are not interacted with each other in effective way then
it leads occurring of risk in it. Along with that, the organisation is not able to manage risk in
proper way. This is because there are flaws and gaps in interaction of system. Business risks can
be identified using various kinds of methods, but each identified method relies on a specific
analysis of business activity so that all the challenges in dealing with the risk can be identified.
For example, it has a very little chance of occurrence, has some changes of occurring, has a small
chance of occurring, or has high chances of occurrence. All the risks are managed according to
their chances or likelihood of occurrence so that all kinds of damages can be taken care of and
further damages can be reduced with a reduction of both time and cost. ERM helps in self-
organizing the risk where it is not avoided but is faced so that greater financial stability can be
achieved, and further economic or non-economic losses can be avoided.
In order to relate with ERM, it was evaluated that self-organisation effect on this directly.
This can be stated that when systems are not integrated then this led to rise in risk. Usually, there
are 2 dimensions of risk that is uncertainty and effect.
It is necessary to link and develop the hypothesis which is developed in study. There are
various variables in hypothesis which is derived in this section. Along with that, hypothesis
linking is shown in section. Similarly, there are all hypotheses which is being developed and
linked in it. The development will show linking of variables in it. So, in 3.2.1 hypotheses linking
self-organisation and enterprise risk management with ongoing activity. In 3.2.2 hypotheses
linking data and info with risk appetite and tolerance is described. Also, in 3.2.3 hypotheses
linking with risk management and financial performance is discussed. Moreover, in 3.2.4
hypotheses linking networking and risk management is explained. The hypotheses linking risk
management technique and data analysis is shown in section 3.2.5. In section 3.2.6 self-
organisation and ERM variables linking is presented. The variables and hypotheses linking is
risk management technique and top management and data and information is presented. And in
last section 3.2.8 hypotheses linking self-organisation and networking capabilities is explained.
3.2.1 Self organisation and enterprise risk management
Self-organisation is way in which overall process of firm interact with each other and its
components are distributed over system. There are various types of goals which is being formed
in order by interaction. It has been stated by Sekerci, (2015) that self-organisation plays vital role
in organising activities. Thus, if systems are not interacted with each other in effective way then
it leads occurring of risk in it. Along with that, the organisation is not able to manage risk in
proper way. This is because there are flaws and gaps in interaction of system. Business risks can
be identified using various kinds of methods, but each identified method relies on a specific
analysis of business activity so that all the challenges in dealing with the risk can be identified.
For example, it has a very little chance of occurrence, has some changes of occurring, has a small
chance of occurring, or has high chances of occurrence. All the risks are managed according to
their chances or likelihood of occurrence so that all kinds of damages can be taken care of and
further damages can be reduced with a reduction of both time and cost. ERM helps in self-
organizing the risk where it is not avoided but is faced so that greater financial stability can be
achieved, and further economic or non-economic losses can be avoided.
In order to relate with ERM, it was evaluated that self-organisation effect on this directly.
This can be stated that when systems are not integrated then this led to rise in risk. Usually, there
are 2 dimensions of risk that is uncertainty and effect.
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3.2.1.1 Ongoing activity impact on self organisation
Ongoing activity are those which runs in organisation. These activities enables in making
self organisation. Hence, if activities are not organised in proper way then it impact on self
organisation. This may led to ineffective working and attainment of goals. Moreover, it also rise
risk due to which organisation efficiency is affected. Here, previous studies shows that ongoing
activities impact on self organisation due to which ERM is also affected. Hence, the hypotheses
is derived from it which is as follows :
H1- Ongoing activity impact on self organisation and enterprise risk management
3.2.2 Data and information and risk appetite and tolerance
Data and info play vital role in reducing impact of risk. This is because it provides
relevant info about many things by which action and strategy is developed. The risk appetite is
info about how much risk can be deal with by organisation. But this entirely depends on what
type of data and info is available.
As said by Townsend, & Wallace, (2016) if the data and info available is not accurate
then it is ineffective to deal with risk. Furthermore, risk tolerance is linked with appetite. It
means that outcomes of risk are related to performance measures. So, if level of risk is accepted
than it automatically results in dealing with it in effective way. There are certain factors on basis
of which risk appetite is based such as industry, culture, nature of objectives, etc. to deal with it
risk tolerance and data and info is needed. Hence, if data is not accurate and precise then risk
appetite presented is wrong. Those risk are also included which can not be deal with. Self-
organization requires proper knowledge and skills which requires proper effective network path.
This relationship helps an organization to define and understand what are the resources, methods
or processes that are used by all the stakeholders. So, any kind of change in network can change
the way in which risk is managed.
Paradis,. & et.al., (2016) proposed that data and info is useful in both risk appetite and
tolerance. However, risk tolerance depends on risk appetite. This is said because data include
info level of risk which is acceptable by organisation. Therefore, from this hypothesis is derived
that is
H2- There is relationship between data and information and risk appetite and tolerance.
3.2.3 Risk management and financial performance
Ongoing activity are those which runs in organisation. These activities enables in making
self organisation. Hence, if activities are not organised in proper way then it impact on self
organisation. This may led to ineffective working and attainment of goals. Moreover, it also rise
risk due to which organisation efficiency is affected. Here, previous studies shows that ongoing
activities impact on self organisation due to which ERM is also affected. Hence, the hypotheses
is derived from it which is as follows :
H1- Ongoing activity impact on self organisation and enterprise risk management
3.2.2 Data and information and risk appetite and tolerance
Data and info play vital role in reducing impact of risk. This is because it provides
relevant info about many things by which action and strategy is developed. The risk appetite is
info about how much risk can be deal with by organisation. But this entirely depends on what
type of data and info is available.
As said by Townsend, & Wallace, (2016) if the data and info available is not accurate
then it is ineffective to deal with risk. Furthermore, risk tolerance is linked with appetite. It
means that outcomes of risk are related to performance measures. So, if level of risk is accepted
than it automatically results in dealing with it in effective way. There are certain factors on basis
of which risk appetite is based such as industry, culture, nature of objectives, etc. to deal with it
risk tolerance and data and info is needed. Hence, if data is not accurate and precise then risk
appetite presented is wrong. Those risk are also included which can not be deal with. Self-
organization requires proper knowledge and skills which requires proper effective network path.
This relationship helps an organization to define and understand what are the resources, methods
or processes that are used by all the stakeholders. So, any kind of change in network can change
the way in which risk is managed.
Paradis,. & et.al., (2016) proposed that data and info is useful in both risk appetite and
tolerance. However, risk tolerance depends on risk appetite. This is said because data include
info level of risk which is acceptable by organisation. Therefore, from this hypothesis is derived
that is
H2- There is relationship between data and information and risk appetite and tolerance.
3.2.3 Risk management and financial performance
In view of Lewis, (2015) there are different types of risk management techniques which
is applied to reduce risk. The technique depends on level of risk and its nature. Basically,
common techniques are applied in that. Generally, avoiding, retention, prevention are some
techniques in it. This allows in dealing with risk in effective way.
Financial performance improved when risk is mitigated or prevented. But it entirely
depends on what type of technique is used. However, sometimes when risk is not deal in proper
way then financial performance is impacted. This is because if use of technique does not help in
mitigating risk than it impacts on financial performance adversely. In addition to that, ( said that
use of technique also depends on funds available by firm. Besides that, it also directly affect on
ERM as new plan and measures are to be prepared. Moreover, it is identified from risk technique
that how much return is there and to what extent financial performance is improved. Risk and
financial performance are linked together as it shift way of dealing with high level risk.
3.2.3.1
ERM and financial performance
Jaderi, & et.al., (2019) said the risk arises at the time of maintaining the annual report and
company to keep evaluating and auditing and make separate risk management wings as well
because it shows the interrelationship between ERM and financial performance. Moreover, the
professionals of the company also work with Enterprise Risk Management which focuses on
how they assess the risk that is relevant to their companies. So, using effective Enterprise Risk
Management the company also avoids some unexpected and costly plant that might result in the
shutdown of the firm. So, it is analysed that using the best Enterprise Risk Management
strategies, the companies may avoid some unwanted risk. Strong relation between financial
performance and ERM has benefited the organization in reducing changes of occurrence of such
kind of unexpected risk. This gave signals to the organizations so that they can work on
reduction of such kinds of risk. It also helps in increasing financial stability of the business that
can work as a plus factor for growth of an organization by minimizing all kinds of operational
issues which can also help the companies to increase their productivity within a defined and
specific time period. Enterprise risk management many times is also seen as a cost centre, on the
basis of which organizations can focus on reducing risk associated with cost and financial
performance of organization. For many organizations ERM works as a required value for their
is applied to reduce risk. The technique depends on level of risk and its nature. Basically,
common techniques are applied in that. Generally, avoiding, retention, prevention are some
techniques in it. This allows in dealing with risk in effective way.
Financial performance improved when risk is mitigated or prevented. But it entirely
depends on what type of technique is used. However, sometimes when risk is not deal in proper
way then financial performance is impacted. This is because if use of technique does not help in
mitigating risk than it impacts on financial performance adversely. In addition to that, ( said that
use of technique also depends on funds available by firm. Besides that, it also directly affect on
ERM as new plan and measures are to be prepared. Moreover, it is identified from risk technique
that how much return is there and to what extent financial performance is improved. Risk and
financial performance are linked together as it shift way of dealing with high level risk.
3.2.3.1
ERM and financial performance
Jaderi, & et.al., (2019) said the risk arises at the time of maintaining the annual report and
company to keep evaluating and auditing and make separate risk management wings as well
because it shows the interrelationship between ERM and financial performance. Moreover, the
professionals of the company also work with Enterprise Risk Management which focuses on
how they assess the risk that is relevant to their companies. So, using effective Enterprise Risk
Management the company also avoids some unexpected and costly plant that might result in the
shutdown of the firm. So, it is analysed that using the best Enterprise Risk Management
strategies, the companies may avoid some unwanted risk. Strong relation between financial
performance and ERM has benefited the organization in reducing changes of occurrence of such
kind of unexpected risk. This gave signals to the organizations so that they can work on
reduction of such kinds of risk. It also helps in increasing financial stability of the business that
can work as a plus factor for growth of an organization by minimizing all kinds of operational
issues which can also help the companies to increase their productivity within a defined and
specific time period. Enterprise risk management many times is also seen as a cost centre, on the
basis of which organizations can focus on reducing risk associated with cost and financial
performance of organization. For many organizations ERM works as a required value for their
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business which helps them to work on their overall financial performance for the growth of their
business or in order to gain competitive advantage. Thus the hypothesis derived from it is :
H3- Risk management techniques improves financial performance
3.2.4 Networking and risk management
It is elucidated by Gatzert, & Martin, (2015) networking allows in creating strong
network within organisation interaction and tasks. It shows how systems coordinate and interact
with each other.
Risk management means how to deal with risk in effective way so that its impact is
minimised. It requires effective planning on basis of which risk is managed. The risk is linked
with networking as if systems are not linked properly then the risk management can not be
maintained. Furthermore, poor networking results in high level of risk that highly affect on inter
firm relationship as well. On other hand Choi & et.al., (2016) it is said that having an effective
network enables in integrating all systems together. By that the data and info is quickly shared
regarding what measures are taken and how it helps in reducing risk. Besides that, it networking
is not effective then risk is not managed properly. In study done by Dobson, & et.al., (2019) it is
analysed that in many organisations risk management is not effective due to networking. There is
no proper communication within systems due to internal and external process does not
collaborate. For example- if risk occurs in internal process and it not managed properly because
of poor networking.
Previous studies done by Berry‐Stölzle, & Xu, (2018) shows that it requires an effective
network to manage risk. In same way ERM is also linked with networking. The risk may occur
in any part of system so as systems are connected together thus risk can affect on proceeding
system as well. Apart from that, risk can be carried in system also. Hence, it requires to manage
risk as it can affect on overall systems connected. This clearly shows relationship between risk
management and networking from which hypothesis is derived:
H4- Is there relation in networking and risk management
3.2.5 Risk management technique and risk
Risk techniques are ways by which risk is mitigated. Generally, there are 5 ways by
which risk is managed that is prevention, avoidance, retention, sharing, etc.
business or in order to gain competitive advantage. Thus the hypothesis derived from it is :
H3- Risk management techniques improves financial performance
3.2.4 Networking and risk management
It is elucidated by Gatzert, & Martin, (2015) networking allows in creating strong
network within organisation interaction and tasks. It shows how systems coordinate and interact
with each other.
Risk management means how to deal with risk in effective way so that its impact is
minimised. It requires effective planning on basis of which risk is managed. The risk is linked
with networking as if systems are not linked properly then the risk management can not be
maintained. Furthermore, poor networking results in high level of risk that highly affect on inter
firm relationship as well. On other hand Choi & et.al., (2016) it is said that having an effective
network enables in integrating all systems together. By that the data and info is quickly shared
regarding what measures are taken and how it helps in reducing risk. Besides that, it networking
is not effective then risk is not managed properly. In study done by Dobson, & et.al., (2019) it is
analysed that in many organisations risk management is not effective due to networking. There is
no proper communication within systems due to internal and external process does not
collaborate. For example- if risk occurs in internal process and it not managed properly because
of poor networking.
Previous studies done by Berry‐Stölzle, & Xu, (2018) shows that it requires an effective
network to manage risk. In same way ERM is also linked with networking. The risk may occur
in any part of system so as systems are connected together thus risk can affect on proceeding
system as well. Apart from that, risk can be carried in system also. Hence, it requires to manage
risk as it can affect on overall systems connected. This clearly shows relationship between risk
management and networking from which hypothesis is derived:
H4- Is there relation in networking and risk management
3.2.5 Risk management technique and risk
Risk techniques are ways by which risk is mitigated. Generally, there are 5 ways by
which risk is managed that is prevention, avoidance, retention, sharing, etc.
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According to Agarwal, & Virine, (2017) there is need to select appropriate technique
for managing risk so that it can be mitigated. The use of technique depends on type and nature of
risk. Many a times it has been found that use of appropriate technique has led to managing risk in
effective way. However, businesses also analyse risk, its level, nature, etc. and then on basis of
that technique is chosen. In various studies done by Donnelly, (2018) it is shown that use of
technique has helped in reducing risk to a great extent. However, sometimes technique applied is
different from risk identified. So, it results in not mitigating of risk due to which overall
organisation operations is impacted in negative way. For instance- if risk level is low then the
technique chose in it is to avoid it, but on contrary if risk level is high then the technique selected
is to mitigate it.
In the opinion of Florio & Leoni, (2017) risk technique is also chosen on basis of risk
level, its impact, etc. besides, that there are some parameters set as well on basis of which risk
technique is selected. Sometimes, assumptions are made to select risk technique. Thus, the
technique selected is not sufficient to deal and solve risk. The assumptions are made on basis of
technique usability, features, etc. here, a decision tree is also designed in order to select
technique that is effective. In risk technique, time plays crucial role in it. It is important for
organisation to minimise risk in specified time so that its impact is mitigated. Risks are to be
identified and dealt with as early as possible in the project. Risk identification is done throughout
the project life cycle, with special emphasis during the key milestones. Risk response plans
usually impact time and costs. It is therefore mandatory that the time and cost for the defined
response plan are calculated as precisely as possible. This also assists in selecting a response plan
from the alternatives, and in verifying whether the response plan is costlier or has more impact
on one of the project objectives than the risk itself. Hence, from this hypothesis is derived that
is : H5- Risk management technique and data analysis reduces risk
3.2.6 Self- organization and ERM
With respect to Choi & et.al., (2016) the hypothesis is being set in order to identify the
fact that how the self- organization and proper ERM can assist in reducing the risk of the
enterprise. This is pertaining to the fact that when the company will be having a command on the
self- organization and proper ERM then this will have a good impact over the working of the
company. this is pertaining to the fact that the use of both the variable that is ERM and self-
organization is very essential for the effective management of the working of company. This is
for managing risk so that it can be mitigated. The use of technique depends on type and nature of
risk. Many a times it has been found that use of appropriate technique has led to managing risk in
effective way. However, businesses also analyse risk, its level, nature, etc. and then on basis of
that technique is chosen. In various studies done by Donnelly, (2018) it is shown that use of
technique has helped in reducing risk to a great extent. However, sometimes technique applied is
different from risk identified. So, it results in not mitigating of risk due to which overall
organisation operations is impacted in negative way. For instance- if risk level is low then the
technique chose in it is to avoid it, but on contrary if risk level is high then the technique selected
is to mitigate it.
In the opinion of Florio & Leoni, (2017) risk technique is also chosen on basis of risk
level, its impact, etc. besides, that there are some parameters set as well on basis of which risk
technique is selected. Sometimes, assumptions are made to select risk technique. Thus, the
technique selected is not sufficient to deal and solve risk. The assumptions are made on basis of
technique usability, features, etc. here, a decision tree is also designed in order to select
technique that is effective. In risk technique, time plays crucial role in it. It is important for
organisation to minimise risk in specified time so that its impact is mitigated. Risks are to be
identified and dealt with as early as possible in the project. Risk identification is done throughout
the project life cycle, with special emphasis during the key milestones. Risk response plans
usually impact time and costs. It is therefore mandatory that the time and cost for the defined
response plan are calculated as precisely as possible. This also assists in selecting a response plan
from the alternatives, and in verifying whether the response plan is costlier or has more impact
on one of the project objectives than the risk itself. Hence, from this hypothesis is derived that
is : H5- Risk management technique and data analysis reduces risk
3.2.6 Self- organization and ERM
With respect to Choi & et.al., (2016) the hypothesis is being set in order to identify the
fact that how the self- organization and proper ERM can assist in reducing the risk of the
enterprise. This is pertaining to the fact that when the company will be having a command on the
self- organization and proper ERM then this will have a good impact over the working of the
company. this is pertaining to the fact that the use of both the variable that is ERM and self-
organization is very essential for the effective management of the working of company. This is
pertaining to the fact that when the effective self- organization is present then it means that the
company or the enterprise is in position to manage the working in proper and effective manner.
In addition to this, for the effective working of the business it is very essential that the all the risk
is being reduced to a great extent. Hence, the use of the ERM is very important in order to
manage the effective working of the company.
Whereas Florio & Leoni, (2017) argued that it was seen that the use of the ERM is very
important for the company to be successful. This is pertaining to the fact that the use of the ERM
practices will definitely improve the working of the company to a great extent. This is pertaining
to the fact that the ERM provides a good type of assistance to the company in order to manage
and maintain the required level of risk control and measurement practices. The hypothesis
developed with respect to this is
H6- Self organization and ERM reduces risk
3.2.7 Group risk management and top management
Gatzert, & Martin, (2015) stated that for the success of the company it is very important
that the use of proper risk management and top management is different to a great extent. The
reason underlying this fact is that the use of the effective risk management will assist the
companies in doing planning in advance. This is particularly necessary because of the reason that
the risk management assist the company in effectively manage the risk in proper and effective
manner. This is pertaining to the fact that there is a difference between the risk management
techniques and the top management of company relating to the data and information. This is due
to the reason that the top management is related with taking decision of the business and to
formulate the different strategies for the effective continuation of the business and its successful
operations. On the other hand, the another variable into this hypothesis is that private firm
managers. This is particularly because of the reason that the making of the risk management plan
the managers can only work effectively. The major reason behind this fact is that when the work
is being implemented in effective and proper manner then it ca be stated that there is difference
between the group risk management and top management of company. this is pertaining to the
fact that when the group risk needs to be managed then at that time the risk management within
the group is too high. hence, the decision undertaken in case of group decision are different from
the decision being undertaken by the top management are different from one another. Hence, in
company or the enterprise is in position to manage the working in proper and effective manner.
In addition to this, for the effective working of the business it is very essential that the all the risk
is being reduced to a great extent. Hence, the use of the ERM is very important in order to
manage the effective working of the company.
Whereas Florio & Leoni, (2017) argued that it was seen that the use of the ERM is very
important for the company to be successful. This is pertaining to the fact that the use of the ERM
practices will definitely improve the working of the company to a great extent. This is pertaining
to the fact that the ERM provides a good type of assistance to the company in order to manage
and maintain the required level of risk control and measurement practices. The hypothesis
developed with respect to this is
H6- Self organization and ERM reduces risk
3.2.7 Group risk management and top management
Gatzert, & Martin, (2015) stated that for the success of the company it is very important
that the use of proper risk management and top management is different to a great extent. The
reason underlying this fact is that the use of the effective risk management will assist the
companies in doing planning in advance. This is particularly necessary because of the reason that
the risk management assist the company in effectively manage the risk in proper and effective
manner. This is pertaining to the fact that there is a difference between the risk management
techniques and the top management of company relating to the data and information. This is due
to the reason that the top management is related with taking decision of the business and to
formulate the different strategies for the effective continuation of the business and its successful
operations. On the other hand, the another variable into this hypothesis is that private firm
managers. This is particularly because of the reason that the making of the risk management plan
the managers can only work effectively. The major reason behind this fact is that when the work
is being implemented in effective and proper manner then it ca be stated that there is difference
between the group risk management and top management of company. this is pertaining to the
fact that when the group risk needs to be managed then at that time the risk management within
the group is too high. hence, the decision undertaken in case of group decision are different from
the decision being undertaken by the top management are different from one another. Hence, in
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case of managing the risk, the decision taken will be different and for running the business the
decision will be different.
The developed hypothesis after this discussion is
H7 - Difference between group risk management technique and top management of company in
data and information
3.2.8 Network capabilities and self- organization
Saeidi, (2019) emphasised that it is true that both the self- organization and the
networking capabilities differ from one another and they cannot go hand in hand. This is
particularly because of the reason that when the self- organization is present then this will
improve the working to a great extent. In addition to this the self- organization is very much
important in order to identify the fact that whether the company is self- organized or not in their
management of data. In addition to this the network capabilities are being defined as the
capability which the company is having due to their strong position within the market or among
other competitors. This is particularly because of the reason that in case the network capabilities
are very high then this will provide a competitive advantage to the company. thus, due to this the
company will be in position to effectively manage and maintain the risk and relevant reward for
bearing that risk. Thus, with this evaluation it can be stated that both the concept that is the self-
organization and the networking capabilities different from one another. This is particularly
because of the reason that for the company self- organization is being defined as the management
of the working with the person on their own without any person providing them guidance.
Furthermore, on the other hand Lewis, (2015) argued that networking capabilities is the
efficiency of the company which states that the company will get benefitted by the capabilities
which makes the company distinct from the others. Hence, it can be stated that the use of self-
organization and the network capabilities are differing from one another. The major reason
underlying this fact is that when the company will be self- organized then this will improve the
network capabilities of the company in great manner. Hence, for the effective working of the
business this is very essential for the company to effectively manage both these item and
improve the working of the company to a great extent.
The developed hypothesis is as follows-
H8- Self organisation and networking capabilities differs from each other
decision will be different.
The developed hypothesis after this discussion is
H7 - Difference between group risk management technique and top management of company in
data and information
3.2.8 Network capabilities and self- organization
Saeidi, (2019) emphasised that it is true that both the self- organization and the
networking capabilities differ from one another and they cannot go hand in hand. This is
particularly because of the reason that when the self- organization is present then this will
improve the working to a great extent. In addition to this the self- organization is very much
important in order to identify the fact that whether the company is self- organized or not in their
management of data. In addition to this the network capabilities are being defined as the
capability which the company is having due to their strong position within the market or among
other competitors. This is particularly because of the reason that in case the network capabilities
are very high then this will provide a competitive advantage to the company. thus, due to this the
company will be in position to effectively manage and maintain the risk and relevant reward for
bearing that risk. Thus, with this evaluation it can be stated that both the concept that is the self-
organization and the networking capabilities different from one another. This is particularly
because of the reason that for the company self- organization is being defined as the management
of the working with the person on their own without any person providing them guidance.
Furthermore, on the other hand Lewis, (2015) argued that networking capabilities is the
efficiency of the company which states that the company will get benefitted by the capabilities
which makes the company distinct from the others. Hence, it can be stated that the use of self-
organization and the network capabilities are differing from one another. The major reason
underlying this fact is that when the company will be self- organized then this will improve the
network capabilities of the company in great manner. Hence, for the effective working of the
business this is very essential for the company to effectively manage both these item and
improve the working of the company to a great extent.
The developed hypothesis is as follows-
H8- Self organisation and networking capabilities differs from each other
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Survey instrument
The survey is being defined as the list of questions which ae to be asked to the respondent
in order to prove the objectives or the hypothesis in proper and effective manner. Hence, for
proving the hypothesis to be correct it is very much essential that the data is being gathered in
proper and effective manner. The reason pertaining to this fact is that the data is being analysed
and then only some conclusion can be drawn from the working. Hence, it is very much essential
for the researcher to effectively undertake the use of good survey instrument in order to gather
the data in proper and effective manner. The use of different survey instrument was done on the
basis of the fact that whether the tool fulfils the acceptable criteria relating to the validity and
reliability of the data. In addition to this the selection of the appropriate tool of survey is the fact
that whether the question to be asked are realistic and concise to be answered with respect to the
time being covered.
Within the present research study of enterprise risk management, self- organization and
the networking and financial performance in Australia private procurement undertook the sample
of 250 in order to collect and gather the data in proper and effective manner. Thus, for the
effective working and completion of the research the most essential aspect is the effective
management of the research in proper and effective manner and provide the hypothesis in correct
and effective manner. The data was gathered with help of the method of questionnaire and this
was a good and effective data base for proving the hypothesis in proper and effective manner.
No Variables Items Likert Scale
1. Own risk management 5 Five-point
Likert scale
2. Risk appetite and tolerance 5 Five-point
Likert scale
3. Financial performance and
networking
4 Five-point
Likert scale
The survey is being defined as the list of questions which ae to be asked to the respondent
in order to prove the objectives or the hypothesis in proper and effective manner. Hence, for
proving the hypothesis to be correct it is very much essential that the data is being gathered in
proper and effective manner. The reason pertaining to this fact is that the data is being analysed
and then only some conclusion can be drawn from the working. Hence, it is very much essential
for the researcher to effectively undertake the use of good survey instrument in order to gather
the data in proper and effective manner. The use of different survey instrument was done on the
basis of the fact that whether the tool fulfils the acceptable criteria relating to the validity and
reliability of the data. In addition to this the selection of the appropriate tool of survey is the fact
that whether the question to be asked are realistic and concise to be answered with respect to the
time being covered.
Within the present research study of enterprise risk management, self- organization and
the networking and financial performance in Australia private procurement undertook the sample
of 250 in order to collect and gather the data in proper and effective manner. Thus, for the
effective working and completion of the research the most essential aspect is the effective
management of the research in proper and effective manner and provide the hypothesis in correct
and effective manner. The data was gathered with help of the method of questionnaire and this
was a good and effective data base for proving the hypothesis in proper and effective manner.
No Variables Items Likert Scale
1. Own risk management 5 Five-point
Likert scale
2. Risk appetite and tolerance 5 Five-point
Likert scale
3. Financial performance and
networking
4 Five-point
Likert scale
4. Risk management techniques 3 Five-point
Likert scale
5. ERM 5 Five-point
Likert scale
6. Self- organization and risk
management policy
4 Five-point
Likert scale
7. Data analysis 3 Five-point
Likert scale
8. Network benefit risk
management
3 Five-point
Likert scale
Measurement of variable
The different types of variables being analysed for the successful working of the research are as
follows-
Own risk management
With the evaluation of the data it is very much clear that the use of the effective
management of the own risk is very essential for the business. this is particularly because of the
reason that the use of the risk management is being liked by most of the people. The reason
underlying this fact is that hence, with the help of the data analysis tool and method it was
evaluated that the most of the respondent agreed to the fact that own enterprise risk management
is helpful in managing the overall business in proper and effective manner. Under this the
measurement item for own risk management for self- organization is listed below-
• Strongly Agree
• Agree
• Neutral
• Strongly Disagree
• Disagree
Risk appetite and tolerance
Likert scale
5. ERM 5 Five-point
Likert scale
6. Self- organization and risk
management policy
4 Five-point
Likert scale
7. Data analysis 3 Five-point
Likert scale
8. Network benefit risk
management
3 Five-point
Likert scale
Measurement of variable
The different types of variables being analysed for the successful working of the research are as
follows-
Own risk management
With the evaluation of the data it is very much clear that the use of the effective
management of the own risk is very essential for the business. this is particularly because of the
reason that the use of the risk management is being liked by most of the people. The reason
underlying this fact is that hence, with the help of the data analysis tool and method it was
evaluated that the most of the respondent agreed to the fact that own enterprise risk management
is helpful in managing the overall business in proper and effective manner. Under this the
measurement item for own risk management for self- organization is listed below-
• Strongly Agree
• Agree
• Neutral
• Strongly Disagree
• Disagree
Risk appetite and tolerance
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In addition to this the evaluation of the risk appetite and tolerance for the management of
the business it was clear that the use of the ERM is very essential in managing the business. this
is particularly because of the reason that due to the risk appetite of the company the risk
tolerance capacity at time of enterprise risk management must be high. this is particularly
because of the reason that when the risk tolerance capacity of the company will be high then this
will improve the working efficiency of the company. Under this the measurement item for risk
appetite and tolerance is listed below-
• Strongly Agree
• Agree
• Neutral
• Strongly Disagree
• Disagree
Financial performance and networking
Further with the effective analysis of the data and variable it was analysed that the
financial performance and networking is very essential for the effective management of the risk
management. This is particularly because of the reason that the financial performance will be
improved because of the networking of the company. the reason behind this fact is that in case of
the company is having good networking then this will increase the financial performance of the
company to a great extent. In addition to this it will also assist the company in improving and
managing the different risk which the company might face. Under this the measurement item for
financial performance and networking is listed below-
Careless and uninformed employees.
Third party service provider that controlled overall system.
General guidance on deal with the data breach.
Lack of coordination between organization and other contractors.
Risk management techniques
On the analysis of this variable it was analysed that the use of the risk management
techniques assists the company in effectively managing the risk. This is particularly because of
the reason that the use of the effective risk management technique will improve the risk tolerance
capacity of the company. hence, as a result of this it was agreed by majority of the people that
the use of the risk management techniques will assist the company in managing the risk in proper
the business it was clear that the use of the ERM is very essential in managing the business. this
is particularly because of the reason that due to the risk appetite of the company the risk
tolerance capacity at time of enterprise risk management must be high. this is particularly
because of the reason that when the risk tolerance capacity of the company will be high then this
will improve the working efficiency of the company. Under this the measurement item for risk
appetite and tolerance is listed below-
• Strongly Agree
• Agree
• Neutral
• Strongly Disagree
• Disagree
Financial performance and networking
Further with the effective analysis of the data and variable it was analysed that the
financial performance and networking is very essential for the effective management of the risk
management. This is particularly because of the reason that the financial performance will be
improved because of the networking of the company. the reason behind this fact is that in case of
the company is having good networking then this will increase the financial performance of the
company to a great extent. In addition to this it will also assist the company in improving and
managing the different risk which the company might face. Under this the measurement item for
financial performance and networking is listed below-
Careless and uninformed employees.
Third party service provider that controlled overall system.
General guidance on deal with the data breach.
Lack of coordination between organization and other contractors.
Risk management techniques
On the analysis of this variable it was analysed that the use of the risk management
techniques assists the company in effectively managing the risk. This is particularly because of
the reason that the use of the effective risk management technique will improve the risk tolerance
capacity of the company. hence, as a result of this it was agreed by majority of the people that
the use of the risk management techniques will assist the company in managing the risk in proper
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and effective manner. Under this the measurement item for risk management techniques is listed
below-
Prevent risk
Avoid risk
Retain risk
ERM
Further with the analysis of the variable it was analysed that the use of the ERM is very
important for the effective management of the business. this is particularly because of the reason
that the company can easily improve the working with help of the different ERM practices and
techniques. Further it was also analysed that the use of the ERM is very helpful for the business
in proper management and improvement of the business. Under this the measurement item for
ERM is listed below-
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Self- organization and risk management policy
With the analysis of the variable that is self- organization and the risk management policy
it was evaluated that the self- organization is very important for the business to get successful.
The reason behind this fact is that the self- organization involves the ability of the company to be
organized on their own without guidance of any other person. Hence, in the study it was seen
that the use of self- organization and the risk management policy is very important. Under this
the measurement item for self- organization and risk management policy development by is
listed below-
Management
Regulators
Shareholders
All of them
Data analysis
below-
Prevent risk
Avoid risk
Retain risk
ERM
Further with the analysis of the variable it was analysed that the use of the ERM is very
important for the effective management of the business. this is particularly because of the reason
that the company can easily improve the working with help of the different ERM practices and
techniques. Further it was also analysed that the use of the ERM is very helpful for the business
in proper management and improvement of the business. Under this the measurement item for
ERM is listed below-
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Self- organization and risk management policy
With the analysis of the variable that is self- organization and the risk management policy
it was evaluated that the self- organization is very important for the business to get successful.
The reason behind this fact is that the self- organization involves the ability of the company to be
organized on their own without guidance of any other person. Hence, in the study it was seen
that the use of self- organization and the risk management policy is very important. Under this
the measurement item for self- organization and risk management policy development by is
listed below-
Management
Regulators
Shareholders
All of them
Data analysis
With the analysis of this it was evaluated that the data analysis is very essential for the
successful completion of the study. In case the data analysis is not being undertaken in proper
and effective manner then this will lead to negative impact over working of company. Under this
the measurement item for data analysis is listed below-
Yes
No
Not sure
Network benefit risk management
It was also evaluated that the network benefit risk management is very important for the
success of the study. This is particularly because of the reason that the if the network will be
good then it will assist in benefitting the risk management in proper and effective manner. Under
this the measurement item for network benefit risk management is listed below-
Yes
No
Not sure
successful completion of the study. In case the data analysis is not being undertaken in proper
and effective manner then this will lead to negative impact over working of company. Under this
the measurement item for data analysis is listed below-
Yes
No
Not sure
Network benefit risk management
It was also evaluated that the network benefit risk management is very important for the
success of the study. This is particularly because of the reason that the if the network will be
good then it will assist in benefitting the risk management in proper and effective manner. Under
this the measurement item for network benefit risk management is listed below-
Yes
No
Not sure
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CHAPTER 4: RESEARCH METHODOLOGY
Third chapter in the dissertation describes the conduct of the research and allow the
researcher of its validity. This includes the overall approaches and type of the research, the
method of data collection that is primary, secondary, interview, survey etc. The detains from
where hen and with whom the research took place is defined. The method of data analysis is
defined that is there is application of statistical tools or not the analysis is statistical or discourse.
This chapter defines the tools and material used to analyse the data that is computer program, lab
equipment or others. The discussion of any obstacle faced in conducting the research and how
research have overcome the same is outlined and lastly evaluation and justification of the method
is presented in this chapter.
S.No Research question Hypotheses
1 When and how do business capture policy
make?
Dependent variable: Own risk
management
Independent variable: ongoing activities
H1
2 How can businesses play a role in building
communities' risk resilience in the face of
natural disasters?
Dependent variable: risk appetite and
tolerance, Financial performance, networking
Independent variable: risk management
technique, networking benefit risk
management,
H2
H3
H4
3 How can management of natural resources
such as forests, water, etc. contribute to
sustainable development?
Dependent variable: Risk management
technique,
H5
Third chapter in the dissertation describes the conduct of the research and allow the
researcher of its validity. This includes the overall approaches and type of the research, the
method of data collection that is primary, secondary, interview, survey etc. The detains from
where hen and with whom the research took place is defined. The method of data analysis is
defined that is there is application of statistical tools or not the analysis is statistical or discourse.
This chapter defines the tools and material used to analyse the data that is computer program, lab
equipment or others. The discussion of any obstacle faced in conducting the research and how
research have overcome the same is outlined and lastly evaluation and justification of the method
is presented in this chapter.
S.No Research question Hypotheses
1 When and how do business capture policy
make?
Dependent variable: Own risk
management
Independent variable: ongoing activities
H1
2 How can businesses play a role in building
communities' risk resilience in the face of
natural disasters?
Dependent variable: risk appetite and
tolerance, Financial performance, networking
Independent variable: risk management
technique, networking benefit risk
management,
H2
H3
H4
3 How can management of natural resources
such as forests, water, etc. contribute to
sustainable development?
Dependent variable: Risk management
technique,
H5
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Independent variable: data analysis,
4 What is the relation between private
governance and private business
development?
Dependent variable:, ERM
Independent variable: private firm manages
risk, self-organization and risk management
policy
H6
H7
5 How can governments promote innovations
through procurement?
Only differences shared through hypothesis
H8
3.0 Introduction
Research Methodology mainly involves the specific techniques which are adopted in the
research process in order to collect as well as assemble to evaluate data. Moreover, it also define
different tools which are used to gather information related to this particular research. Thus,
research methodology also helps to gain familiarity and also attain new insight related to specific
topic. Therefore, it is necessary for the researcher to design a methodologies for the chosen
problem area so that it will help to determine the better and best method for the research in order
to solve the problem (Walliman, 2017). Moreover, by using research methodology, a researcher
desire for an innovation and recognition and as a result, they try to serve the society as well. In
this current research, using a research methodology will assist a researcher how research is done
scientifically, and even it is the procedure through which a scholar also describe their work and
then evaluate as well as predicting phenomenon.
So, its main aim is to give the work plan of research and also gain knowledge how to use
relevant tools and techniques in order to complete the research in better way. Hence, from these
it is clearly reflect that by using research methodology, a researcher determine scientific and
inductive thinking and also promotes development of logical habits of thinking which may be
used in their organization as well. Not only this, the research methodology also assist a
researcher to aid in business decision making which will be help in their future as well (Quinlan,
Babin, Carr and Griffin, 2019). So, through the research methodology, a scholar involves the
4 What is the relation between private
governance and private business
development?
Dependent variable:, ERM
Independent variable: private firm manages
risk, self-organization and risk management
policy
H6
H7
5 How can governments promote innovations
through procurement?
Only differences shared through hypothesis
H8
3.0 Introduction
Research Methodology mainly involves the specific techniques which are adopted in the
research process in order to collect as well as assemble to evaluate data. Moreover, it also define
different tools which are used to gather information related to this particular research. Thus,
research methodology also helps to gain familiarity and also attain new insight related to specific
topic. Therefore, it is necessary for the researcher to design a methodologies for the chosen
problem area so that it will help to determine the better and best method for the research in order
to solve the problem (Walliman, 2017). Moreover, by using research methodology, a researcher
desire for an innovation and recognition and as a result, they try to serve the society as well. In
this current research, using a research methodology will assist a researcher how research is done
scientifically, and even it is the procedure through which a scholar also describe their work and
then evaluate as well as predicting phenomenon.
So, its main aim is to give the work plan of research and also gain knowledge how to use
relevant tools and techniques in order to complete the research in better way. Hence, from these
it is clearly reflect that by using research methodology, a researcher determine scientific and
inductive thinking and also promotes development of logical habits of thinking which may be
used in their organization as well. Not only this, the research methodology also assist a
researcher to aid in business decision making which will be help in their future as well (Quinlan,
Babin, Carr and Griffin, 2019). So, through the research methodology, a scholar involves the
study of cause and effect relationship between different variables and then assist to identify some
pattern or behaviour in certain variables as well. Thus, in the same way, this research
methodology section includes data collection and its method, data analysis and its method,
sampling and its process. So that, the researcher will easily meet the defined aim and objectives
in better way.
In addition to this, another importance of using the research methodology is such that to
attain the aim and objectives in better way, scholar uses different tools and get the views so that
they will easily determine or identify the which is most suitable method in order to solve the
relevant questions. Thus, the researcher methodologies section consist of research philosophy,
research approach, research design and data collection method etc. which are as mention below:
3.1 Research design
It is the set of methods and procedures which are used to collect and determine the
measures of variables related to problem and even it also refer to the overall strategy which a
researcher may choose in order to integrates it with different components of the study in logical
way. Through research design, researcher make sure that whatever the evidence are collected by
the researcher will definitely helps to address the research problem in logically manner (Meyers,
Gamst & Guarino, 2016). Therefore, it clearly reflect that it directly influence the reliability of
results attained and thus also provides a solid base for an entire research. In the same way, for the
current research, using research design, a researcher will easily investigate an impact of
establishing risk management process within organisation and also know research is quite
effective and help to provide maximum information with minimum spending of efforts as well as
money. Thus, it clearly define that it is the framework which is actually creates in order to
answer the research question and also helps to leads a research towards right direction too.
In addition to this, the research design also cut down on inaccuracy and also provide
reliable and valid results so that it will help to get rid from bias as well. Moreover, by using the
research design, it reduce uncertainty and confusion related to research problem and also using
research design the research get the best results which are further used by the them in order to
attain an aim and objectives (Research design, 2018). In the existing dissertation, research design
provides a plan that is helpful to find out answer of the results. Further, another important
element of this component includes research strategies and methods which are directly related to
data collection and analysis as well. The main advantage of using research design is such that
pattern or behaviour in certain variables as well. Thus, in the same way, this research
methodology section includes data collection and its method, data analysis and its method,
sampling and its process. So that, the researcher will easily meet the defined aim and objectives
in better way.
In addition to this, another importance of using the research methodology is such that to
attain the aim and objectives in better way, scholar uses different tools and get the views so that
they will easily determine or identify the which is most suitable method in order to solve the
relevant questions. Thus, the researcher methodologies section consist of research philosophy,
research approach, research design and data collection method etc. which are as mention below:
3.1 Research design
It is the set of methods and procedures which are used to collect and determine the
measures of variables related to problem and even it also refer to the overall strategy which a
researcher may choose in order to integrates it with different components of the study in logical
way. Through research design, researcher make sure that whatever the evidence are collected by
the researcher will definitely helps to address the research problem in logically manner (Meyers,
Gamst & Guarino, 2016). Therefore, it clearly reflect that it directly influence the reliability of
results attained and thus also provides a solid base for an entire research. In the same way, for the
current research, using research design, a researcher will easily investigate an impact of
establishing risk management process within organisation and also know research is quite
effective and help to provide maximum information with minimum spending of efforts as well as
money. Thus, it clearly define that it is the framework which is actually creates in order to
answer the research question and also helps to leads a research towards right direction too.
In addition to this, the research design also cut down on inaccuracy and also provide
reliable and valid results so that it will help to get rid from bias as well. Moreover, by using the
research design, it reduce uncertainty and confusion related to research problem and also using
research design the research get the best results which are further used by the them in order to
attain an aim and objectives (Research design, 2018). In the existing dissertation, research design
provides a plan that is helpful to find out answer of the results. Further, another important
element of this component includes research strategies and methods which are directly related to
data collection and analysis as well. The main advantage of using research design is such that
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through this the researcher collect the meaningful result which helps to meet the aim and
objectives in better way.
Basically research design is of two types, Exploratory research design which is used to
investigate a problem which is clearly defined and it also help to conduct the research in better
understanding by answering relevant questions as well. Through this method, the researcher also
collect in depth research and as a result, it provides ways through which the an organization
saves a lot of money and time as well. This type of method require low cost and also helps to lay
the foundation of a research that helps scholar to understand the researcher at early stages and it
did not requires a lot of time and by using exploratory research design, researcher find out
different possible causes for a problem which assist the researcher to find the solutions in
detailed manner and also generate best results (Creswell & Poth, 2017). On the other side, most
of the researcher did not use this method because of involving smaller sample and as a result, it
cannot be interpreted from the generalized population and even many data collection methods
are old and not updated and that is why, it did not provide exact results which directly force
researcher not to use this method. Though this method is easy to generate new discoveries but
due to lack of discoveries and also direction, the researcher will not easily collect the best results.
Another type is Conclusive Research design which is mainly applied to generate
findings which are used to reach to final conclusion as well as better decision. This method also
provide a way to verify as well as quantify all exploratory findings and this method also involve
application of quantitative methods of data collection and data analysis too. Moreover, this
method is mainly used to test the hypothesis and the relationships with better results. This
method is widely use by the researcher because it leads them to general to specific and also uses
large representative sample and also this method is helpful to provide reliable and representative
picture of the population using a valid research instrument so that it conduct the research in more
precise manner (Lewis, 2015). Moreover, in this, the researcher clearly specify the data
requirement so that it specifically uses the same in order to meet the define aim and objectives.
For the current research, researcher may chooses descriptive research design under
conclusive research design because through this the researcher may easily collect the best
outcomes and also attain the aim i.e. To investigate impact of establishing risk management
process within organisation on the business performance sustainable development regarding
business corporation, good governance and promotion of safety. Not only this, using descriptive
objectives in better way.
Basically research design is of two types, Exploratory research design which is used to
investigate a problem which is clearly defined and it also help to conduct the research in better
understanding by answering relevant questions as well. Through this method, the researcher also
collect in depth research and as a result, it provides ways through which the an organization
saves a lot of money and time as well. This type of method require low cost and also helps to lay
the foundation of a research that helps scholar to understand the researcher at early stages and it
did not requires a lot of time and by using exploratory research design, researcher find out
different possible causes for a problem which assist the researcher to find the solutions in
detailed manner and also generate best results (Creswell & Poth, 2017). On the other side, most
of the researcher did not use this method because of involving smaller sample and as a result, it
cannot be interpreted from the generalized population and even many data collection methods
are old and not updated and that is why, it did not provide exact results which directly force
researcher not to use this method. Though this method is easy to generate new discoveries but
due to lack of discoveries and also direction, the researcher will not easily collect the best results.
Another type is Conclusive Research design which is mainly applied to generate
findings which are used to reach to final conclusion as well as better decision. This method also
provide a way to verify as well as quantify all exploratory findings and this method also involve
application of quantitative methods of data collection and data analysis too. Moreover, this
method is mainly used to test the hypothesis and the relationships with better results. This
method is widely use by the researcher because it leads them to general to specific and also uses
large representative sample and also this method is helpful to provide reliable and representative
picture of the population using a valid research instrument so that it conduct the research in more
precise manner (Lewis, 2015). Moreover, in this, the researcher clearly specify the data
requirement so that it specifically uses the same in order to meet the define aim and objectives.
For the current research, researcher may chooses descriptive research design under
conclusive research design because through this the researcher may easily collect the best
outcomes and also attain the aim i.e. To investigate impact of establishing risk management
process within organisation on the business performance sustainable development regarding
business corporation, good governance and promotion of safety. Not only this, using descriptive
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research design, the researcher conduct the research in more precise manner and also leads to
generate best outcomes that helps to determine whether an effective strategy will help to
minimize the risk within the business and also raise the business performance too. Therefore,
another reason of choosing this particular method is such that it assist researcher to collect best
information that is needed a clear as well as formal structure to present the ideas
(Abdulkadiroğlu, Angrist & Pathak, 2017). Even by using this method will help to analyse the
information by using statistical tool that is beneficial to develop exact and correct results.
Hence, by using the conclusive set of the research design, the researcher will also adverts
misleading the conclusion and develop further opportunities related to risk management.
Through this, the researcher also collect knowledge related to different risk management process
which creates direct impact upon the business performance and also realized whether the
researcher completed the dissertation within specified time boundaries or budgets. In addition to
this, though the research design is the conceptual framework which must have specified goals
and that is why, the researcher uses step by step plans that helps to leads them to meet or attain
the defined aim as well as objectives too (Dannels, 2018). Therefore, it is clearly analyse that by
using descriptive research design under conclusive method will help to determine small error and
as a result, through this researcher may easily examine the relation between private governance
and private business development. So, in the same way, the well and better data gathering
method must be fit with the research purpose and also helps the researcher to conduct the
research in more precise manner as well.
This research methodology is considered to be one of the most effective method which is
useful in effectively integrating various components of the study in a logical and reasonable
manner. This method is useful in analysing the research problem and also focuses on constituting
the blueprint in order to carry out the study in an appropriate and systematic manner. This
method is useful in providing a framework which in turn results in making strategic decision in
an appropriate and efficient manner which in turn helps in attaining goals and objectives of the
study. Research design is useful in effectively evaluating the gaps in the research methods which
helps in broadening the knowledge and gain better insight on the particular subject matter. This
method is useful in carrying out the research by providing better insight on how to effectively
carry out the research in an efficient and appropriate manner. This method can be further
classified into exploratory, descriptive, correlation and experimental research design method
generate best outcomes that helps to determine whether an effective strategy will help to
minimize the risk within the business and also raise the business performance too. Therefore,
another reason of choosing this particular method is such that it assist researcher to collect best
information that is needed a clear as well as formal structure to present the ideas
(Abdulkadiroğlu, Angrist & Pathak, 2017). Even by using this method will help to analyse the
information by using statistical tool that is beneficial to develop exact and correct results.
Hence, by using the conclusive set of the research design, the researcher will also adverts
misleading the conclusion and develop further opportunities related to risk management.
Through this, the researcher also collect knowledge related to different risk management process
which creates direct impact upon the business performance and also realized whether the
researcher completed the dissertation within specified time boundaries or budgets. In addition to
this, though the research design is the conceptual framework which must have specified goals
and that is why, the researcher uses step by step plans that helps to leads them to meet or attain
the defined aim as well as objectives too (Dannels, 2018). Therefore, it is clearly analyse that by
using descriptive research design under conclusive method will help to determine small error and
as a result, through this researcher may easily examine the relation between private governance
and private business development. So, in the same way, the well and better data gathering
method must be fit with the research purpose and also helps the researcher to conduct the
research in more precise manner as well.
This research methodology is considered to be one of the most effective method which is
useful in effectively integrating various components of the study in a logical and reasonable
manner. This method is useful in analysing the research problem and also focuses on constituting
the blueprint in order to carry out the study in an appropriate and systematic manner. This
method is useful in providing a framework which in turn results in making strategic decision in
an appropriate and efficient manner which in turn helps in attaining goals and objectives of the
study. Research design is useful in effectively evaluating the gaps in the research methods which
helps in broadening the knowledge and gain better insight on the particular subject matter. This
method is useful in carrying out the research by providing better insight on how to effectively
carry out the research in an efficient and appropriate manner. This method can be further
classified into exploratory, descriptive, correlation and experimental research design method
(Mackey & Gass, 2015). Descriptive research design is useful in effectively describing the
current status of the study with the help of in-depth analysis of all the variables. This method is
useful in developing hypothesis which in turn is useful in critically examining the subject matter
in a systematic and descriptive manner. This method is useful in observing, examining and in-
depth analysis of the particular subject matter. This method is useful in not influencing the
subject matter in any way and in turn gives true and fair information related to the particular area
of study. The variables of the study are not manipulated which in turn does not influence the
outcomes of the study. This study takes into consideration questions related with “What” in order
to gain useful and relevant information related to the particular area of study. The key
characteristics of the research design is that it is considered to be the basis for carrying out
further research which in turn is useful in gaining wider aspect on the research topic. It is also
useful in analysing different sections of the study which belongs to the same group of the subject
matter. This method is useful in analysing the current trends of the study and also focuses on
validating existing conditions by evaluating the patterns of the study in an appropriate and
efficient manner. This method is useful in carrying out the research in a natural environment
which helps in ensuring that the data collected is of high quality and reliable. Descriptive method
is considered to be one of the cheap method and easy to carry out the particular study quickly
and easily. This method is useful in forming the basis for the decision making with the help of
in- depth analysis of the particular subject matter. Exploratory research design is useful exploring
the various variables of the research topic which in turn helps in carrying out quantitative
research method in a systemic and appropriate manner. This method is useful in providing
effective layout in order to carry out further studies (Kumar, 2019). This method is very flexible
and adaptable for change. This study is useful in saving time and various other resources in order
to carry out the particular research method. It helps in exploring the research problem by
critically examining and exploring the subject matter. This method is used to examine the
specific course of action, developing hypothesis, establishing hypothesis, identifying relationship
between key variables defining problem more precisely and finding the best solution to the
problem (Exploratory Research Design | Concept | Objectives, 2017). This method is useful in
determining the concrete solution to the problem by critically exploring various variables related
to the particular subject matter. This method is useful while carrying out quantitative research.
There are various sources such as survey, observation, interviews, focus group, polls, etc. which
current status of the study with the help of in-depth analysis of all the variables. This method is
useful in developing hypothesis which in turn is useful in critically examining the subject matter
in a systematic and descriptive manner. This method is useful in observing, examining and in-
depth analysis of the particular subject matter. This method is useful in not influencing the
subject matter in any way and in turn gives true and fair information related to the particular area
of study. The variables of the study are not manipulated which in turn does not influence the
outcomes of the study. This study takes into consideration questions related with “What” in order
to gain useful and relevant information related to the particular area of study. The key
characteristics of the research design is that it is considered to be the basis for carrying out
further research which in turn is useful in gaining wider aspect on the research topic. It is also
useful in analysing different sections of the study which belongs to the same group of the subject
matter. This method is useful in analysing the current trends of the study and also focuses on
validating existing conditions by evaluating the patterns of the study in an appropriate and
efficient manner. This method is useful in carrying out the research in a natural environment
which helps in ensuring that the data collected is of high quality and reliable. Descriptive method
is considered to be one of the cheap method and easy to carry out the particular study quickly
and easily. This method is useful in forming the basis for the decision making with the help of
in- depth analysis of the particular subject matter. Exploratory research design is useful exploring
the various variables of the research topic which in turn helps in carrying out quantitative
research method in a systemic and appropriate manner. This method is useful in providing
effective layout in order to carry out further studies (Kumar, 2019). This method is very flexible
and adaptable for change. This study is useful in saving time and various other resources in order
to carry out the particular research method. It helps in exploring the research problem by
critically examining and exploring the subject matter. This method is used to examine the
specific course of action, developing hypothesis, establishing hypothesis, identifying relationship
between key variables defining problem more precisely and finding the best solution to the
problem (Exploratory Research Design | Concept | Objectives, 2017). This method is useful in
determining the concrete solution to the problem by critically exploring various variables related
to the particular subject matter. This method is useful while carrying out quantitative research.
There are various sources such as survey, observation, interviews, focus group, polls, etc. which
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can be used to explore the particular area of study. Correlational research design is a type of
method which helps researcher in seeking better understanding on the relationship within the
variables of the research study. It helps in determining the variables which are correlated and
helps in evaluating the reason because of which they are in relation. The variables who are
correlated does not undergo any manipulation and in turn helps in finding the best results and
outcomes for the particular research study. This method is very useful in assessing the statistical
relationship between various variables and helps in attaining higher operational goals, efficiency
and standards. There can be three type of correlation in a research which includes positive,
negative and no correlation between the variables (Antwi & Hamza, 2015). Positive correlation
states that the increase in one variable results in increase in another variable and vice versa.
Negative correlation states that the increase in one variable results in decrease in another variable
and vice versa. No correlation means that the two variables are not interrelated and states that
change in one variable does not lead to change in another variable. This method is useful for
researcher to evaluate the various view of the variables and helps in determining the interest in
the natural setting. It also helps in gaining better insight on the particular subject matter and in
turn also helps in controlling various variables in an efficient and systematic manner.
Experimental research design is mainly concerned with carrying out research which is high in
internal validity. This method is further classified into pre- experimental, true experimental and
quasi- experimental research design (Mackey & Gass, 2015). Experimental research design
method is useful in examining the cause and effect relationship between various variables in
order to appropriately carry out research in a systematic and efficient manner.
The researcher of the study will focus on descriptive research design as it is useful in
evaluating and assessing the enterprise risk management, self organization, networking and
financial performance in Australia private procurement contract. This helps researcher in
gaining in- depth analysis by effectively evaluating each variable of the research topic and
gaining wider perspective on the aims and objectives of the research for better results and
outcomes.
Data Collection: It is the method through which the researcher collect and gather the
information relate to targeted variables in a well and established system that also helps to answer
some questions as well as evaluate the outcomes too. Through data collection, the researcher also
make prediction about the future possibilities as well as trends. Therefore, at the time of
method which helps researcher in seeking better understanding on the relationship within the
variables of the research study. It helps in determining the variables which are correlated and
helps in evaluating the reason because of which they are in relation. The variables who are
correlated does not undergo any manipulation and in turn helps in finding the best results and
outcomes for the particular research study. This method is very useful in assessing the statistical
relationship between various variables and helps in attaining higher operational goals, efficiency
and standards. There can be three type of correlation in a research which includes positive,
negative and no correlation between the variables (Antwi & Hamza, 2015). Positive correlation
states that the increase in one variable results in increase in another variable and vice versa.
Negative correlation states that the increase in one variable results in decrease in another variable
and vice versa. No correlation means that the two variables are not interrelated and states that
change in one variable does not lead to change in another variable. This method is useful for
researcher to evaluate the various view of the variables and helps in determining the interest in
the natural setting. It also helps in gaining better insight on the particular subject matter and in
turn also helps in controlling various variables in an efficient and systematic manner.
Experimental research design is mainly concerned with carrying out research which is high in
internal validity. This method is further classified into pre- experimental, true experimental and
quasi- experimental research design (Mackey & Gass, 2015). Experimental research design
method is useful in examining the cause and effect relationship between various variables in
order to appropriately carry out research in a systematic and efficient manner.
The researcher of the study will focus on descriptive research design as it is useful in
evaluating and assessing the enterprise risk management, self organization, networking and
financial performance in Australia private procurement contract. This helps researcher in
gaining in- depth analysis by effectively evaluating each variable of the research topic and
gaining wider perspective on the aims and objectives of the research for better results and
outcomes.
Data Collection: It is the method through which the researcher collect and gather the
information relate to targeted variables in a well and established system that also helps to answer
some questions as well as evaluate the outcomes too. Through data collection, the researcher also
make prediction about the future possibilities as well as trends. Therefore, at the time of
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gathering information, researcher must have to identify that the type of data which is used that
will help to answer the research question and also the method is relies on the research design as
well. In this current dissertation, researcher also uses different sources of data that helps to meet
the defined aim and objectives in better way (Roller & Lavrakas, 2015). On the other side, if the
researcher find out the accurate data collection then it will help to maintain the integrity of the
research and it also leads to reduce the chances of errors as well. In addition to this, the formal
data collection process also make sure that it ensures all the collected data are gathered in
defined and accurate way through this, they make sure that it provides a baseline from which it
measure and also provide ways to improve the same.
In addition to this, it is also analysed that an accurate data collection is essential the
integrity of the research and for that the selection of the research must be proper and well defined
so that it will not increase the chances of error. On the other side, the most critical objective is to
make sure that information as well as reliable data is collected for the statistical analysis in order
to get the data driven decision so that it will help to make the research better. In the same way,
the current research also uses best methods of data collection in order to get accurate results and
also to meet the define aim in specified time period (Paradis, O'Brien, Nimmon, Bandiera &
Martimianakis, 2016).
Sources of Data: Data are collected from two different sources such that Primary data
collection which refers to those data which are collected by the researcher and it is also collected
by the first time and this is original in nature. In this type of data collection method, researcher
collect fresh data only when the research problem is unique. As a result, they get quite accurate
when the data is collected directly by the researcher. There are different ways through which the
researcher collect the information from the respondents such that online properties and in non--
online data, researcher collect the information from peoples by using surveys and different other
sources as well. For the same, in this dissertation, researcher also uses primary data collection
methods in which survey method is used (Guerra-Santin & Tweed, 2015). In this method,
researcher firstly prepared or designed questionnaire and these type of question are open ended
and close ended, entire related to topic only. Further, these is forwarded to selected person's
personal e-mail Id, then these forms are filled by them in order to let researcher know about the
issues and challenges so that they will attain the defined aim and objectives as well. Primary
method of data collection are consider one of the best method because it helps to get more
will help to answer the research question and also the method is relies on the research design as
well. In this current dissertation, researcher also uses different sources of data that helps to meet
the defined aim and objectives in better way (Roller & Lavrakas, 2015). On the other side, if the
researcher find out the accurate data collection then it will help to maintain the integrity of the
research and it also leads to reduce the chances of errors as well. In addition to this, the formal
data collection process also make sure that it ensures all the collected data are gathered in
defined and accurate way through this, they make sure that it provides a baseline from which it
measure and also provide ways to improve the same.
In addition to this, it is also analysed that an accurate data collection is essential the
integrity of the research and for that the selection of the research must be proper and well defined
so that it will not increase the chances of error. On the other side, the most critical objective is to
make sure that information as well as reliable data is collected for the statistical analysis in order
to get the data driven decision so that it will help to make the research better. In the same way,
the current research also uses best methods of data collection in order to get accurate results and
also to meet the define aim in specified time period (Paradis, O'Brien, Nimmon, Bandiera &
Martimianakis, 2016).
Sources of Data: Data are collected from two different sources such that Primary data
collection which refers to those data which are collected by the researcher and it is also collected
by the first time and this is original in nature. In this type of data collection method, researcher
collect fresh data only when the research problem is unique. As a result, they get quite accurate
when the data is collected directly by the researcher. There are different ways through which the
researcher collect the information from the respondents such that online properties and in non--
online data, researcher collect the information from peoples by using surveys and different other
sources as well. For the same, in this dissertation, researcher also uses primary data collection
methods in which survey method is used (Guerra-Santin & Tweed, 2015). In this method,
researcher firstly prepared or designed questionnaire and these type of question are open ended
and close ended, entire related to topic only. Further, these is forwarded to selected person's
personal e-mail Id, then these forms are filled by them in order to let researcher know about the
issues and challenges so that they will attain the defined aim and objectives as well. Primary
method of data collection are consider one of the best method because it helps to get more
accurate results and however, it is costly and less time consuming method. In the same way, for
present dissertation,
Another type is Secondary sources of data which is collected by someone else for their
research work and in their research, they already passed through the statistical analysis as well.
These type of data is mostly collected through books and journals, articles, newspaper etc.
Therefore, this data collection method is also used by the researcher in the literature review
section in which the researcher uses old published books related to topic and articles that helps to
critically analyse the meaning and it leads towards conclusion as well. Moreover, this method is
also consider one of the best approach because it is economical in nature and also saves efforts
and expenses as compared to primary data (Lowry, D’Arcy, Hammer & Moody, 2016). By using
this data, the researcher will easily identify the gap and deficiency, come to know what extra
information is needed to be collected in order to make the research more effective and true.
From the above, researcher chooses both primary and secondary sources of data in order
to attain the aim i.e. To investigate impact of establishing risk management process within
organisation on the business performance sustainable development regarding business
corporation, good governance and promotion of safety. Such that the researcher chooses survey
method under primary data collection method in which questionnaire is designed which consist
of both open and closed ended question so that it will help to determine selected respondents
criteria with reference to the topic. Moreover, by using secondary data collection method such as
books , articles and newspaper, the researcher review all these and then analyse that all the
loopholes so that it can be minimized as well. By using effective data collection methods, the
researcher easily meet the defined aim with specified deadlines and also get an authentic results
by using correct form of tools too.
3.2 Area of study
This helps in demonstrating all the categories and variables within which the research
study falls. The research will be carried out in highly specific manner in order to outline the key
variables of the study. The research is carried out in a disciplinary and reliable manner by
pinpointing all the problems of the research. This study is useful in elaborating the enterprise risk
management, self organization, networking and financial performance in Australia private
procurement contract. The dissertation main aim is To investigate impact of establishing risk
management process within organisation on the business performance sustainable development
present dissertation,
Another type is Secondary sources of data which is collected by someone else for their
research work and in their research, they already passed through the statistical analysis as well.
These type of data is mostly collected through books and journals, articles, newspaper etc.
Therefore, this data collection method is also used by the researcher in the literature review
section in which the researcher uses old published books related to topic and articles that helps to
critically analyse the meaning and it leads towards conclusion as well. Moreover, this method is
also consider one of the best approach because it is economical in nature and also saves efforts
and expenses as compared to primary data (Lowry, D’Arcy, Hammer & Moody, 2016). By using
this data, the researcher will easily identify the gap and deficiency, come to know what extra
information is needed to be collected in order to make the research more effective and true.
From the above, researcher chooses both primary and secondary sources of data in order
to attain the aim i.e. To investigate impact of establishing risk management process within
organisation on the business performance sustainable development regarding business
corporation, good governance and promotion of safety. Such that the researcher chooses survey
method under primary data collection method in which questionnaire is designed which consist
of both open and closed ended question so that it will help to determine selected respondents
criteria with reference to the topic. Moreover, by using secondary data collection method such as
books , articles and newspaper, the researcher review all these and then analyse that all the
loopholes so that it can be minimized as well. By using effective data collection methods, the
researcher easily meet the defined aim with specified deadlines and also get an authentic results
by using correct form of tools too.
3.2 Area of study
This helps in demonstrating all the categories and variables within which the research
study falls. The research will be carried out in highly specific manner in order to outline the key
variables of the study. The research is carried out in a disciplinary and reliable manner by
pinpointing all the problems of the research. This study is useful in elaborating the enterprise risk
management, self organization, networking and financial performance in Australia private
procurement contract. The dissertation main aim is To investigate impact of establishing risk
management process within organisation on the business performance sustainable development
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regarding business corporation, good governance and promotion of safety. Therefore, it main
area of study is to describe the performance of a business and also analyse different ways
through which the risk is minimizes. Moreover, the main area of study is Enterprise Risk
Management which describe an approach that is used to identify, analyse and also responding or
monitoring the risk opportunities which currently an enterprise facing from internal as well as
from external environment. Further, every company faces issues related to risk and sudden
change in the market position which directly affect the organization in negative way and thus, it
is quite essential to implement best enterprise risk management process so that it will help to
mitigate high risk chances among companies.
Through the study, researcher wants to describe the current issues and different factors
that affect the overall business in negative way. Further, the researcher main area of focus on risk
management and business performance with implementing sustainable development so that it
will also promote the sustainability development goals as well. As a result, if the company
comply with this, then will creates positive impact upon business performance such that it
recognise the brand image at international level and also able to attract wide range of customers
too.
3.3 Study population and Sampling Size
Sampling can be defined as a procedure which is used in analysis where a pre-determined
number of observations are taken from a huge population. It can also be defined as a process of
selecting people from an interested population so that sample of the study can be selected fairly
in a generalized manner from the population they belong to. It is important to select a subset or
sample from a population because it helps in making the study feasible and possible as it is not
possible to work on a large interested population directly (Quinlan, Babin, Carr & Griffin, 2019).
So, for this sample population is chosen. It is not possible for a researcher to study a entire
population. Not only this working on entire population also degrades the quality of a research.
Because of this it becomes important to choose correct and appropriate sample population from
the chosen population because improper and biased sample is one of the main reasons because of
which analysis of the research of any study can be degraded. It can also be said that correct
sample helps in determining context of a data There are various benefits of choosing a sample
population in a research study. First and the foremost benefit of choosing sample size is that it
helps in making a study or a research of any type as well as size manageable and feasible. It also
area of study is to describe the performance of a business and also analyse different ways
through which the risk is minimizes. Moreover, the main area of study is Enterprise Risk
Management which describe an approach that is used to identify, analyse and also responding or
monitoring the risk opportunities which currently an enterprise facing from internal as well as
from external environment. Further, every company faces issues related to risk and sudden
change in the market position which directly affect the organization in negative way and thus, it
is quite essential to implement best enterprise risk management process so that it will help to
mitigate high risk chances among companies.
Through the study, researcher wants to describe the current issues and different factors
that affect the overall business in negative way. Further, the researcher main area of focus on risk
management and business performance with implementing sustainable development so that it
will also promote the sustainability development goals as well. As a result, if the company
comply with this, then will creates positive impact upon business performance such that it
recognise the brand image at international level and also able to attract wide range of customers
too.
3.3 Study population and Sampling Size
Sampling can be defined as a procedure which is used in analysis where a pre-determined
number of observations are taken from a huge population. It can also be defined as a process of
selecting people from an interested population so that sample of the study can be selected fairly
in a generalized manner from the population they belong to. It is important to select a subset or
sample from a population because it helps in making the study feasible and possible as it is not
possible to work on a large interested population directly (Quinlan, Babin, Carr & Griffin, 2019).
So, for this sample population is chosen. It is not possible for a researcher to study a entire
population. Not only this working on entire population also degrades the quality of a research.
Because of this it becomes important to choose correct and appropriate sample population from
the chosen population because improper and biased sample is one of the main reasons because of
which analysis of the research of any study can be degraded. It can also be said that correct
sample helps in determining context of a data There are various benefits of choosing a sample
population in a research study. First and the foremost benefit of choosing sample size is that it
helps in making a study or a research of any type as well as size manageable and feasible. It also
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helps in saving or reducing overall cost of the study or research. Choosing correct samples from
a population also helps in making research results or findings more accurate and appropriate. It
also helps in providing an opportunity to the researcher so that they can process all the data or
information collected in a more efficient way. Other than this it also helps in reducing the overall
time of collecting primary data and accelerates the overall speed of the research.
Sample population can only be selected when it is valuable and reliable and can represent
the study in an efficient manner (Emerson, 2015). So, in order to select a sampling size first and
the foremost thing a researcher should do is to select sample population from which sample size
will be selected and for this it is important to know the reason behind choosing the sample
population for a study or research. Before choosing the correct and accurate sample population
there are various questions that to be known and answered so that correct population can be
selected. First question to be answered is what population is to be chosen, second is to determine
what number of people should be chosen as a sample for participation. As correct sample size is
also important to be determined and it is one of the most crucial and important information that
should be known by the researcher because of the sample is too big then required than it is
simple waste of resources, time and money as well as it will also reduce reliability of the study.
According to a survey, determination of sample size depends upon how accurate researcher
wants the research results should be and how closely the results should match the desired
population. It has been observed that many times error arises in analysis due to incorrect sample
size and especially in quantitative analysis or statistical analysis (Wildemuth, 2016). It becomes
important for researcher to choose sample with smallest error that can represent a complete
population. Large samples have least errors whereas small samples have large error chances. But
it has also been observed that it is quite easy to handle errors in a small sample size and difficult
to handle large sample errors. But choice of size of sample depends upon the type of study,
results to be achieved, desired level of accuracy of results. So, once the respondents are decided,
sampling method is chosen based on the sample population and size of the sample chosen. It
another important aspect of the population to be considered as it helps the researcher to decide
how, when and in what ways sample population chosen will be participating the research study.
This directly impact the desired results of the study (Etikan, Musa & Alkassim, 2016). They
manner in which chosen population participates in the study further impacts the manner in which
data analysis will be done.
a population also helps in making research results or findings more accurate and appropriate. It
also helps in providing an opportunity to the researcher so that they can process all the data or
information collected in a more efficient way. Other than this it also helps in reducing the overall
time of collecting primary data and accelerates the overall speed of the research.
Sample population can only be selected when it is valuable and reliable and can represent
the study in an efficient manner (Emerson, 2015). So, in order to select a sampling size first and
the foremost thing a researcher should do is to select sample population from which sample size
will be selected and for this it is important to know the reason behind choosing the sample
population for a study or research. Before choosing the correct and accurate sample population
there are various questions that to be known and answered so that correct population can be
selected. First question to be answered is what population is to be chosen, second is to determine
what number of people should be chosen as a sample for participation. As correct sample size is
also important to be determined and it is one of the most crucial and important information that
should be known by the researcher because of the sample is too big then required than it is
simple waste of resources, time and money as well as it will also reduce reliability of the study.
According to a survey, determination of sample size depends upon how accurate researcher
wants the research results should be and how closely the results should match the desired
population. It has been observed that many times error arises in analysis due to incorrect sample
size and especially in quantitative analysis or statistical analysis (Wildemuth, 2016). It becomes
important for researcher to choose sample with smallest error that can represent a complete
population. Large samples have least errors whereas small samples have large error chances. But
it has also been observed that it is quite easy to handle errors in a small sample size and difficult
to handle large sample errors. But choice of size of sample depends upon the type of study,
results to be achieved, desired level of accuracy of results. So, once the respondents are decided,
sampling method is chosen based on the sample population and size of the sample chosen. It
another important aspect of the population to be considered as it helps the researcher to decide
how, when and in what ways sample population chosen will be participating the research study.
This directly impact the desired results of the study (Etikan, Musa & Alkassim, 2016). They
manner in which chosen population participates in the study further impacts the manner in which
data analysis will be done.
For this research which is entitled as “Enterprise risk management, self-organization,
networking and financial performance in Australia private procurement contracts” that study
target population chosen for this research paper is people working in private procurement sector
of Australia. Further from this chosen sample population, sample frame will be all the
contractors working in this procurement sector. Sample size chosen from this sample frame is
250 contractors that work in this sector. This sector has been chosen as target population as this
complete case study is based on networking, financial performance, enterprise risk management
in Australia’s private procurement sector. People working in this sector have much more
knowledge about this sector thus it can be said that private procurement sector is the correct
chosen population. Within this sector as well contractors are chosen because they know all pros
and cons of this sector, they have wide knowledge of financial and network performance of this
sector, they also know what are the enterprise risk that are associated with this sector and in what
ways it can be managed (Duan, Bhaumik, Palinkas & Hoagwood, 2015). Within this population
as well 250 contractors have been chosen because 250 contractors are sufficient to collect all the
required data related to this topic. Analysis of 250 contractors’ data is easy and can be analysed
easily in an efficient manner. 250 contractor’s data will also increase the reliability and accuracy
of the data as well as of the desired results of the data. Cost of conducting and collecting these
sample data will also be less as compared to cost of collecting data from more than 250
contractors. All the data can be collected within a short duration of time as it is easy to reach 250
contractors as compared to whole population working in procurement sector of Australia.
3.4 Sampling Design and Procedure
Sampling design can be defined as a mathematical function that helps in providing an idea
of sample which is to be drawn. Sampling design is one of the most crucial part of a research
paper as it helps determining the sample method which is to be selected in order to select a
sample population. In order to select a sample size for a study there is a procedure or a process
that helps in selecting sample to be chosen from primary data collection (Gog, 2015). The
process of choosing a sample size involves few stages. First is to define a target population.
Target population is the defined or specific population that are suitable for the study and can
serve as a source to collect primary data for the research. It is important to select correct and
accurate target population as on the basis of this sample is chosen. So, if wrong target population
is chosen them further sample chosen will also be wrong. Then from the targeted population
networking and financial performance in Australia private procurement contracts” that study
target population chosen for this research paper is people working in private procurement sector
of Australia. Further from this chosen sample population, sample frame will be all the
contractors working in this procurement sector. Sample size chosen from this sample frame is
250 contractors that work in this sector. This sector has been chosen as target population as this
complete case study is based on networking, financial performance, enterprise risk management
in Australia’s private procurement sector. People working in this sector have much more
knowledge about this sector thus it can be said that private procurement sector is the correct
chosen population. Within this sector as well contractors are chosen because they know all pros
and cons of this sector, they have wide knowledge of financial and network performance of this
sector, they also know what are the enterprise risk that are associated with this sector and in what
ways it can be managed (Duan, Bhaumik, Palinkas & Hoagwood, 2015). Within this population
as well 250 contractors have been chosen because 250 contractors are sufficient to collect all the
required data related to this topic. Analysis of 250 contractors’ data is easy and can be analysed
easily in an efficient manner. 250 contractor’s data will also increase the reliability and accuracy
of the data as well as of the desired results of the data. Cost of conducting and collecting these
sample data will also be less as compared to cost of collecting data from more than 250
contractors. All the data can be collected within a short duration of time as it is easy to reach 250
contractors as compared to whole population working in procurement sector of Australia.
3.4 Sampling Design and Procedure
Sampling design can be defined as a mathematical function that helps in providing an idea
of sample which is to be drawn. Sampling design is one of the most crucial part of a research
paper as it helps determining the sample method which is to be selected in order to select a
sample population. In order to select a sample size for a study there is a procedure or a process
that helps in selecting sample to be chosen from primary data collection (Gog, 2015). The
process of choosing a sample size involves few stages. First is to define a target population.
Target population is the defined or specific population that are suitable for the study and can
serve as a source to collect primary data for the research. It is important to select correct and
accurate target population as on the basis of this sample is chosen. So, if wrong target population
is chosen them further sample chosen will also be wrong. Then from the targeted population
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sampling frame is chosen. Sample frame is a list of people that comes under targeted population
who can contribute in a proper and accurate manner in the research for accurate and correct
research results. Then from the sample frame sample size is determined. In this number of
individuals from the sample frame are chosen who will be participating in the primary data
collection process. But in order to select or determine sample size various factors are required to
be taken into account. First is to minimize sampling error magnitude which can only be done by
increasing or selecting proper sample size. Many times, few surveys require greater sample size
for example research that are based on experimental studies as such kind of research requires
larger sample population as it helps the researcher to get accurate results. It is important to mail
survey questions to larger sample because it is not important that all the selected sample people
will be participating in the study, many times it happens that the response to survey questions is
only 20 to 250 percent. Lastly one of the most important factors that helps in determining sample
size is cost factor and subject availability i.e. if the subject is not available to participate in the
study or if the cost of conducting primary data collection is less then based on both the factors
sample size is reduced (Gog, 2015). After selection of sample size, sampling method is selected
and then chosen sampling method is then then applied into practise
Sampling method or sampling technique can be grouped into two broad categories:
probability sampling and non-probability sampling. Probability sampling is a kind of sampling
method in which every member of the population has a chance (non-zero probability) of getting
selected in the sample and this chance can be accurately determined. As long as sample members
are weighted according to their selection probability these samples can be chosen for any study
and in any manner. At certain point sampling procedure involves random selection. Whereas
non-probability sampling is a sampling method in which completely depends upon researcher’s
ability to select members for a defined population in a random manner. It is a type of sampling
method in which all the members of sampling population do not have a sure chance of getting
selected in fact only some people have a sure chance of getting selected. In this type of sampling
members from a population are selected on a non-random criterial. This sampling does not allow
estimation of sampling errors. So, it can be said that it is difficult for the researcher to provide all
the members of the population with an equal opportunity to be included in the sample (Kumar,
2019). Both probability and non-probability methods are further divided into various other
who can contribute in a proper and accurate manner in the research for accurate and correct
research results. Then from the sample frame sample size is determined. In this number of
individuals from the sample frame are chosen who will be participating in the primary data
collection process. But in order to select or determine sample size various factors are required to
be taken into account. First is to minimize sampling error magnitude which can only be done by
increasing or selecting proper sample size. Many times, few surveys require greater sample size
for example research that are based on experimental studies as such kind of research requires
larger sample population as it helps the researcher to get accurate results. It is important to mail
survey questions to larger sample because it is not important that all the selected sample people
will be participating in the study, many times it happens that the response to survey questions is
only 20 to 250 percent. Lastly one of the most important factors that helps in determining sample
size is cost factor and subject availability i.e. if the subject is not available to participate in the
study or if the cost of conducting primary data collection is less then based on both the factors
sample size is reduced (Gog, 2015). After selection of sample size, sampling method is selected
and then chosen sampling method is then then applied into practise
Sampling method or sampling technique can be grouped into two broad categories:
probability sampling and non-probability sampling. Probability sampling is a kind of sampling
method in which every member of the population has a chance (non-zero probability) of getting
selected in the sample and this chance can be accurately determined. As long as sample members
are weighted according to their selection probability these samples can be chosen for any study
and in any manner. At certain point sampling procedure involves random selection. Whereas
non-probability sampling is a sampling method in which completely depends upon researcher’s
ability to select members for a defined population in a random manner. It is a type of sampling
method in which all the members of sampling population do not have a sure chance of getting
selected in fact only some people have a sure chance of getting selected. In this type of sampling
members from a population are selected on a non-random criterial. This sampling does not allow
estimation of sampling errors. So, it can be said that it is difficult for the researcher to provide all
the members of the population with an equal opportunity to be included in the sample (Kumar,
2019). Both probability and non-probability methods are further divided into various other
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sampling methods that can be used to select members from a population in as better and proper
manner.
Probability sampling is divided into four main types: simple random sampling, cluster
sampling, systematic sampling and stratified random sampling. Simple random sampling is one
of the best probability sampling method that can be used by the researcher in selecting the
sample size and reducing use of cost, time and resources. It is one of the most trustworthy
method of obtaining information from each and every member of the population randomly. In
this each member has the same probability of getting selected as a sample size of the study
(Palinkas, Horwitz, Green & Hoagwood, 2015). For this it is required to have a sample frame of
few hundred people only then it can used in an effective manner. Cluster sampling is a method in
which whole population is divided into few clusters. These clusters are identified and included in
the research study on the basis of few demographic parameters like: age, sex etc. this division
makes it much easier for the researcher to derive effective results from the survey feedbacks.
Systematic sampling method is chosen is a method in which members from a population are
chosen at regular interval of population .it requires starting point of the sample and sample size
that can be repeated at regular intervals. Stratified random sampling is a method in which sample
population is divided into smaller groups that represents whole population all together (Etikan &
Bala, 2017). Other than this non-probability sampling is also of four main types: convenience
sampling, Judgemental or purposive sampling, snowball sampling, quota sampling. Convenience
sampling is a method which is dependent upon ease of access to the subject. It is selected on the
basis of easiness of the researcher to get in touch with their sample study members. Judgemental
sampling is a method in which sample is chosen by forming a discretion of the judge purely on
the basis of purpose of the study along with understanding of target audience. Snowball sampling
is a method is used to carry out understanding of the subject that are difficult to be traced. Quota
sampling is a technique which happens on the basis of pre-set standards. In this samples are
formed on the basis of specific attributes that are formed in specific attributes of total population.
For this research paper probability sampling method will be chosen according to the sample size
of sample population are chosen. And within probability sampling method simple random
sampling method has be chosen.
manner.
Probability sampling is divided into four main types: simple random sampling, cluster
sampling, systematic sampling and stratified random sampling. Simple random sampling is one
of the best probability sampling method that can be used by the researcher in selecting the
sample size and reducing use of cost, time and resources. It is one of the most trustworthy
method of obtaining information from each and every member of the population randomly. In
this each member has the same probability of getting selected as a sample size of the study
(Palinkas, Horwitz, Green & Hoagwood, 2015). For this it is required to have a sample frame of
few hundred people only then it can used in an effective manner. Cluster sampling is a method in
which whole population is divided into few clusters. These clusters are identified and included in
the research study on the basis of few demographic parameters like: age, sex etc. this division
makes it much easier for the researcher to derive effective results from the survey feedbacks.
Systematic sampling method is chosen is a method in which members from a population are
chosen at regular interval of population .it requires starting point of the sample and sample size
that can be repeated at regular intervals. Stratified random sampling is a method in which sample
population is divided into smaller groups that represents whole population all together (Etikan &
Bala, 2017). Other than this non-probability sampling is also of four main types: convenience
sampling, Judgemental or purposive sampling, snowball sampling, quota sampling. Convenience
sampling is a method which is dependent upon ease of access to the subject. It is selected on the
basis of easiness of the researcher to get in touch with their sample study members. Judgemental
sampling is a method in which sample is chosen by forming a discretion of the judge purely on
the basis of purpose of the study along with understanding of target audience. Snowball sampling
is a method is used to carry out understanding of the subject that are difficult to be traced. Quota
sampling is a technique which happens on the basis of pre-set standards. In this samples are
formed on the basis of specific attributes that are formed in specific attributes of total population.
For this research paper probability sampling method will be chosen according to the sample size
of sample population are chosen. And within probability sampling method simple random
sampling method has be chosen.
3.5 Data Collection procedures
Data collection can be defined as a process of gathering and measuring information on
variables of interest in an established and systematic manner that helps the researcher to answer
research question in a proper manner. It also helps the researcher to find answers or information
from all the relevant sources which further helps them to evaluate their research outcomes. Data
collection task mainly starts after the research problem has been identified and research design or
plan has been defined (Palinkas, Horwitz, Green & Hoagwood, 2015). Data collection method
can mainly be divided into two main parts: first is primary data collection method and second is
secondary data collection method. Primary data are those data that are collected freshly for the
first time and thus happen to be known as primary data. Secondary data are those data that had
already been collected by someone else and had already gone through statistical process. Such
type of data is known as secondary data. There are several methods through which primary data
can be collected especially for research papers. Primary data can be obtained by observations,
conducting a survey, interview or any other direct way of communication with the participants in
one form or another. As secondary data is already available data it can either be obtained from
any source with published or unpublished data. Researchers need to be extremely careful
while dealing with secondary data because there is large amount of data available, some of them
are suitable and some of them unsuitable for the research. Both primary and secondary data have
their pros and cons. Advantage of primary data is that through this data subjective biasness is
eliminated, natural behaviour of the participants can be recorded and data is not affected by past
behaviour. But there are few cons of this data such as it is quite expensive and information
gathered is limited (Navaz & Nawaz, 2016). Advantages of secondary data are that this data is
easily available and has already gone through statistical process. But there are few cons of this
data like whether that data is suitable for the study or not, whether it is reliable or not. For this
study primary data collection method has been chosen. Within primary data collection survey
method has been chosen to collect data from 250 respondents. The survey questionnaire consists
of 50 questions. All the 250 participants need to participate in the survey and fill all the questions
of the questionnaire survey.
3.6 Sources of data
For initiating any research, it is very necessary for the researcher to gather the relevant
data relating to the research topic that is enterprise risk management. The data collection refers to
Data collection can be defined as a process of gathering and measuring information on
variables of interest in an established and systematic manner that helps the researcher to answer
research question in a proper manner. It also helps the researcher to find answers or information
from all the relevant sources which further helps them to evaluate their research outcomes. Data
collection task mainly starts after the research problem has been identified and research design or
plan has been defined (Palinkas, Horwitz, Green & Hoagwood, 2015). Data collection method
can mainly be divided into two main parts: first is primary data collection method and second is
secondary data collection method. Primary data are those data that are collected freshly for the
first time and thus happen to be known as primary data. Secondary data are those data that had
already been collected by someone else and had already gone through statistical process. Such
type of data is known as secondary data. There are several methods through which primary data
can be collected especially for research papers. Primary data can be obtained by observations,
conducting a survey, interview or any other direct way of communication with the participants in
one form or another. As secondary data is already available data it can either be obtained from
any source with published or unpublished data. Researchers need to be extremely careful
while dealing with secondary data because there is large amount of data available, some of them
are suitable and some of them unsuitable for the research. Both primary and secondary data have
their pros and cons. Advantage of primary data is that through this data subjective biasness is
eliminated, natural behaviour of the participants can be recorded and data is not affected by past
behaviour. But there are few cons of this data such as it is quite expensive and information
gathered is limited (Navaz & Nawaz, 2016). Advantages of secondary data are that this data is
easily available and has already gone through statistical process. But there are few cons of this
data like whether that data is suitable for the study or not, whether it is reliable or not. For this
study primary data collection method has been chosen. Within primary data collection survey
method has been chosen to collect data from 250 respondents. The survey questionnaire consists
of 50 questions. All the 250 participants need to participate in the survey and fill all the questions
of the questionnaire survey.
3.6 Sources of data
For initiating any research, it is very necessary for the researcher to gather the relevant
data relating to the research topic that is enterprise risk management. The data collection refers to
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as assimilating and gathering the data relevant to the study. The data collection includes
analysing the requirement of data and which type of data is needed (Ramalho, Adams, Huggard
& Hoare, 2015). Then in accordance to the need of the data the researcher finds the source of the
data to be collected. The source of data is defined as the place from where the data is collected
by the researcher. These sources can be of different types like primary source of data and the
other one is secondary source of data collection. It is very necessary to collect the data from the
correct source as if the data will not be appropriate then it will impact the quality of the research
and its resulting outcomes.
The first source of data collection is the primary source of collection of data. The primary
source refers to as the data collected directly from the respondent and this is also known as the
first- hand data. This is because of the reason that this data is collected for the first time and is
also used in the research for the first time. This type of data contains raw information and then
this data is analysed and evaluated by the researcher in accordance with the aim of the research.
This is because of the reason that the researcher collects the data according to his requirements of
the research aim and then use the data collected in accordance with the research.
This primary data can be collected through many different ways. These ways are like
direct or personal interviews, surveys, information collected through observations or results of
any experiment and many other different sources. This type of method is very helpful for the
researcher because of the reason that this method provides for the latest and correct information.
it is so because the researcher himself goes and collects the data and there is no chance of any
misinterpretation of the data. Also, this type of source of data is relevant because of the reason
that it includes the first- hand information which has not been used in any of the earlier research.
This first- hand data ensures that the research is totally based on fresh data collected directly
from the source only (Thomson & McLeod, 2015).
Also, use of primary source of data is helpful because of the reason that this data is
original and has not been used in any of the earlier research. This ensures that the data collected
is the latest and updated and is used in correct way. The major benefit of using primary source of
data collection is that this data can be collected with convenience of the researcher. This is
because of the reason that the researcher can modify the ways of collecting the information like
if the respondent is very introvert or shy and is not comfortable in answering the questions of the
researcher then the researcher can change the methods of primary data collection and can use
analysing the requirement of data and which type of data is needed (Ramalho, Adams, Huggard
& Hoare, 2015). Then in accordance to the need of the data the researcher finds the source of the
data to be collected. The source of data is defined as the place from where the data is collected
by the researcher. These sources can be of different types like primary source of data and the
other one is secondary source of data collection. It is very necessary to collect the data from the
correct source as if the data will not be appropriate then it will impact the quality of the research
and its resulting outcomes.
The first source of data collection is the primary source of collection of data. The primary
source refers to as the data collected directly from the respondent and this is also known as the
first- hand data. This is because of the reason that this data is collected for the first time and is
also used in the research for the first time. This type of data contains raw information and then
this data is analysed and evaluated by the researcher in accordance with the aim of the research.
This is because of the reason that the researcher collects the data according to his requirements of
the research aim and then use the data collected in accordance with the research.
This primary data can be collected through many different ways. These ways are like
direct or personal interviews, surveys, information collected through observations or results of
any experiment and many other different sources. This type of method is very helpful for the
researcher because of the reason that this method provides for the latest and correct information.
it is so because the researcher himself goes and collects the data and there is no chance of any
misinterpretation of the data. Also, this type of source of data is relevant because of the reason
that it includes the first- hand information which has not been used in any of the earlier research.
This first- hand data ensures that the research is totally based on fresh data collected directly
from the source only (Thomson & McLeod, 2015).
Also, use of primary source of data is helpful because of the reason that this data is
original and has not been used in any of the earlier research. This ensures that the data collected
is the latest and updated and is used in correct way. The major benefit of using primary source of
data collection is that this data can be collected with convenience of the researcher. This is
because of the reason that the researcher can modify the ways of collecting the information like
if the respondent is very introvert or shy and is not comfortable in answering the questions of the
researcher then the researcher can change the methods of primary data collection and can use
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instead of personal interview the method of questionnaire (Alexander, Gelderblom & De Kock,
2015). This will help the researcher in satisfying the respondent and on the other side the
respondent will also be happy that the researcher respected his behaviour and adjusted according
to the need of the respondent.
Another reason for using this type of source of data is that if at the time of asking the
question the researcher feels that any question is not relating to the situation then it can modify
the question at time of asking the respondent. Also, other advantage of using this research is that
the researcher by just observing the situation also can gather the data. This is helpful because of
the reason the in this the researcher has not to ask anybody for anything.
Strength of primary data source- The data is original and has not been used in any of the earlier
research. Also, data collection is that this data can be collected with convenience of the
researcher.
Weakness- The weakness is that it takes a lot of time to gather data which led to increase in cost
of research. Besides, primary data collected may not be appropriate.
On the other side, another source of data collection is the secondary source of data. This
is the type of data which is collected from the published sources. These are the data which is
already published in either some books, journals, magazines and other articles over the internet.
This is a very good source of data collection because a variety of data can be collected from this
type of source and also information relating to any topic can be used and is available at this
source of data. The use of this source of data is beneficial because of the reason that this data is
easily available and accessible for the researcher and it can use this from anywhere at any time.
Another reason for using this source of data is that this is very economical as compares
with the primary data. This is because of the reason that this data can be accessed even from the
mobile phones which have internet access. Another reason for the using secondary sources of
data is that these are the authentic data as these have already been used in some or the other
research earlier. One more benefit of using this source of the data is that it helps in making the
data collected from primary sources more specific.
Strength of secondary data source- the type of data which is collected from the published sources
that is valid and reliable. The data is authentic data as these have already been used in some or
the other research earlier.
2015). This will help the researcher in satisfying the respondent and on the other side the
respondent will also be happy that the researcher respected his behaviour and adjusted according
to the need of the respondent.
Another reason for using this type of source of data is that if at the time of asking the
question the researcher feels that any question is not relating to the situation then it can modify
the question at time of asking the respondent. Also, other advantage of using this research is that
the researcher by just observing the situation also can gather the data. This is helpful because of
the reason the in this the researcher has not to ask anybody for anything.
Strength of primary data source- The data is original and has not been used in any of the earlier
research. Also, data collection is that this data can be collected with convenience of the
researcher.
Weakness- The weakness is that it takes a lot of time to gather data which led to increase in cost
of research. Besides, primary data collected may not be appropriate.
On the other side, another source of data collection is the secondary source of data. This
is the type of data which is collected from the published sources. These are the data which is
already published in either some books, journals, magazines and other articles over the internet.
This is a very good source of data collection because a variety of data can be collected from this
type of source and also information relating to any topic can be used and is available at this
source of data. The use of this source of data is beneficial because of the reason that this data is
easily available and accessible for the researcher and it can use this from anywhere at any time.
Another reason for using this source of data is that this is very economical as compares
with the primary data. This is because of the reason that this data can be accessed even from the
mobile phones which have internet access. Another reason for the using secondary sources of
data is that these are the authentic data as these have already been used in some or the other
research earlier. One more benefit of using this source of the data is that it helps in making the
data collected from primary sources more specific.
Strength of secondary data source- the type of data which is collected from the published sources
that is valid and reliable. The data is authentic data as these have already been used in some or
the other research earlier.
Weakness - The data may not answer scholar specific research questions or contain reliable
information. Moreover, scholar do not know how the data collection process was done or how
carried out.
In the present research on the enterprise risk management, self- organization, networking
and financial performance in Australia private procurement contract the researcher has made use
of both the sources of data (Thompkins, Deshpande, Waggoner & Katz, 2016). This is because
of the reason that the primary source of data provides with the original data and the data
collected from the secondary sources authenticates the primary sources data. For this researcher
has used the tool of literature review within which the researcher with help of the views of
different authors validates the data collected from the primary sources.
3.7 Measurement of variables
Variables refers to as any element that has either a quantity or quality attached to it that varies
from the other variable (Fox & Alldred, 2015). The variables are of two different types that is the
dependent variable and the independent variable. Firstly, the dependent variable is the one which
is dependent in the other that is change in other factors also affects the working of the dependent
variable. On the other hand, the independent variable are the ones which are not affected by
change in any of the other variable. It is very necessary for the researcher to correctly measure
the variables. This is because of the reason that if the researcher is not able to measure the
variable in the correct way then the research will not be conducted in proper way. Therefore, it is
very essential for the researcher to assess the variable easily and effectively. The variable can be
measured through different types of scales and other methods. These scales are discussed in the
following points- Nominal scale- these scales do not have any numeric value therefore these cannot be
added or subtracted. Also, these are not in order rather this only satisfies the property of
measurement. Like for instance, gender is a type of variable but this is measured on a
nominal scale as this do not have any value. They can only be measured as male or
female. No numeric value is attached to this variable. Ordinal scale- this scale includes the variables which can be placed in order. This scale
helps in measuring a variable in terms like rank, identity, magnitude and other related
information. Moreover, scholar do not know how the data collection process was done or how
carried out.
In the present research on the enterprise risk management, self- organization, networking
and financial performance in Australia private procurement contract the researcher has made use
of both the sources of data (Thompkins, Deshpande, Waggoner & Katz, 2016). This is because
of the reason that the primary source of data provides with the original data and the data
collected from the secondary sources authenticates the primary sources data. For this researcher
has used the tool of literature review within which the researcher with help of the views of
different authors validates the data collected from the primary sources.
3.7 Measurement of variables
Variables refers to as any element that has either a quantity or quality attached to it that varies
from the other variable (Fox & Alldred, 2015). The variables are of two different types that is the
dependent variable and the independent variable. Firstly, the dependent variable is the one which
is dependent in the other that is change in other factors also affects the working of the dependent
variable. On the other hand, the independent variable are the ones which are not affected by
change in any of the other variable. It is very necessary for the researcher to correctly measure
the variables. This is because of the reason that if the researcher is not able to measure the
variable in the correct way then the research will not be conducted in proper way. Therefore, it is
very essential for the researcher to assess the variable easily and effectively. The variable can be
measured through different types of scales and other methods. These scales are discussed in the
following points- Nominal scale- these scales do not have any numeric value therefore these cannot be
added or subtracted. Also, these are not in order rather this only satisfies the property of
measurement. Like for instance, gender is a type of variable but this is measured on a
nominal scale as this do not have any value. They can only be measured as male or
female. No numeric value is attached to this variable. Ordinal scale- this scale includes the variables which can be placed in order. This scale
helps in measuring a variable in terms like rank, identity, magnitude and other related
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aspects. This type of scale provides the information relating to the difference between the
variables. Like the difference between the first rank and the last rank. Interval scale- this is a type of scale which includes some ordered numbers which are
divided with some logical divisions the difference between these divisions are of equal
interval. These scales have properties like identity, equal distance, magnitude and many
other (Gastaldo, Rivas-Quarneti & Magalhães, 2018).
Ratio scale- these scales of measuring the variable are similar to the interval scales. this
scale also represents the quantity and also has some equality among the units. this scale
has some common characteristics of all the scales that is nominal, ordinal and interval
scales. the different properties of this scale are like absolute or true zero, equal distance,
magnitude and many other related characteristics.
3.8 Validity and reliability of instrument
Reliability refers to as the ability of being trustworthy enough. In respect of research the
reliability is defined as the degree up to which the results of the research can be relied up to that
is the degree up to which the results are correct and absolute (Elharram, Dinh, Lalande, Ge, Gao
& Noël, 2017). It is very necessary for the research instrument to be reliable. The underlying
reason behind this fact is that if the instrument with which the results of the research is gained is
not reliable then how the research results will be trusted by the other readers of the research.
Therefore, it is very necessary for the researcher to maintain the reliability of all the instruments
of the research. Like for instance if the researcher uses the method of questionnaire to collect the
data. But the questions which the researcher made are not in accordance with the research topic
then how the results of the analysis of the research will be reliable.
Also, this research is read by many different people for many different purposes.
Therefore, it is very necessary for the researcher to make sure that the reliability is ensured in the
research. It is because of the reason that if there will not be reliability then the other readers and
the users of the research will not trust the results of the research and will not use these results for
any future use or for future reference. Reliability ensure that reader of research is trusting the
finding of research and also has some trust in findings and result of the research. This reliability
ensures that more of the readers are attracted towards the research work and use this research as
references for their work.
variables. Like the difference between the first rank and the last rank. Interval scale- this is a type of scale which includes some ordered numbers which are
divided with some logical divisions the difference between these divisions are of equal
interval. These scales have properties like identity, equal distance, magnitude and many
other (Gastaldo, Rivas-Quarneti & Magalhães, 2018).
Ratio scale- these scales of measuring the variable are similar to the interval scales. this
scale also represents the quantity and also has some equality among the units. this scale
has some common characteristics of all the scales that is nominal, ordinal and interval
scales. the different properties of this scale are like absolute or true zero, equal distance,
magnitude and many other related characteristics.
3.8 Validity and reliability of instrument
Reliability refers to as the ability of being trustworthy enough. In respect of research the
reliability is defined as the degree up to which the results of the research can be relied up to that
is the degree up to which the results are correct and absolute (Elharram, Dinh, Lalande, Ge, Gao
& Noël, 2017). It is very necessary for the research instrument to be reliable. The underlying
reason behind this fact is that if the instrument with which the results of the research is gained is
not reliable then how the research results will be trusted by the other readers of the research.
Therefore, it is very necessary for the researcher to maintain the reliability of all the instruments
of the research. Like for instance if the researcher uses the method of questionnaire to collect the
data. But the questions which the researcher made are not in accordance with the research topic
then how the results of the analysis of the research will be reliable.
Also, this research is read by many different people for many different purposes.
Therefore, it is very necessary for the researcher to make sure that the reliability is ensured in the
research. It is because of the reason that if there will not be reliability then the other readers and
the users of the research will not trust the results of the research and will not use these results for
any future use or for future reference. Reliability ensure that reader of research is trusting the
finding of research and also has some trust in findings and result of the research. This reliability
ensures that more of the readers are attracted towards the research work and use this research as
references for their work.
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In research reliability is divided into three different categories which are discussed in the
following points- Test- retest reliability- this is a type of reliability which is obtained by taking the same
test for more than one time over a period of time. This test is done on the same sample
size every time the test is redone. This test of reliability is done to make sure that all the
views of the respondent are clearly identified (Opoku, Ahmed & Akotia, 2016). This is
because of the reason that if a same test is done over the sample then it might be possible
that the result of the first test is different from the second test as it might be possible that
the in first test the respondent might not answer in proper way and in second test they
might take the questions seriously and this may change the answers of the respondent.
But if the test will be done frequently then at some point of time the results will come
same. Parallel form reliability- this is another type of reliability test which is used to measure
the reliability with doing test on the same sample but with different method of
assessment. Like for instance firstly the data is collected by way of questionnaire but
again the same sample is chosen but this time the data is collected with another method
like personal interview. Then again third time another method like survey or observation
is used. This ensures that the respondent answers are same with all the methods of data
collection. If the answers are same then it infers that the data collected is reliable (Arantes
do Amaral, dos Santos & Rodrigues, 2018).
Inter- rater reliability- under this type of reliability test the researcher conducts the test
by different person or assessors but the methods of all the assessors are same. This
method ensures reliability as all the assessors are different in their perception and this
ensures that all the respondents are asked questions of all the different types and then
they compare the results of all the assessors to reach at some conclusions.
On the other hand, validity is defined as the degree up to which anything is correct or
logically sound. In context with research the validity is referred to as the indicator that how
sound or logical is the research and the research findings. The validity pertains to the fact that the
research method used must be valid. In short, validity refers to as the degree that how well the
instrument of measurement measures the intended thing properly. Reliability alone cannot
following points- Test- retest reliability- this is a type of reliability which is obtained by taking the same
test for more than one time over a period of time. This test is done on the same sample
size every time the test is redone. This test of reliability is done to make sure that all the
views of the respondent are clearly identified (Opoku, Ahmed & Akotia, 2016). This is
because of the reason that if a same test is done over the sample then it might be possible
that the result of the first test is different from the second test as it might be possible that
the in first test the respondent might not answer in proper way and in second test they
might take the questions seriously and this may change the answers of the respondent.
But if the test will be done frequently then at some point of time the results will come
same. Parallel form reliability- this is another type of reliability test which is used to measure
the reliability with doing test on the same sample but with different method of
assessment. Like for instance firstly the data is collected by way of questionnaire but
again the same sample is chosen but this time the data is collected with another method
like personal interview. Then again third time another method like survey or observation
is used. This ensures that the respondent answers are same with all the methods of data
collection. If the answers are same then it infers that the data collected is reliable (Arantes
do Amaral, dos Santos & Rodrigues, 2018).
Inter- rater reliability- under this type of reliability test the researcher conducts the test
by different person or assessors but the methods of all the assessors are same. This
method ensures reliability as all the assessors are different in their perception and this
ensures that all the respondents are asked questions of all the different types and then
they compare the results of all the assessors to reach at some conclusions.
On the other hand, validity is defined as the degree up to which anything is correct or
logically sound. In context with research the validity is referred to as the indicator that how
sound or logical is the research and the research findings. The validity pertains to the fact that the
research method used must be valid. In short, validity refers to as the degree that how well the
instrument of measurement measures the intended thing properly. Reliability alone cannot
measure the success of the research alone therefore; the validity ensures that the content and the
data of the research is correct and logical.
The validity is necessary to be maintained in terms of the data also. The underlying
reason behind this fact is that if the researcher does not collect data from the correct sources and
does not brings in authentic information then the research project will not be valid. Also, the
researcher must ensure that it choose the correct method of data collection. This is because of the
reason that if the researcher wants to communicate with a person who is not literate of English
and the researcher uses the method of questionnaire and the questions are in English then the
method of data collection is not valid. In this situation the researcher should have used the
method of personal interview (Pahwa, Abonyi, Karunanayake, Rennie, Janzen, Kirychuk &
Naytowhow, 2015). It is so because of the reason that the researcher can personally talk to the
respondent and ask them questions personally.
The validity is of different types which are discussed in the connected points below- Face validity- this is the basic validity which is related with the highest level of
subjectivity as it does not relate with the scientific approach. This ensures that the test is
valid as the researcher is using this. Construct validity- it is a validity test which assessing the suitability of the tool or
instrument of the measurement. The application of this validity ensures that the research
involves the experts which are familiar with the research and related topic.
Criterion related validity- this type of validity involves comparing the results of the
research from the thought aims or the objectives with which the research was started. If
the instruments of the research are valid then the research aims and objectives will
automatically be achieved.
3.9 Data process and analysis.
This is an effective process which helps in systematically analysing and evaluating the
particular research study in an appropriate and systematic manner. This method is useful in
analysing the method which in turn helps in gaining relevant information about the particular
subject matter (Quinlan, Babin, Carr & Griffin, 2019). This is one of the most efficient technique
which helps in inspecting, cleansing, modifying, transforming and controlling the data in a
systematic and appropriate manner. This method helps the researcher in gaining important and
relevant information about the particular subject matter. This helps in providing accurate and
data of the research is correct and logical.
The validity is necessary to be maintained in terms of the data also. The underlying
reason behind this fact is that if the researcher does not collect data from the correct sources and
does not brings in authentic information then the research project will not be valid. Also, the
researcher must ensure that it choose the correct method of data collection. This is because of the
reason that if the researcher wants to communicate with a person who is not literate of English
and the researcher uses the method of questionnaire and the questions are in English then the
method of data collection is not valid. In this situation the researcher should have used the
method of personal interview (Pahwa, Abonyi, Karunanayake, Rennie, Janzen, Kirychuk &
Naytowhow, 2015). It is so because of the reason that the researcher can personally talk to the
respondent and ask them questions personally.
The validity is of different types which are discussed in the connected points below- Face validity- this is the basic validity which is related with the highest level of
subjectivity as it does not relate with the scientific approach. This ensures that the test is
valid as the researcher is using this. Construct validity- it is a validity test which assessing the suitability of the tool or
instrument of the measurement. The application of this validity ensures that the research
involves the experts which are familiar with the research and related topic.
Criterion related validity- this type of validity involves comparing the results of the
research from the thought aims or the objectives with which the research was started. If
the instruments of the research are valid then the research aims and objectives will
automatically be achieved.
3.9 Data process and analysis.
This is an effective process which helps in systematically analysing and evaluating the
particular research study in an appropriate and systematic manner. This method is useful in
analysing the method which in turn helps in gaining relevant information about the particular
subject matter (Quinlan, Babin, Carr & Griffin, 2019). This is one of the most efficient technique
which helps in inspecting, cleansing, modifying, transforming and controlling the data in a
systematic and appropriate manner. This method helps the researcher in gaining important and
relevant information about the particular subject matter. This helps in providing accurate and
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relevant data in order to attain all the aims and objectives of the particular research study. Data
analysis tool is useful in making strategic decision and in turn gain wider perspective on the
study. Data analysis is useful in effectively interpreting the data in order to gain relevant and
reliable information. This method is very useful in reducing the large amount of data into
specific themes and fragments in order to achieve higher level of operational goals and
standards. Data analysis is considered to be an effective research method which in turn helps in
determining some interesting patterns which are worth exploring. This is an effective tool which
is useful in solving various problems of the research study and focuses on gaining better insight
in order to gain relevant information. This tool is useful in validating, editing and coding the data
in order to gain wider perspective on the particular area of study. Data analysis can be classified
into thematic analysis and SPSS tool. Statistical package for the Social Science (SPSS) tool uses
when quantitative research methodology is carried out and it is very useful in effectively
interpreting the facts and figures in order to reach the conclusion and find the basis and rationale
for the specific finding of the research (Fletcher, 2017). SPSS tool is very beneficial in analysing
the complex information in order to gain relevant and reliable data in an appropriate and
systematic manner. This tool is very useful in analysing the complex information and in turn it
also helps in researching the market, carry out survey and data mining. This tool has a wide
range of capability to analyse the large number of data in an efficient and timely manner. SPSS
tool for data analysis helps in gaining statistical information which is very useful in critically
evaluating the patterns and gain wider perspective on the study. Thematic analysis is used while
carrying out qualitative research methodology. It helps in exploring the explicit and implicit data
for carrying out particular research study (Houghton, Murphy, Shaw & Casey, 2015). This is one
of the effective methods which helps in identifying meaningful pattern for the particular data set.
This tool is useful in examining the various patterns which in turn is useful in determining
rigorous process of familiarized data. This tool is useful in development of the theme and
revising the particular area of study which helps in attainment of research aims and objectives.
Thematic analysis is very useful in examining all the themes on order to gain relevant and useful
information. This tool helps in developing themes by effectively evaluating the raw data and
also encode the information in a systematic and efficient manner. This tool helps in effectively
analysing the patterns by effectively fragmenting the objectives of the study into themes and gain
in- depth knowledge on the particular subject matter. This tool is very useful for researcher to
analysis tool is useful in making strategic decision and in turn gain wider perspective on the
study. Data analysis is useful in effectively interpreting the data in order to gain relevant and
reliable information. This method is very useful in reducing the large amount of data into
specific themes and fragments in order to achieve higher level of operational goals and
standards. Data analysis is considered to be an effective research method which in turn helps in
determining some interesting patterns which are worth exploring. This is an effective tool which
is useful in solving various problems of the research study and focuses on gaining better insight
in order to gain relevant information. This tool is useful in validating, editing and coding the data
in order to gain wider perspective on the particular area of study. Data analysis can be classified
into thematic analysis and SPSS tool. Statistical package for the Social Science (SPSS) tool uses
when quantitative research methodology is carried out and it is very useful in effectively
interpreting the facts and figures in order to reach the conclusion and find the basis and rationale
for the specific finding of the research (Fletcher, 2017). SPSS tool is very beneficial in analysing
the complex information in order to gain relevant and reliable data in an appropriate and
systematic manner. This tool is very useful in analysing the complex information and in turn it
also helps in researching the market, carry out survey and data mining. This tool has a wide
range of capability to analyse the large number of data in an efficient and timely manner. SPSS
tool for data analysis helps in gaining statistical information which is very useful in critically
evaluating the patterns and gain wider perspective on the study. Thematic analysis is used while
carrying out qualitative research methodology. It helps in exploring the explicit and implicit data
for carrying out particular research study (Houghton, Murphy, Shaw & Casey, 2015). This is one
of the effective methods which helps in identifying meaningful pattern for the particular data set.
This tool is useful in examining the various patterns which in turn is useful in determining
rigorous process of familiarized data. This tool is useful in development of the theme and
revising the particular area of study which helps in attainment of research aims and objectives.
Thematic analysis is very useful in examining all the themes on order to gain relevant and useful
information. This tool helps in developing themes by effectively evaluating the raw data and
also encode the information in a systematic and efficient manner. This tool helps in effectively
analysing the patterns by effectively fragmenting the objectives of the study into themes and gain
in- depth knowledge on the particular subject matter. This tool is very useful for researcher to
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provide vast flexibility in order to grow range of study by evaluating past individual experiences
(Gorter, Fox & Twisk, 2015). Thematic analysis provides rich description and information which
helps in attaining aims and objectives. Thematic analysis is useful for the researcher to interpret
the data with the help of charts, tables, numbers and figures in order to gain wider perspective on
the study and gain in- depth information.
The researcher of the study has opted for SPSS analysis which helps in gaining wider
perspective on the risk management process within organisation on the business performance
sustainable development regarding business corporation, good governance and promotion of
safety. The researcher of the study has opted for qualitative research methods which are very
useful in gathering information which is non- numerical. This in turn helps in gaining insight on
the particular area of study.
In accordance with the defined data analysis strategy, it has been analysed that, scholar
uses different inferential statistics in which regression, anova table has been used that assist to
examine the relationship between the dependent and independent variable. Further, it is also
examined that that with the help of anova test and one sample T test, scholar is determine the
association between variables and this in turn assist to meet the defined aim. Through such test,
scholar is able to examine the inferential test also assist to calculate the P value and this in turn
assist to examine the results in effective manner so that research questions will be answered
effectively.
3.10 Ethical consideration
The researcher of the study carries out the research study in an ethical and reliable manner
by effectively collecting the information from valid sources. The data collected are properly cited
which in turn helps in stating that all the information collected are valid and the data used are not
manipulated in any way (Glesne, 2016). This tool is very useful to carry out the particular
research in a reliable and ethical manner. Researchers have effectively utilized all the resources
of the company in an ethical and relevant manner in order to accomplish the set objectives of the
research. The researcher focuses on adhering to all the rules and regulations which helps in
carrying out the research in an efficient and systematic manner. The researcher of the study has
maintained privacy and anonymity while carrying out the study. This states that the research has
been carried out with full confidentiality. Any information associated with the sample, researcher
has not been disclosed and the data has been protected with utmost accuracy. The researcher has
(Gorter, Fox & Twisk, 2015). Thematic analysis provides rich description and information which
helps in attaining aims and objectives. Thematic analysis is useful for the researcher to interpret
the data with the help of charts, tables, numbers and figures in order to gain wider perspective on
the study and gain in- depth information.
The researcher of the study has opted for SPSS analysis which helps in gaining wider
perspective on the risk management process within organisation on the business performance
sustainable development regarding business corporation, good governance and promotion of
safety. The researcher of the study has opted for qualitative research methods which are very
useful in gathering information which is non- numerical. This in turn helps in gaining insight on
the particular area of study.
In accordance with the defined data analysis strategy, it has been analysed that, scholar
uses different inferential statistics in which regression, anova table has been used that assist to
examine the relationship between the dependent and independent variable. Further, it is also
examined that that with the help of anova test and one sample T test, scholar is determine the
association between variables and this in turn assist to meet the defined aim. Through such test,
scholar is able to examine the inferential test also assist to calculate the P value and this in turn
assist to examine the results in effective manner so that research questions will be answered
effectively.
3.10 Ethical consideration
The researcher of the study carries out the research study in an ethical and reliable manner
by effectively collecting the information from valid sources. The data collected are properly cited
which in turn helps in stating that all the information collected are valid and the data used are not
manipulated in any way (Glesne, 2016). This tool is very useful to carry out the particular
research in a reliable and ethical manner. Researchers have effectively utilized all the resources
of the company in an ethical and relevant manner in order to accomplish the set objectives of the
research. The researcher focuses on adhering to all the rules and regulations which helps in
carrying out the research in an efficient and systematic manner. The researcher of the study has
maintained privacy and anonymity while carrying out the study. This states that the research has
been carried out with full confidentiality. Any information associated with the sample, researcher
has not been disclosed and the data has been protected with utmost accuracy. The researcher has
adhered with various data protection laws and environmental protection rules and regulations.
The researcher of the study focuses on maintaining high level of objectivity at the time of
discussion and research analysis. The researcher has carried out study in ethical and reliable
manner by effectively using language which is easily understood by all the participants in order
to gain wider perspective on the area of study of research. Proper consent from the participants
has been taken by effectively providing all relevant information related to the particular subject
matter of the research. Researcher has focused on not using words which conveys irrelevant
meaning to the sentence. Use of proper terminology helps in not misinterpreting the data
(Townsend & Wallace, 2016). Communication with the member has been transparent which in
turn helps in attainment of higher operational goals and objectives. The researcher of the study is
unbiased which helps in gaining proper facts and figures. The study does not lead to any
deception and exaggeration of the aims and objectives of the study. Participants who are
involved in carrying out the study are not subjected to any harm and in turn carry out all the
operations in a systematic and efficient manner without causing any damage to the natural and
human resources. The researcher has not discriminated against any participants and has been
equally treatment to each participant in a reliable and ethical manner. No use of offensive and
unethical practice has been carried out which in turn helps in gaining better insight on the
particular subject matter by viewing all the subject matter in detail. The participants of the
company were treated with full dignity and respect. Proper consent of the participants has been
taken by the researcher before involving them in the research study. Voluntary participants of the
candidates are involved in the research and they have the right to carry out the research in an
efficient and systematic manner. The researcher focuses on listing all the reference list of the
authors through which the information is collected. This states that all the information collected
by the researcher is relevant and useful (Ethical Considerations, 2019). The research is carried
out by determining the potential consequence of the study by effectively carrying out study with
an ethical conduct. The researcher of the study adheres with protection of the rights and ethical
standards in order to prevent against falsification of the data or breach of data (Roberts 2015). It
is very useful in promoting the pursuit of knowledge and the reliable data by effectively carrying
out research in ethical and reliable manner. This in turn helps researcher in determining the
management of natural resources for contributing to sustainable development. It also helps in
The researcher of the study focuses on maintaining high level of objectivity at the time of
discussion and research analysis. The researcher has carried out study in ethical and reliable
manner by effectively using language which is easily understood by all the participants in order
to gain wider perspective on the area of study of research. Proper consent from the participants
has been taken by effectively providing all relevant information related to the particular subject
matter of the research. Researcher has focused on not using words which conveys irrelevant
meaning to the sentence. Use of proper terminology helps in not misinterpreting the data
(Townsend & Wallace, 2016). Communication with the member has been transparent which in
turn helps in attainment of higher operational goals and objectives. The researcher of the study is
unbiased which helps in gaining proper facts and figures. The study does not lead to any
deception and exaggeration of the aims and objectives of the study. Participants who are
involved in carrying out the study are not subjected to any harm and in turn carry out all the
operations in a systematic and efficient manner without causing any damage to the natural and
human resources. The researcher has not discriminated against any participants and has been
equally treatment to each participant in a reliable and ethical manner. No use of offensive and
unethical practice has been carried out which in turn helps in gaining better insight on the
particular subject matter by viewing all the subject matter in detail. The participants of the
company were treated with full dignity and respect. Proper consent of the participants has been
taken by the researcher before involving them in the research study. Voluntary participants of the
candidates are involved in the research and they have the right to carry out the research in an
efficient and systematic manner. The researcher focuses on listing all the reference list of the
authors through which the information is collected. This states that all the information collected
by the researcher is relevant and useful (Ethical Considerations, 2019). The research is carried
out by determining the potential consequence of the study by effectively carrying out study with
an ethical conduct. The researcher of the study adheres with protection of the rights and ethical
standards in order to prevent against falsification of the data or breach of data (Roberts 2015). It
is very useful in promoting the pursuit of knowledge and the reliable data by effectively carrying
out research in ethical and reliable manner. This in turn helps researcher in determining the
management of natural resources for contributing to sustainable development. It also helps in
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bridging gaps by assessing the enterprise risk management, self-organization, networking and
financial performance in Australia private procurement contract.
Theoretical framework
It is found that there were several theories of risk and financial performance used in finding out
key concepts in ERM. Besides that, different models and theories of self organising, networking,
etc. were also applied and used in it.
3.11 Conclusion
Thus, it is concluded that research methodology plays a vital role in conducting research.
There are different methods which is used in research such as philosophy, design, data
collection, etc. Also, there are certain ethics which need to be followed by scholar.
Financial performance Self organising Networking
ERM
Risk
financial performance in Australia private procurement contract.
Theoretical framework
It is found that there were several theories of risk and financial performance used in finding out
key concepts in ERM. Besides that, different models and theories of self organising, networking,
etc. were also applied and used in it.
3.11 Conclusion
Thus, it is concluded that research methodology plays a vital role in conducting research.
There are different methods which is used in research such as philosophy, design, data
collection, etc. Also, there are certain ethics which need to be followed by scholar.
Financial performance Self organising Networking
ERM
Risk
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CHAPTER 5: FINDING AND RESULTS
4.1 Introduction
This chapter is about the result of the research. This section is structured around the sub
questions, hypothesis or the topic of the research. The result that are relevant to the research
objective and the research question are included here. Here, the results and discussion of the
result is presented under the same chapter in combined format. In the data analysis section of the
research study is presented with the help of graphs, tables and charts. Here all the finding of the
research data is presented and they are discussed and evaluated in order to reach to the final
outcome of the research study. This chapter also is visual presentation of the research findings
for the readers.
4.2 Overview of data sample
Sample size chosen from this sample frame is 250 contractors that work in this sector.
Analysis of 250 contractors’ data is easy and can be analysed easily in an efficient manner. This
sector has been chosen as target population as this complete case study is based on networking,
financial performance, enterprise risk management in Australia’s private procurement sector.
The contractors are chosen because they know all pros and cons of this sector, they have wide
knowledge of financial and network performance, they also know what are the enterprise risk
that are associated and in what ways it can be managed
4.3 Descriptive, empirical and qualitative analysis
Data interpretation is a type of process that make sense out of collection of information
and data that has been processed. It may be presented in different information in the form of line
charts, forms and graphs that need to interpretation of some kind. It also analyses the data
interpretation, which important to apply an appropriate examples and techniques. Here, SPSS
tool is used for analysing data. It will help in generating many elements. From that mean, mode,
median, etc. can be obtained. Alongside, it will be easy to find out range, standards deviation,
maximum and minimum value. Beside this, variance can be calculated from it as well. SPSS is
used to conduct various tests. It will be useful to identify relationship between dependent and
independent variables. Moreover, different test such a T test, regression, Anova, etc. are done.
Each test has generated relevant outcomes. The mean depicts average of results. It is sum of
collection of number divided by total. Median is middle number in sorted list. It is calculated by
4.1 Introduction
This chapter is about the result of the research. This section is structured around the sub
questions, hypothesis or the topic of the research. The result that are relevant to the research
objective and the research question are included here. Here, the results and discussion of the
result is presented under the same chapter in combined format. In the data analysis section of the
research study is presented with the help of graphs, tables and charts. Here all the finding of the
research data is presented and they are discussed and evaluated in order to reach to the final
outcome of the research study. This chapter also is visual presentation of the research findings
for the readers.
4.2 Overview of data sample
Sample size chosen from this sample frame is 250 contractors that work in this sector.
Analysis of 250 contractors’ data is easy and can be analysed easily in an efficient manner. This
sector has been chosen as target population as this complete case study is based on networking,
financial performance, enterprise risk management in Australia’s private procurement sector.
The contractors are chosen because they know all pros and cons of this sector, they have wide
knowledge of financial and network performance, they also know what are the enterprise risk
that are associated and in what ways it can be managed
4.3 Descriptive, empirical and qualitative analysis
Data interpretation is a type of process that make sense out of collection of information
and data that has been processed. It may be presented in different information in the form of line
charts, forms and graphs that need to interpretation of some kind. It also analyses the data
interpretation, which important to apply an appropriate examples and techniques. Here, SPSS
tool is used for analysing data. It will help in generating many elements. From that mean, mode,
median, etc. can be obtained. Alongside, it will be easy to find out range, standards deviation,
maximum and minimum value. Beside this, variance can be calculated from it as well. SPSS is
used to conduct various tests. It will be useful to identify relationship between dependent and
independent variables. Moreover, different test such a T test, regression, Anova, etc. are done.
Each test has generated relevant outcomes. The mean depicts average of results. It is sum of
collection of number divided by total. Median is middle number in sorted list. It is calculated by
sorting number from highest to lowest form. Mode is repetitive number that appears mostly in
data. The mode can be either one or more than one number. In addition to it, standard deviation
shows how member of group differ from its mean value. With help of it, insight is gained that to
how much extent there is difference in group. The range shows difference between minimum and
maximum value. It is calculated to identify maximum and minimum range in group. Variance
refers to expectation of deviation of random variable from mean. It measures how numbers are
spread out from average. Through SPSS, statistical outcomes will be obtained.
4.4 Results from evidence for each research question
Statistics
makingofenterpri
secapturepolicie
byorganization
enterprisebuildin
griskresilienceco
mmunitiesduring
naturaldisaster
manageoveralln
aturalresourcest
hroughsustainab
ledevelopment
relationbetween
privateandpublic
governanceimpr
oveservices
innovativeideapr
omotemarketofg
overnmentofproc
urementbusines
s
N Valid 250 249 250 250 250
Missing 0 1 0 0 0
Mean 2.9440 2.8835 3.0520 3.0400 2.8280
Median 3.0000 3.0000 3.0000 3.0000 3.0000
Mode 1.00 1.00 2.00 4.00 2.00
Std. Deviation 1.45234 1.46961 1.31156 1.41365 1.34075
Variance 2.109 2.160 1.720 1.998 1.798
Statistics
enterpriseriskma
nagementimprov
ebusinessquality
andservices
enterprisesriskpr
ovidebenefitsfora
doptingsystemati
ctomanagerisk
riskmanagement
withcultureanden
vironmentbuildne
tworkincontractor
s
organizationbuild
networktoimprovi
ngfinancialperfor
mance
enterpriseriskma
nagementcompet
eoverallintegritye
thicalvalue
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 2.6120 2.8080 2.8320 3.1680 2.6480
Median 2.0000 3.0000 3.0000 3.0000 2.0000
Mode 2.00 1.00 1.00 2.00 2.00
Std. Deviation 1.20468 1.39532 1.43528 1.39267 1.31568
data. The mode can be either one or more than one number. In addition to it, standard deviation
shows how member of group differ from its mean value. With help of it, insight is gained that to
how much extent there is difference in group. The range shows difference between minimum and
maximum value. It is calculated to identify maximum and minimum range in group. Variance
refers to expectation of deviation of random variable from mean. It measures how numbers are
spread out from average. Through SPSS, statistical outcomes will be obtained.
4.4 Results from evidence for each research question
Statistics
makingofenterpri
secapturepolicie
byorganization
enterprisebuildin
griskresilienceco
mmunitiesduring
naturaldisaster
manageoveralln
aturalresourcest
hroughsustainab
ledevelopment
relationbetween
privateandpublic
governanceimpr
oveservices
innovativeideapr
omotemarketofg
overnmentofproc
urementbusines
s
N Valid 250 249 250 250 250
Missing 0 1 0 0 0
Mean 2.9440 2.8835 3.0520 3.0400 2.8280
Median 3.0000 3.0000 3.0000 3.0000 3.0000
Mode 1.00 1.00 2.00 4.00 2.00
Std. Deviation 1.45234 1.46961 1.31156 1.41365 1.34075
Variance 2.109 2.160 1.720 1.998 1.798
Statistics
enterpriseriskma
nagementimprov
ebusinessquality
andservices
enterprisesriskpr
ovidebenefitsfora
doptingsystemati
ctomanagerisk
riskmanagement
withcultureanden
vironmentbuildne
tworkincontractor
s
organizationbuild
networktoimprovi
ngfinancialperfor
mance
enterpriseriskma
nagementcompet
eoverallintegritye
thicalvalue
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 2.6120 2.8080 2.8320 3.1680 2.6480
Median 2.0000 3.0000 3.0000 3.0000 2.0000
Mode 2.00 1.00 1.00 2.00 2.00
Std. Deviation 1.20468 1.39532 1.43528 1.39267 1.31568
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Variance 1.451 1.947 2.060 1.940 1.731
Statistics
riskmonitoredwith
inorganizationthr
oughenterpriseris
kmanagement
selforganizationh
aveitsownenterpr
iseriskmanagem
ent
risksofnetworking
andfinanceperfor
manceorganizati
on
ongoingmonitorin
gactivitiesrequire
dinorganization
companyarticulat
eitsriskappetitean
dtoleranceforman
agingbusiness
N Valid 250 250 250 249 250
Missing 0 0 0 1 0
Mean 2.6760 2.9440 2.3960 2.8835 2.8280
Median 2.0000 3.0000 2.0000 3.0000 3.0000
Mode 2.00 1.00 1.00 1.00 2.00
Std. Deviation 1.32137 1.45234 1.12973 1.46961 1.34075
Variance 1.746 2.109 1.276 2.160 1.798
Statistics
topmanagemento
fcompanygetdata
andinfoformanagi
ngrisk
ineffectivemanagi
ngofriskimpacton
financialperforma
nceoffirm
effectivepoliciesf
ormedtoidentifyri
skinfirm
enterpriseriskma
nagementsystem
identifydegreeofri
sk
riskmanagementt
echniquesareuse
dbyorganisation
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 2.6000 1.7160 1.6200 1.8840 1.8880
Median 2.0000 2.0000 1.0000 2.0000 2.0000
Mode 2.00 1.00 1.00 1.00 2.00
Std. Deviation 1.37972 .79364 .78362 .81066 .74678
Variance 1.904 .630 .614 .657 .558
Statistics
reducingriskbene
fitinimprovingfina
ncialperformance
networkingprovid
erelevantandacc
urateinfoaboutris
k
roledoesnetworki
ngplayinriskmana
gement
systemsandproc
essconnectedeff
ectivelyidentifyris
k
poornetworkingi
mpactonfirmabilit
ytomanagerisk
N Valid 250 250 250 249 250
Missing 0 0 0 1 0
Mean 2.8120 1.6200 1.7800 1.9357 2.6480
Median 3.0000 1.0000 2.0000 2.0000 2.0000
Mode 2.00 1.00 1.00 1.00 2.00
Std. Deviation 1.39731 .78362 .81871 .82053 1.31568
Statistics
riskmonitoredwith
inorganizationthr
oughenterpriseris
kmanagement
selforganizationh
aveitsownenterpr
iseriskmanagem
ent
risksofnetworking
andfinanceperfor
manceorganizati
on
ongoingmonitorin
gactivitiesrequire
dinorganization
companyarticulat
eitsriskappetitean
dtoleranceforman
agingbusiness
N Valid 250 250 250 249 250
Missing 0 0 0 1 0
Mean 2.6760 2.9440 2.3960 2.8835 2.8280
Median 2.0000 3.0000 2.0000 3.0000 3.0000
Mode 2.00 1.00 1.00 1.00 2.00
Std. Deviation 1.32137 1.45234 1.12973 1.46961 1.34075
Variance 1.746 2.109 1.276 2.160 1.798
Statistics
topmanagemento
fcompanygetdata
andinfoformanagi
ngrisk
ineffectivemanagi
ngofriskimpacton
financialperforma
nceoffirm
effectivepoliciesf
ormedtoidentifyri
skinfirm
enterpriseriskma
nagementsystem
identifydegreeofri
sk
riskmanagementt
echniquesareuse
dbyorganisation
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 2.6000 1.7160 1.6200 1.8840 1.8880
Median 2.0000 2.0000 1.0000 2.0000 2.0000
Mode 2.00 1.00 1.00 1.00 2.00
Std. Deviation 1.37972 .79364 .78362 .81066 .74678
Variance 1.904 .630 .614 .657 .558
Statistics
reducingriskbene
fitinimprovingfina
ncialperformance
networkingprovid
erelevantandacc
urateinfoaboutris
k
roledoesnetworki
ngplayinriskmana
gement
systemsandproc
essconnectedeff
ectivelyidentifyris
k
poornetworkingi
mpactonfirmabilit
ytomanagerisk
N Valid 250 250 250 249 250
Missing 0 0 0 1 0
Mean 2.8120 1.6200 1.7800 1.9357 2.6480
Median 3.0000 1.0000 2.0000 2.0000 2.0000
Mode 2.00 1.00 1.00 1.00 2.00
Std. Deviation 1.39731 .78362 .81871 .82053 1.31568
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Variance 1.952 .614 .670 .673 1.731
Statistics
ineffectiveselforganisationunabletoresolveriskinspecif
iedtime
N Valid 250
Missing 0
Mean 2.9440
Median 3.0000
Mode 1.00
Std. Deviation 1.45234
Variance 2.109
a. Multiple modes exist. The smallest value is shown
Frequency Table
makingofenterprisecapturepoliciebyorganization
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 57 22.8 22.8 22.8
2.00 51 20.4 20.4 43.2
3.00 39 15.6 15.6 58.8
4.00 55 22.0 22.0 80.8
5.00 48 19.2 19.2 100.0
Total 250 100.0 100.0
Statistics
ineffectiveselforganisationunabletoresolveriskinspecif
iedtime
N Valid 250
Missing 0
Mean 2.9440
Median 3.0000
Mode 1.00
Std. Deviation 1.45234
Variance 2.109
a. Multiple modes exist. The smallest value is shown
Frequency Table
makingofenterprisecapturepoliciebyorganization
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 57 22.8 22.8 22.8
2.00 51 20.4 20.4 43.2
3.00 39 15.6 15.6 58.8
4.00 55 22.0 22.0 80.8
5.00 48 19.2 19.2 100.0
Total 250 100.0 100.0
Interpretation – it is evaluated that mean value is 2.9 and median is 3.0 Also, mode is 1 that
means most people said strongly agreed. However, the standards deviation is 1.4 that is low than
mean value. so there is difference in average mean and population. The variance is 2.10. Here,
57 strongly agreed that policy needs to be formed by organisation.
enterprisebuildingriskresiliencecommunitiesduringnaturaldisaster
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 60 24.0 24.1 24.1
2.00 56 22.4 22.5 46.6
3.00 34 13.6 13.7 60.2
4.00 51 20.4 20.5 80.7
means most people said strongly agreed. However, the standards deviation is 1.4 that is low than
mean value. so there is difference in average mean and population. The variance is 2.10. Here,
57 strongly agreed that policy needs to be formed by organisation.
enterprisebuildingriskresiliencecommunitiesduringnaturaldisaster
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 60 24.0 24.1 24.1
2.00 56 22.4 22.5 46.6
3.00 34 13.6 13.7 60.2
4.00 51 20.4 20.5 80.7
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5.00 48 19.2 19.3 100.0
Total 249 99.6 100.0
Missing System 1 .4
Total 250 100.0
Interpretation – from table it is stated that, mean value is 2.8 and median is 3. Also, standards
deviation is 1.4 that differs from mean. so, here also population mean differ from group.
However, mode is 1 which show strongly agreed was selected by most people. they said that
enterprise building risk resilience community during natural disaster
manageoverallnaturalresourcesthroughsustainabledevelopment
Frequency Percent Valid Percent Cumulative
Percent
Total 249 99.6 100.0
Missing System 1 .4
Total 250 100.0
Interpretation – from table it is stated that, mean value is 2.8 and median is 3. Also, standards
deviation is 1.4 that differs from mean. so, here also population mean differ from group.
However, mode is 1 which show strongly agreed was selected by most people. they said that
enterprise building risk resilience community during natural disaster
manageoverallnaturalresourcesthroughsustainabledevelopment
Frequency Percent Valid Percent Cumulative
Percent
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Valid
1.00 32 12.8 12.8 12.8
2.00 68 27.2 27.2 40.0
3.00 49 19.6 19.6 59.6
4.00 57 22.8 22.8 82.4
5.00 44 17.6 17.6 100.0
Total 250 100.0 100.0
Interpretation – the table state that average is 3.05 and median is 3. Moreover, SD is 1.3 that
highly differs from mean. The mode is 2 which depict agreed is most people answer. Variance of
data is 1.72. The participants agree that by managing natural resources sustainable development
is maintained.
1.00 32 12.8 12.8 12.8
2.00 68 27.2 27.2 40.0
3.00 49 19.6 19.6 59.6
4.00 57 22.8 22.8 82.4
5.00 44 17.6 17.6 100.0
Total 250 100.0 100.0
Interpretation – the table state that average is 3.05 and median is 3. Moreover, SD is 1.3 that
highly differs from mean. The mode is 2 which depict agreed is most people answer. Variance of
data is 1.72. The participants agree that by managing natural resources sustainable development
is maintained.
relationbetweenprivateandpublicgovernanceimproveservices
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 47 18.8 18.8 18.8
2.00 55 22.0 22.0 40.8
3.00 37 14.8 14.8 55.6
4.00 63 25.2 25.2 80.8
5.00 48 19.2 19.2 100.0
Total 250 100.0 100.0
Interpretation- from table it is said that mean is 3.04 and median is 3. The mode is 4 that is
disagree. Variance is 1.98 and SD is 1.4. the SD is less than mean. so, there is difference in
population groups. Also, 63 disagreed that the relation between private and public governance
improve services.
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 47 18.8 18.8 18.8
2.00 55 22.0 22.0 40.8
3.00 37 14.8 14.8 55.6
4.00 63 25.2 25.2 80.8
5.00 48 19.2 19.2 100.0
Total 250 100.0 100.0
Interpretation- from table it is said that mean is 3.04 and median is 3. The mode is 4 that is
disagree. Variance is 1.98 and SD is 1.4. the SD is less than mean. so, there is difference in
population groups. Also, 63 disagreed that the relation between private and public governance
improve services.
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innovativeideapromotemarketofgovernmentofprocurementbusiness
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 50 20.0 20.0 20.0
2.00 64 25.6 25.6 45.6
3.00 50 20.0 20.0 65.6
4.00 51 20.4 20.4 86.0
5.00 35 14.0 14.0 100.0
Total 250 100.0 100.0
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 50 20.0 20.0 20.0
2.00 64 25.6 25.6 45.6
3.00 50 20.0 20.0 65.6
4.00 51 20.4 20.4 86.0
5.00 35 14.0 14.0 100.0
Total 250 100.0 100.0
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Interpretation – the mean identified is 2.8 and median is 3. Also, mode is 2 that is agree. The
variance is 1.79 and SD is 1.34. Moreover, out of 250 sample 64 agreed that innovative idea
promote government to engage in procurement business.
enterpriseriskmanagementimprovebusinessqualityandservices
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 41 16.4 16.4 16.4
2.00 98 39.2 39.2 55.6
3.00 55 22.0 22.0 77.6
4.00 29 11.6 11.6 89.2
variance is 1.79 and SD is 1.34. Moreover, out of 250 sample 64 agreed that innovative idea
promote government to engage in procurement business.
enterpriseriskmanagementimprovebusinessqualityandservices
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 41 16.4 16.4 16.4
2.00 98 39.2 39.2 55.6
3.00 55 22.0 22.0 77.6
4.00 29 11.6 11.6 89.2
5.00 27 10.8 10.8 100.0
Total 250 100.0 100.0
Interpretation – the table shows that 98 respondents agreed that ERM improve business quality
and services in private firms. Also, mode obtained is 2. Furthermore, average is 2.82 and SD is
1.34 and variance is 1.79. there occurs difference in mean groups.
enterprisesriskprovidebenefitsforadoptingsystematictomanagerisk
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 58 23.2 23.2 23.2
2.00 57 22.8 22.8 46.0
Total 250 100.0 100.0
Interpretation – the table shows that 98 respondents agreed that ERM improve business quality
and services in private firms. Also, mode obtained is 2. Furthermore, average is 2.82 and SD is
1.34 and variance is 1.79. there occurs difference in mean groups.
enterprisesriskprovidebenefitsforadoptingsystematictomanagerisk
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 58 23.2 23.2 23.2
2.00 57 22.8 22.8 46.0
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3.00 50 20.0 20.0 66.0
4.00 45 18.0 18.0 84.0
5.00 40 16.0 16.0 100.0
Total 250 100.0 100.0
Interpretation- it is interpreted that mean is 2.8 and median is 3. The SD is 1.39 and variance is
1.94. however, mode is 2. Also, 57 participants agree with statement and 58 strongly agreed that
ERM enable in adopting systematic way to manage risk.
riskmanagementwithcultureandenvironmentbuildnetworkincontractors
4.00 45 18.0 18.0 84.0
5.00 40 16.0 16.0 100.0
Total 250 100.0 100.0
Interpretation- it is interpreted that mean is 2.8 and median is 3. The SD is 1.39 and variance is
1.94. however, mode is 2. Also, 57 participants agree with statement and 58 strongly agreed that
ERM enable in adopting systematic way to manage risk.
riskmanagementwithcultureandenvironmentbuildnetworkincontractors
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Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 59 23.6 23.6 23.6
2.00 59 23.6 23.6 47.2
3.00 42 16.8 16.8 64.0
4.00 45 18.0 18.0 82.0
5.00 45 18.0 18.0 100.0
Total 250 100.0 100.0
Interpretation- the table states that 59 respondent both agreed and strongly agreed that risk
management with culture build network contractors. So, the mode is 2. However, mean is 2.80
and median is 3. The SD and variance are 1.4 and 2.0 respectively.
Percent
Valid
1.00 59 23.6 23.6 23.6
2.00 59 23.6 23.6 47.2
3.00 42 16.8 16.8 64.0
4.00 45 18.0 18.0 82.0
5.00 45 18.0 18.0 100.0
Total 250 100.0 100.0
Interpretation- the table states that 59 respondent both agreed and strongly agreed that risk
management with culture build network contractors. So, the mode is 2. However, mean is 2.80
and median is 3. The SD and variance are 1.4 and 2.0 respectively.
organizationbuildnetworktoimprovingfinancialperformance
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 28 11.2 11.2 11.2
2.00 71 28.4 28.4 39.6
3.00 51 20.4 20.4 60.0
4.00 31 12.4 12.4 72.4
5.00 69 27.6 27.6 100.0
Total 250 100.0 100.0
Interpretation- by analysing graph it is said that 71 agreed that companies build network to
improve their financial performance and 51 remain neutral with this statement. Moreover, the
average is 3.1 and mode is 2. SD and variance are 1.39 and 1.94 as follows.
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 28 11.2 11.2 11.2
2.00 71 28.4 28.4 39.6
3.00 51 20.4 20.4 60.0
4.00 31 12.4 12.4 72.4
5.00 69 27.6 27.6 100.0
Total 250 100.0 100.0
Interpretation- by analysing graph it is said that 71 agreed that companies build network to
improve their financial performance and 51 remain neutral with this statement. Moreover, the
average is 3.1 and mode is 2. SD and variance are 1.39 and 1.94 as follows.
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enterpriseriskmanagementcompeteoverallintegrityethicalvalue
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 47 18.8 18.8 18.8
2.00 99 39.6 39.6 58.4
3.00 34 13.6 13.6 72.0
4.00 35 14.0 14.0 86.0
5.00 35 14.0 14.0 100.0
Total 250 100.0 100.0
Interpretation – the table state that 99 respondents agreed that ERM complete overall integrity
ethic value and therefore mode is 2. The mean value is 2.64 and median is 2. However, SD is
1.31 and variance is 1.73.
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 47 18.8 18.8 18.8
2.00 99 39.6 39.6 58.4
3.00 34 13.6 13.6 72.0
4.00 35 14.0 14.0 86.0
5.00 35 14.0 14.0 100.0
Total 250 100.0 100.0
Interpretation – the table state that 99 respondents agreed that ERM complete overall integrity
ethic value and therefore mode is 2. The mean value is 2.64 and median is 2. However, SD is
1.31 and variance is 1.73.
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riskmonitoredwithinorganizationthroughenterpriseriskmanagement
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 55 22.0 22.0 22.0
2.00 72 28.8 28.8 50.8
3.00 56 22.4 22.4 73.2
4.00 33 13.2 13.2 86.4
5.00 34 13.6 13.6 100.0
Total 250 100.0 100.0
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 55 22.0 22.0 22.0
2.00 72 28.8 28.8 50.8
3.00 56 22.4 22.4 73.2
4.00 33 13.2 13.2 86.4
5.00 34 13.6 13.6 100.0
Total 250 100.0 100.0
Interpretation – by analysing table it is find that mean obtained is 2.6 and mode and median are
same that is 2. The SD is 1.32 and variance is 1.74. hence, out of 250, 72 said that they agreed
that risk is monitored by firms by using enterprise risk management.
selforganizationhaveitsownenterpriseriskmanagement
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 57 22.8 22.8 22.8
2.00 51 20.4 20.4 43.2
3.00 39 15.6 15.6 58.8
4.00 55 22.0 22.0 80.8
5.00 48 19.2 19.2 100.0
Total 250 100.0 100.0
same that is 2. The SD is 1.32 and variance is 1.74. hence, out of 250, 72 said that they agreed
that risk is monitored by firms by using enterprise risk management.
selforganizationhaveitsownenterpriseriskmanagement
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 57 22.8 22.8 22.8
2.00 51 20.4 20.4 43.2
3.00 39 15.6 15.6 58.8
4.00 55 22.0 22.0 80.8
5.00 48 19.2 19.2 100.0
Total 250 100.0 100.0
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Interpretation – it is evaluated that average value is 2.94 and mode is 1. Furthermore, median is 3
and SD is 1.45 with variance of 2.1. however, 57 respondents strongly agreed that self
organisation is having its own risk management system.
risksofnetworkingandfinanceperformanceorganization
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 72 28.8 28.8 28.8
2.00 64 25.6 25.6 54.4
3.00 57 22.8 22.8 77.2
4.00 57 22.8 22.8 100.0
Total 250 100.0 100.0
and SD is 1.45 with variance of 2.1. however, 57 respondents strongly agreed that self
organisation is having its own risk management system.
risksofnetworkingandfinanceperformanceorganization
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 72 28.8 28.8 28.8
2.00 64 25.6 25.6 54.4
3.00 57 22.8 22.8 77.2
4.00 57 22.8 22.8 100.0
Total 250 100.0 100.0
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Interpretation – the table shows that average is 2.3 and median is 3. Also, SD and variance are
1.12 and 1.27 as follows. Moreover, mode is 1 so most people said careless and informed
employee is risk of networking in organisation. 64 opted for third party service provider.
ongoingmonitoringactivitiesrequiredinorganization
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 60 24.0 24.1 24.1
2.00 56 22.4 22.5 46.6
3.00 34 13.6 13.7 60.2
4.00 51 20.4 20.5 80.7
5.00 48 19.2 19.3 100.0
Total 249 99.6 100.0
1.12 and 1.27 as follows. Moreover, mode is 1 so most people said careless and informed
employee is risk of networking in organisation. 64 opted for third party service provider.
ongoingmonitoringactivitiesrequiredinorganization
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 60 24.0 24.1 24.1
2.00 56 22.4 22.5 46.6
3.00 34 13.6 13.7 60.2
4.00 51 20.4 20.5 80.7
5.00 48 19.2 19.3 100.0
Total 249 99.6 100.0
Missing System 1 .4
Total 250 100.0
Interpretation – it is identified that mean is 2.88 and median is 3. Also, SD is 1.46 and variance s
2.16. here, out of 250, 60 said strongly agreed. they said that on going monitoring activities are
required in private firms.
companyarticulateitsriskappetiteandtoleranceformanagingbusiness
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 50 20.0 20.0 20.0
2.00 64 25.6 25.6 45.6
3.00 50 20.0 20.0 65.6
4.00 51 20.4 20.4 86.0
Total 250 100.0
Interpretation – it is identified that mean is 2.88 and median is 3. Also, SD is 1.46 and variance s
2.16. here, out of 250, 60 said strongly agreed. they said that on going monitoring activities are
required in private firms.
companyarticulateitsriskappetiteandtoleranceformanagingbusiness
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 50 20.0 20.0 20.0
2.00 64 25.6 25.6 45.6
3.00 50 20.0 20.0 65.6
4.00 51 20.4 20.4 86.0
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5.00 35 14.0 14.0 100.0
Total 250 100.0 100.0
Interpretation – the table states that 64 people were strongly agreed and 50 agreed as well as
were neutral. Mean obtained is 2.82, mode is 2 and median is 3. Also, SD and variance are 1.34
and 1.79 as follows.
topmanagementofcompanygetdataandinfoformanagingrisk
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 64 25.6 25.6 25.6
2.00 81 32.4 32.4 58.0
3.00 30 12.0 12.0 70.0
Total 250 100.0 100.0
Interpretation – the table states that 64 people were strongly agreed and 50 agreed as well as
were neutral. Mean obtained is 2.82, mode is 2 and median is 3. Also, SD and variance are 1.34
and 1.79 as follows.
topmanagementofcompanygetdataandinfoformanagingrisk
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 64 25.6 25.6 25.6
2.00 81 32.4 32.4 58.0
3.00 30 12.0 12.0 70.0
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4.00 41 16.4 16.4 86.4
5.00 34 13.6 13.6 100.0
Total 250 100.0 100.0
Interpretation – it is analysed that average is 2.6 and median is 2. Moreover, SD is 1.90 and
mode is 2. Also, it is interpreted that 81 participants were agreed. The top management get data
and info for managing risk.
ineffectivemanagingofriskimpactonfinancialperformanceoffirm
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 124 49.6 49.6 49.6
2.00 73 29.2 29.2 78.8
5.00 34 13.6 13.6 100.0
Total 250 100.0 100.0
Interpretation – it is analysed that average is 2.6 and median is 2. Moreover, SD is 1.90 and
mode is 2. Also, it is interpreted that 81 participants were agreed. The top management get data
and info for managing risk.
ineffectivemanagingofriskimpactonfinancialperformanceoffirm
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 124 49.6 49.6 49.6
2.00 73 29.2 29.2 78.8
3.00 53 21.2 21.2 100.0
Total 250 100.0 100.0
Interpretation – it is analysed that mean is 1.7 and mode is 1. Beside this, SD is .79 and variance
is .63. this means that SD is low so data points are close to mean. thus, there is change in things
related to it. here, 124 said yes that ineffective management of risk impact on organisation
performance. 73 disagreed and 53 were not sure.
effectivepoliciesformedtoidentifyriskinfirm
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 142 56.8 56.8 56.8
Total 250 100.0 100.0
Interpretation – it is analysed that mean is 1.7 and mode is 1. Beside this, SD is .79 and variance
is .63. this means that SD is low so data points are close to mean. thus, there is change in things
related to it. here, 124 said yes that ineffective management of risk impact on organisation
performance. 73 disagreed and 53 were not sure.
effectivepoliciesformedtoidentifyriskinfirm
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 142 56.8 56.8 56.8
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2.00 61 24.4 24.4 81.2
3.00 47 18.8 18.8 100.0
Total 250 100.0 100.0
Interpretation – it is evaluated that mean value is 1.62 and mode is 1. Here, SD is .78 and
variance is .614. hence, the data points are close to mean. also, 142 participants said yes effective
policies are formed to identify risk. 61 said no and 47 did not answer it.
enterpriseriskmanagementsystemidentifydegreeofrisk
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 98 39.2 39.2 39.2
2.00 83 33.2 33.2 72.4
3.00 47 18.8 18.8 100.0
Total 250 100.0 100.0
Interpretation – it is evaluated that mean value is 1.62 and mode is 1. Here, SD is .78 and
variance is .614. hence, the data points are close to mean. also, 142 participants said yes effective
policies are formed to identify risk. 61 said no and 47 did not answer it.
enterpriseriskmanagementsystemidentifydegreeofrisk
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 98 39.2 39.2 39.2
2.00 83 33.2 33.2 72.4
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3.00 69 27.6 27.6 100.0
Total 250 100.0 100.0
Interpretation – the average obtained is 1.88 and median is 2. Also, SD is .810 and variance
is .657. so, the data closely relate with mean. In these 98 respondents said ERM identify risk and
its degree, 83 said no and 69 were not sure.
riskmanagementtechniquesareusedbyorganisation
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 85 34.0 34.0 34.0
2.00 108 43.2 43.2 77.2
3.00 57 22.8 22.8 100.0
Total 250 100.0 100.0
Interpretation – the average obtained is 1.88 and median is 2. Also, SD is .810 and variance
is .657. so, the data closely relate with mean. In these 98 respondents said ERM identify risk and
its degree, 83 said no and 69 were not sure.
riskmanagementtechniquesareusedbyorganisation
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 85 34.0 34.0 34.0
2.00 108 43.2 43.2 77.2
3.00 57 22.8 22.8 100.0
Total 250 100.0 100.0
Interpretation – here, the mean value is 1.88 and mode is 2. However, SD ad variance is .74
and .558 respectively. However, out of 250 sample, 108 said organisation avoid risk by taking
appropriate measures. 85 said risk is prevented and 57 said risk is retained.
reducingriskbenefitinimprovingfinancialperformance
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 51 20.4 20.4 20.4
2.00 71 28.4 28.4 48.8
3.00 49 19.6 19.6 68.4
4.00 32 12.8 12.8 81.2
5.00 47 18.8 18.8 100.0
Interpretation – here, the mean value is 1.88 and mode is 2. However, SD ad variance is .74
and .558 respectively. However, out of 250 sample, 108 said organisation avoid risk by taking
appropriate measures. 85 said risk is prevented and 57 said risk is retained.
reducingriskbenefitinimprovingfinancialperformance
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 51 20.4 20.4 20.4
2.00 71 28.4 28.4 48.8
3.00 49 19.6 19.6 68.4
4.00 32 12.8 12.8 81.2
5.00 47 18.8 18.8 100.0
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Total 250 100.0 100.0
Interpretation – from analysing the data, it is said that mean is 2.8 and median is 3. Also,
variance is 1.9 and standard deviation is 1.39. in this 71 participants agreed that reducing risk
improve financial performance.
networkingproviderelevantandaccurateinfoaboutrisk
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 142 56.8 56.8 56.8
2.00 61 24.4 24.4 81.2
3.00 47 18.8 18.8 100.0
Total 250 100.0 100.0
Interpretation – from analysing the data, it is said that mean is 2.8 and median is 3. Also,
variance is 1.9 and standard deviation is 1.39. in this 71 participants agreed that reducing risk
improve financial performance.
networkingproviderelevantandaccurateinfoaboutrisk
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 142 56.8 56.8 56.8
2.00 61 24.4 24.4 81.2
3.00 47 18.8 18.8 100.0
Total 250 100.0 100.0
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Interpretation – from interpreting table it is stated that average is 1.62 and mode as well as
median is 1. Standard deviation is .78 and variance is .614. it is evaluated that 142 people sad yes
that networking provides relevant info about risk. whereas 61 said no and 47 was not sure.
roledoesnetworkingplayinriskmanagement
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 117 46.8 46.8 46.8
2.00 71 28.4 28.4 75.2
3.00 62 24.8 24.8 100.0
Total 250 100.0 100.0
median is 1. Standard deviation is .78 and variance is .614. it is evaluated that 142 people sad yes
that networking provides relevant info about risk. whereas 61 said no and 47 was not sure.
roledoesnetworkingplayinriskmanagement
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 117 46.8 46.8 46.8
2.00 71 28.4 28.4 75.2
3.00 62 24.8 24.8 100.0
Total 250 100.0 100.0
Interpretation – it is analysed that out of 250, 117 said networking provide info about risk, 71
said effective measures are taken and 62 said area of risk is identified. Here, mean is 1.78 and
mode is 1. The SD is .818 and variance is .670.
systemsandprocessconnectedeffectivelyidentifyrisk
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 92 36.8 36.9 36.9
2.00 81 32.4 32.5 69.5
3.00 76 30.4 30.5 100.0
Total 249 99.6 100.0
Missing System 1 .4
Total 250 100.0
said effective measures are taken and 62 said area of risk is identified. Here, mean is 1.78 and
mode is 1. The SD is .818 and variance is .670.
systemsandprocessconnectedeffectivelyidentifyrisk
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 92 36.8 36.9 36.9
2.00 81 32.4 32.5 69.5
3.00 76 30.4 30.5 100.0
Total 249 99.6 100.0
Missing System 1 .4
Total 250 100.0
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Interpretation – from above table it is stated that 92 respondents said yes that system and process
are connect to identify risk. 81 said no and 76 were not sure. Also, average is 1.9 and median is
2. SD is .82 and variance is .673.
poornetworkingimpactonfirmabilitytomanagerisk
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 47 18.8 18.8 18.8
2.00 99 39.6 39.6 58.4
3.00 34 13.6 13.6 72.0
4.00 35 14.0 14.0 86.0
5.00 35 14.0 14.0 100.0
are connect to identify risk. 81 said no and 76 were not sure. Also, average is 1.9 and median is
2. SD is .82 and variance is .673.
poornetworkingimpactonfirmabilitytomanagerisk
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 47 18.8 18.8 18.8
2.00 99 39.6 39.6 58.4
3.00 34 13.6 13.6 72.0
4.00 35 14.0 14.0 86.0
5.00 35 14.0 14.0 100.0
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Total 250 100.0 100.0
Interpretation – it is analysed from table that average is 2.6 and median and mode are 2. Also,
standard deviation and variance are 1.31 and 1.73 respectively. Also, out of 250 sample, 99
agreed that poor network highly impact in managing risk.
ineffectiveselforganisationunabletoresolveriskinspecifiedtime
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 57 22.8 22.8 22.8
2.00 51 20.4 20.4 43.2
3.00 39 15.6 15.6 58.8
4.00 55 22.0 22.0 80.8
5.00 48 19.2 19.2 100.0
Interpretation – it is analysed from table that average is 2.6 and median and mode are 2. Also,
standard deviation and variance are 1.31 and 1.73 respectively. Also, out of 250 sample, 99
agreed that poor network highly impact in managing risk.
ineffectiveselforganisationunabletoresolveriskinspecifiedtime
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 57 22.8 22.8 22.8
2.00 51 20.4 20.4 43.2
3.00 39 15.6 15.6 58.8
4.00 55 22.0 22.0 80.8
5.00 48 19.2 19.2 100.0
Total 250 100.0 100.0
Interpretation – by interpreting table, average is 2.9 and median is 3. Also, Sd is 1.45 and
variance is 2.1. in this, 57 strongly agreed that ineffective self organisation is unable in solving
risk in time.
Statistics
networkingselfor
ganisationimprov
eprivateorganisa
tionperformance
highriskhasstron
gimpactonfinanci
alperformanceof
privatefirm
necessarytoman
ageriskduringpro
curement
riskthatcanoccuri
nprocurement
qualityofprocure
mentimpactonfin
ancialperforman
ceoffirm
N Valid 250 250 250 250 250
Interpretation – by interpreting table, average is 2.9 and median is 3. Also, Sd is 1.45 and
variance is 2.1. in this, 57 strongly agreed that ineffective self organisation is unable in solving
risk in time.
Statistics
networkingselfor
ganisationimprov
eprivateorganisa
tionperformance
highriskhasstron
gimpactonfinanci
alperformanceof
privatefirm
necessarytoman
ageriskduringpro
curement
riskthatcanoccuri
nprocurement
qualityofprocure
mentimpactonfin
ancialperforman
ceoffirm
N Valid 250 250 250 250 250
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Missing 0 0 0 0 0
Mean 1.8200 2.9240 2.1600 2.3840 2.6120
Median 2.0000 3.0000 2.0000 2.0000 2.0000
Mode 2.00 2.00 2.00 2.00 2.00
Std. Deviation .74688 1.33166 .75411 1.10700 1.20468
Variance .558 1.773 .569 1.225 1.451
Statistics
necessarytocontr
olrisksothateffecti
vedecisioncanbet
aken
changingselforga
nisationimproves
riskmanagement
process
networkingmonit
orriskmanageme
ntprocess
riskmanagementi
spartofgoodgover
nancepractice
privatefirmsfacin
gchallengeethical
dilemma
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 2.8280 2.9960 2.4880 2.6000 1.6200
Median 3.0000 3.0000 2.0000 2.0000 1.0000
Mode 2.00 3.00 2.00 2.00 1.00
Std. Deviation 1.34075 1.40137 1.29637 1.37972 .78362
Variance 1.798 1.964 1.681 1.904 .614
Statistics
followinggoverna
ncepoliciesimpro
vingperformancei
nprivatesector
responsibilityofco
rporategovernan
celiesinprivateorg
anisation
responsibleforde
velopingriskmana
gementpolicesliei
nprivatefirm
currentcorporate
governancearehe
lpincreasingfinan
cialperformance
networkingisrequi
refordevelopingri
skmanagementp
olicies
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 2.8120 2.2080 2.6040 2.2240 2.5080
Median 3.0000 2.0000 3.0000 2.0000 2.0000
Mode 2.00 1.00 4.00 3.00 1.00
Std. Deviation 1.39731 1.17740 1.17161 .77474 1.44022
Variance 1.952 1.386 1.373 .600 2.074
Statistics
iscorporategovernancebeingtreated
as
privatesectorhasbestriskmanageme
ntstrategiesascomparedtoother
N Valid 250 250
Missing 0 0
Mean 1.8200 2.9240 2.1600 2.3840 2.6120
Median 2.0000 3.0000 2.0000 2.0000 2.0000
Mode 2.00 2.00 2.00 2.00 2.00
Std. Deviation .74688 1.33166 .75411 1.10700 1.20468
Variance .558 1.773 .569 1.225 1.451
Statistics
necessarytocontr
olrisksothateffecti
vedecisioncanbet
aken
changingselforga
nisationimproves
riskmanagement
process
networkingmonit
orriskmanageme
ntprocess
riskmanagementi
spartofgoodgover
nancepractice
privatefirmsfacin
gchallengeethical
dilemma
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 2.8280 2.9960 2.4880 2.6000 1.6200
Median 3.0000 3.0000 2.0000 2.0000 1.0000
Mode 2.00 3.00 2.00 2.00 1.00
Std. Deviation 1.34075 1.40137 1.29637 1.37972 .78362
Variance 1.798 1.964 1.681 1.904 .614
Statistics
followinggoverna
ncepoliciesimpro
vingperformancei
nprivatesector
responsibilityofco
rporategovernan
celiesinprivateorg
anisation
responsibleforde
velopingriskmana
gementpolicesliei
nprivatefirm
currentcorporate
governancearehe
lpincreasingfinan
cialperformance
networkingisrequi
refordevelopingri
skmanagementp
olicies
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 2.8120 2.2080 2.6040 2.2240 2.5080
Median 3.0000 2.0000 3.0000 2.0000 2.0000
Mode 2.00 1.00 4.00 3.00 1.00
Std. Deviation 1.39731 1.17740 1.17161 .77474 1.44022
Variance 1.952 1.386 1.373 .600 2.074
Statistics
iscorporategovernancebeingtreated
as
privatesectorhasbestriskmanageme
ntstrategiesascomparedtoother
N Valid 250 250
Missing 0 0
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Mean 2.3000 1.7720
Median 2.0000 2.0000
Mode 3.00 2.00
Std. Deviation 1.06137 .70570
Variance 1.127 .498
Statistics
Whetherinterand
intranetworkingb
enefitinmanagin
grisk
dataanalysisisus
efulinapplyingpro
perrisktechnique
selforganisationr
educescomplexit
yinmanagingrisk
risktechniqueapp
liedbyselforganis
ationbenefitedris
kreduction
financialperform
ancecanbeenha
ncedbyexpansio
nofnetwork
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 1.7080 1.9840 2.9720 3.1720 2.0520
Median 1.5000 2.0000 3.0000 3.0000 2.0000
Mode 1.00 2.00 2.00 4.00 2.00
Std. Deviation .79072 .78114 1.46005 1.34970 .75603
Variance .625 .610 2.132 1.822 .572
Statistics
privatefirmsprocurementcontractco
ntainsmoreriskascomparedpublic
privatefirmabletomanageriskthroug
henterpriseriskmanagement
N Valid 250 250
Missing 0 0
Mean 3.0320 1.9800
Median 3.0000 2.0000
Mode 3.00 2.00
Std. Deviation 1.41101 .81871
Variance 1.991 .670
a. Multiple modes exist. The smallest value is shown
Frequency Table
Median 2.0000 2.0000
Mode 3.00 2.00
Std. Deviation 1.06137 .70570
Variance 1.127 .498
Statistics
Whetherinterand
intranetworkingb
enefitinmanagin
grisk
dataanalysisisus
efulinapplyingpro
perrisktechnique
selforganisationr
educescomplexit
yinmanagingrisk
risktechniqueapp
liedbyselforganis
ationbenefitedris
kreduction
financialperform
ancecanbeenha
ncedbyexpansio
nofnetwork
N Valid 250 250 250 250 250
Missing 0 0 0 0 0
Mean 1.7080 1.9840 2.9720 3.1720 2.0520
Median 1.5000 2.0000 3.0000 3.0000 2.0000
Mode 1.00 2.00 2.00 4.00 2.00
Std. Deviation .79072 .78114 1.46005 1.34970 .75603
Variance .625 .610 2.132 1.822 .572
Statistics
privatefirmsprocurementcontractco
ntainsmoreriskascomparedpublic
privatefirmabletomanageriskthroug
henterpriseriskmanagement
N Valid 250 250
Missing 0 0
Mean 3.0320 1.9800
Median 3.0000 2.0000
Mode 3.00 2.00
Std. Deviation 1.41101 .81871
Variance 1.991 .670
a. Multiple modes exist. The smallest value is shown
Frequency Table
networkingselforganisationimproveprivateorganisationperformance
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 96 38.4 38.4 38.4
2.00 103 41.2 41.2 79.6
3.00 51 20.4 20.4 100.0
Total 250 100.0 100.0
Interpretation – the above table state that out of 250 sample, 103 said that no networking and self
organisation does not improve organisation performance. 96 said yes and 51 not sure. Moreover,
mean value is 1.82 and median is 2. The SD is .74 and variance is .55.
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 96 38.4 38.4 38.4
2.00 103 41.2 41.2 79.6
3.00 51 20.4 20.4 100.0
Total 250 100.0 100.0
Interpretation – the above table state that out of 250 sample, 103 said that no networking and self
organisation does not improve organisation performance. 96 said yes and 51 not sure. Moreover,
mean value is 1.82 and median is 2. The SD is .74 and variance is .55.
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highriskhasstrongimpactonfinancialperformanceofprivatefirm
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 33 13.2 13.2 13.2
2.00 84 33.6 33.6 46.8
3.00 50 20.0 20.0 66.8
4.00 35 14.0 14.0 80.8
5.00 48 19.2 19.2 100.0
Total 250 100.0 100.0
Interpretation – it is stated that mean is 2.9 and mode is 2. However, the median is 3 along with
SD which is 1.33 and variance 1.77. Here, 84 agreed that high risk impact on financial stability
of private firm to a great extent.
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 33 13.2 13.2 13.2
2.00 84 33.6 33.6 46.8
3.00 50 20.0 20.0 66.8
4.00 35 14.0 14.0 80.8
5.00 48 19.2 19.2 100.0
Total 250 100.0 100.0
Interpretation – it is stated that mean is 2.9 and mode is 2. However, the median is 3 along with
SD which is 1.33 and variance 1.77. Here, 84 agreed that high risk impact on financial stability
of private firm to a great extent.
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necessarytomanageriskduringprocurement
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 54 21.6 21.6 21.6
2.00 102 40.8 40.8 62.4
3.00 94 37.6 37.6 100.0
Total 250 100.0 100.0
Interpretation – By analysing the data it is stated that 102 participants said risk has to be
managed to maximise efficiency 54 said to take effective decision and 94 said to mitigate impact.
Beside this, average is 2.16 and median is 2. Variance is .569 and standard deviation is .754.
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 54 21.6 21.6 21.6
2.00 102 40.8 40.8 62.4
3.00 94 37.6 37.6 100.0
Total 250 100.0 100.0
Interpretation – By analysing the data it is stated that 102 participants said risk has to be
managed to maximise efficiency 54 said to take effective decision and 94 said to mitigate impact.
Beside this, average is 2.16 and median is 2. Variance is .569 and standard deviation is .754.
riskthatcanoccurinprocurement
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 69 27.6 27.6 27.6
2.00 70 28.0 28.0 55.6
3.00 57 22.8 22.8 78.4
4.00 54 21.6 21.6 100.0
Total 250 100.0 100.0
Interpretation – from data it is evaluated that 70 said there is risk of quality in procurement 69
said cost. also, 57 said that delivery can be risk and 54 said fraud. Furthermore, the mean is 2.38
and mode is 2 along with median. Also, standard deviation is 1.10 and variance is 1.22.
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 69 27.6 27.6 27.6
2.00 70 28.0 28.0 55.6
3.00 57 22.8 22.8 78.4
4.00 54 21.6 21.6 100.0
Total 250 100.0 100.0
Interpretation – from data it is evaluated that 70 said there is risk of quality in procurement 69
said cost. also, 57 said that delivery can be risk and 54 said fraud. Furthermore, the mean is 2.38
and mode is 2 along with median. Also, standard deviation is 1.10 and variance is 1.22.
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qualityofprocurementimpactonfinancialperformanceoffirm
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 41 16.4 16.4 16.4
2.00 98 39.2 39.2 55.6
3.00 55 22.0 22.0 77.6
4.00 29 11.6 11.6 89.2
5.00 27 10.8 10.8 100.0
Total 250 100.0 100.0
Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 41 16.4 16.4 16.4
2.00 98 39.2 39.2 55.6
3.00 55 22.0 22.0 77.6
4.00 29 11.6 11.6 89.2
5.00 27 10.8 10.8 100.0
Total 250 100.0 100.0
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Interpretation- the data analyse shows mean is 2.6 and mode is same as median that is 2. Also,
Sd is 1.2 and variance is 1.4. in this 98 people said agreed that quality of procurement impact on
financial performance.
necessarytocontrolrisksothateffectivedecisioncanbetaken
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 50 20.0 20.0 20.0
2.00 64 25.6 25.6 45.6
3.00 50 20.0 20.0 65.6
4.00 51 20.4 20.4 86.0
5.00 35 14.0 14.0 100.0
Sd is 1.2 and variance is 1.4. in this 98 people said agreed that quality of procurement impact on
financial performance.
necessarytocontrolrisksothateffectivedecisioncanbetaken
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 50 20.0 20.0 20.0
2.00 64 25.6 25.6 45.6
3.00 50 20.0 20.0 65.6
4.00 51 20.4 20.4 86.0
5.00 35 14.0 14.0 100.0
Total 250 100.0 100.0
Interpretation- it is observed that mean is 2.8 and median is 3. The mode is 2 with SD as 1.34
and variance as 1.79. here, 64 sample agreed with it that it is necessary to control risk.
changingselforganisationimprovesriskmanagementprocess
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 49 19.6 19.6 19.6
2.00 50 20.0 20.0 39.6
3.00 52 20.8 20.8 60.4
4.00 51 20.4 20.4 80.8
5.00 48 19.2 19.2 100.0
Interpretation- it is observed that mean is 2.8 and median is 3. The mode is 2 with SD as 1.34
and variance as 1.79. here, 64 sample agreed with it that it is necessary to control risk.
changingselforganisationimprovesriskmanagementprocess
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 49 19.6 19.6 19.6
2.00 50 20.0 20.0 39.6
3.00 52 20.8 20.8 60.4
4.00 51 20.4 20.4 80.8
5.00 48 19.2 19.2 100.0
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Total 250 100.0 100.0
Interpretation – the mean value is 2.9 that is approx. to mode and median that is 3. Here, SD is
1.4 and variance is 1.9. However, 52 respondents remain neutral in this.
networkingmonitorriskmanagementprocess
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 69 27.6 27.6 27.6
2.00 82 32.8 32.8 60.4
3.00 24 9.6 9.6 70.0
4.00 58 23.2 23.2 93.2
Interpretation – the mean value is 2.9 that is approx. to mode and median that is 3. Here, SD is
1.4 and variance is 1.9. However, 52 respondents remain neutral in this.
networkingmonitorriskmanagementprocess
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 69 27.6 27.6 27.6
2.00 82 32.8 32.8 60.4
3.00 24 9.6 9.6 70.0
4.00 58 23.2 23.2 93.2
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5.00 17 6.8 6.8 100.0
Total 250 100.0 100.0
Interpretation – by evaluating data it is observed that mean is 2.48 and mode as well as median
are same that is 2. Apart from it, SD is 1.29 and variance is 1.6. here, 82 participants agreed that
networking monitor ERM process.
riskmanagementispartofgoodgovernancepractice
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 64 25.6 25.6 25.6
2.00 81 32.4 32.4 58.0
Total 250 100.0 100.0
Interpretation – by evaluating data it is observed that mean is 2.48 and mode as well as median
are same that is 2. Apart from it, SD is 1.29 and variance is 1.6. here, 82 participants agreed that
networking monitor ERM process.
riskmanagementispartofgoodgovernancepractice
Frequency Percent Valid Percent Cumulative
Percent
Valid 1.00 64 25.6 25.6 25.6
2.00 81 32.4 32.4 58.0
3.00 30 12.0 12.0 70.0
4.00 41 16.4 16.4 86.4
5.00 34 13.6 13.6 100.0
Total 250 100.0 100.0
Interpretation – here, the average of data is 2.6 and median is 2. The mode is also 2. Besides, SD
is 1.37 and variance is 1.90. in this 81 respondents agree that risk management is part of good
governance.
privatefirmsfacingchallengeethicaldilemma
Frequency Percent Valid Percent Cumulative
Percent
4.00 41 16.4 16.4 86.4
5.00 34 13.6 13.6 100.0
Total 250 100.0 100.0
Interpretation – here, the average of data is 2.6 and median is 2. The mode is also 2. Besides, SD
is 1.37 and variance is 1.90. in this 81 respondents agree that risk management is part of good
governance.
privatefirmsfacingchallengeethicaldilemma
Frequency Percent Valid Percent Cumulative
Percent
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Valid
1.00 142 56.8 56.8 56.8
2.00 61 24.4 24.4 81.2
3.00 47 18.8 18.8 100.0
Total 250 100.0 100.0
Interpretation – from data it is interpreted that 142 participants said yes private firms are facing
ethical dilemma. 61 said no and 47 not sure of it. however, average of data is 1.62 and mode is 1.
Besides, SD is .78 and variance is .61.
whichcitydoescontractorbelongto
1.00 142 56.8 56.8 56.8
2.00 61 24.4 24.4 81.2
3.00 47 18.8 18.8 100.0
Total 250 100.0 100.0
Interpretation – from data it is interpreted that 142 participants said yes private firms are facing
ethical dilemma. 61 said no and 47 not sure of it. however, average of data is 1.62 and mode is 1.
Besides, SD is .78 and variance is .61.
whichcitydoescontractorbelongto
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Frequency Percent Valid Percent Cumulative
Percent
Valid
1.00 40 15.9 16.0 16.0
2.00 55 21.8 22.0 38.0
3.00 44 17.5 17.6 55.6
4.00 49 19.4 19.6 75.2
5.00 62 24.6 24.8 100.0
Total 250 99.2 100.0
Missing System 2 .8
Total 252 100.0
Interpretation- from above table it can be interpreted that out of 250 contractors, 40 belong to
city Melbourne, 55 belong to Brisbane, 44 contractors were from Sydney, 49 was from Perth and
62 was from Canberra. Thus, most of contractor belongs to capita city of Australia that is
Canberra. Besides that, as Canberra is capital so there are many private contractor operating in
that.
Percent
Valid
1.00 40 15.9 16.0 16.0
2.00 55 21.8 22.0 38.0
3.00 44 17.5 17.6 55.6
4.00 49 19.4 19.6 75.2
5.00 62 24.6 24.8 100.0
Total 250 99.2 100.0
Missing System 2 .8
Total 252 100.0
Interpretation- from above table it can be interpreted that out of 250 contractors, 40 belong to
city Melbourne, 55 belong to Brisbane, 44 contractors were from Sydney, 49 was from Perth and
62 was from Canberra. Thus, most of contractor belongs to capita city of Australia that is
Canberra. Besides that, as Canberra is capital so there are many private contractor operating in
that.
Hypothesis testing
Regression
It is a statistical analysis method that is used to determine relationship between dependent
and independent variable. Usually, dependent variable is denoted with Y and independent as X.
Usually, the strength of relationship is identified through regression. Here, significant value is
identified through P= 0.05. So, if value of P is higher than 0.05 there is strong relationship
between variables. But if value is less than P= 0.05 than there is no relationship between them.
Besides, regression uses two or more than two variables independent variables to predict
Regression
It is a statistical analysis method that is used to determine relationship between dependent
and independent variable. Usually, dependent variable is denoted with Y and independent as X.
Usually, the strength of relationship is identified through regression. Here, significant value is
identified through P= 0.05. So, if value of P is higher than 0.05 there is strong relationship
between variables. But if value is less than P= 0.05 than there is no relationship between them.
Besides, regression uses two or more than two variables independent variables to predict
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outcome. However, there are two types of regression tests used. One in linear regression and
other is multiple regression. In linear regression, relationship is in form of line that identify
individual data point. While in multiple regression, the variables are differentiated by numbers.
Correlations
selforganizationh
aveitsownenterp
riseriskmanage
ment
ongoingmonitori
ngactivitiesrequir
edinorganization
Pearson Correlation
selforganizationhaveitsowne
nterpriseriskmanagement 1.000 .075
ongoingmonitoringactivitiesre
quiredinorganization .075 1.000
Sig. (1-tailed)
selforganizationhaveitsowne
nterpriseriskmanagement . .119
ongoingmonitoringactivitiesre
quiredinorganization .119 .
N
selforganizationhaveitsowne
nterpriseriskmanagement 249 249
ongoingmonitoringactivitiesre
quiredinorganization 249 249
Model Summaryb
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .075a .006 .002 1.44885 .006 1.395 1
Model Summaryb
Model Change Statistics Durbin-Watson
df2 Sig. F Change
1 247a .239 1.170
other is multiple regression. In linear regression, relationship is in form of line that identify
individual data point. While in multiple regression, the variables are differentiated by numbers.
Correlations
selforganizationh
aveitsownenterp
riseriskmanage
ment
ongoingmonitori
ngactivitiesrequir
edinorganization
Pearson Correlation
selforganizationhaveitsowne
nterpriseriskmanagement 1.000 .075
ongoingmonitoringactivitiesre
quiredinorganization .075 1.000
Sig. (1-tailed)
selforganizationhaveitsowne
nterpriseriskmanagement . .119
ongoingmonitoringactivitiesre
quiredinorganization .119 .
N
selforganizationhaveitsowne
nterpriseriskmanagement 249 249
ongoingmonitoringactivitiesre
quiredinorganization 249 249
Model Summaryb
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .075a .006 .002 1.44885 .006 1.395 1
Model Summaryb
Model Change Statistics Durbin-Watson
df2 Sig. F Change
1 247a .239 1.170
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a. Predictors: (Constant), ongoingmonitoringactivitiesrequiredinorganization
b. Dependent Variable: selforganizationhaveitsownenterpriseriskmanagement
H1- Ongoing activity impact on self organisation and enterprise risk management
By analysing above table it can be interpreted that the significant value obtained is
P= .239 which is less than P= 0.05. It means that there is no relationship between dependent and
independent variables. Also, the ongoing activities require in organisation does not impact on
self organisation and risk management. When there is any change in activities the self
organisation it does affect on enterprise risk management. Also, self organisation depends on
business procurement activity. They have their own risk management but it only helps in making
mitigating risk within activities. So, this does not benefit in reducing impact in procurement.
Similarly, financial performance is not enhanced but only efficiency is improved and maintained.
But in self organisation ongoing activities are required in it. This is because it helps in smooth
flow of process. Thus, from that it is clarified that there is no role of ongoing activities in
reducing impact of risk. Even by working in effective way risk can not be reduced. But, with
help of self organisation risk is properly managed. By following specific practices and processes,
risk is reduced. Alongside, processes are changed in order to identify risk. From hypothesis
development it is evaluated that self organisation affect on this directly. This can be stated that
when systems are not integrated then this led to rise in risk. If, ongoing activity are not organized
in proper wat then self organisation and ERM affects.
Regression
Correlations
companyarticulat
eitsriskappetitea
ndtoleranceform
anagingbusiness
topmanagement
ofcompanygetda
taandinfoforman
agingrisk
Pearson Correlation
companyarticulateitsriskappe
titeandtoleranceformanaging
business
1.000 -.322
topmanagementofcompanyg
etdataandinfoformanagingris
k
-.322 1.000
b. Dependent Variable: selforganizationhaveitsownenterpriseriskmanagement
H1- Ongoing activity impact on self organisation and enterprise risk management
By analysing above table it can be interpreted that the significant value obtained is
P= .239 which is less than P= 0.05. It means that there is no relationship between dependent and
independent variables. Also, the ongoing activities require in organisation does not impact on
self organisation and risk management. When there is any change in activities the self
organisation it does affect on enterprise risk management. Also, self organisation depends on
business procurement activity. They have their own risk management but it only helps in making
mitigating risk within activities. So, this does not benefit in reducing impact in procurement.
Similarly, financial performance is not enhanced but only efficiency is improved and maintained.
But in self organisation ongoing activities are required in it. This is because it helps in smooth
flow of process. Thus, from that it is clarified that there is no role of ongoing activities in
reducing impact of risk. Even by working in effective way risk can not be reduced. But, with
help of self organisation risk is properly managed. By following specific practices and processes,
risk is reduced. Alongside, processes are changed in order to identify risk. From hypothesis
development it is evaluated that self organisation affect on this directly. This can be stated that
when systems are not integrated then this led to rise in risk. If, ongoing activity are not organized
in proper wat then self organisation and ERM affects.
Regression
Correlations
companyarticulat
eitsriskappetitea
ndtoleranceform
anagingbusiness
topmanagement
ofcompanygetda
taandinfoforman
agingrisk
Pearson Correlation
companyarticulateitsriskappe
titeandtoleranceformanaging
business
1.000 -.322
topmanagementofcompanyg
etdataandinfoformanagingris
k
-.322 1.000
Sig. (1-tailed)
companyarticulateitsriskappe
titeandtoleranceformanaging
business
. .000
topmanagementofcompanyg
etdataandinfoformanagingris
k
.000 .
N
companyarticulateitsriskappe
titeandtoleranceformanaging
business
250 250
topmanagementofcompanyg
etdataandinfoformanagingris
k
250 250
Model Summaryb
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .322a .104 .100 1.27201 .104 28.638 1
Model Summaryb
Model Change Statistics Durbin-Watson
df2 Sig. F Change
1 248a .000 .502
a. Predictors: (Constant), topmanagementofcompanygetdataandinfoformanagingrisk
b. Dependent Variable: companyarticulateitsriskappetiteandtoleranceformanagingbusiness
H2- There is relationship between data and information and risk appetite and tolerance
From above table it can be analysed that the significant value of P= .000 which is less
than P = 0.05. So, there is no relation between dependent and independent variables. However,
top management does not get relevant data and info on managing risk. Thus, they are not able to
articulate it. Alongside, the data and info articulated is not useful in managing risk. Due to it, top
management is not able to mitigate risks. Sometimes, info articulated is not accurate. It is
evaluated that top management is involved in taking strategic decision to mitigate impact of risk.
companyarticulateitsriskappe
titeandtoleranceformanaging
business
. .000
topmanagementofcompanyg
etdataandinfoformanagingris
k
.000 .
N
companyarticulateitsriskappe
titeandtoleranceformanaging
business
250 250
topmanagementofcompanyg
etdataandinfoformanagingris
k
250 250
Model Summaryb
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .322a .104 .100 1.27201 .104 28.638 1
Model Summaryb
Model Change Statistics Durbin-Watson
df2 Sig. F Change
1 248a .000 .502
a. Predictors: (Constant), topmanagementofcompanygetdataandinfoformanagingrisk
b. Dependent Variable: companyarticulateitsriskappetiteandtoleranceformanagingbusiness
H2- There is relationship between data and information and risk appetite and tolerance
From above table it can be analysed that the significant value of P= .000 which is less
than P = 0.05. So, there is no relation between dependent and independent variables. However,
top management does not get relevant data and info on managing risk. Thus, they are not able to
articulate it. Alongside, the data and info articulated is not useful in managing risk. Due to it, top
management is not able to mitigate risks. Sometimes, info articulated is not accurate. It is
evaluated that top management is involved in taking strategic decision to mitigate impact of risk.
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this is done when they are able to collect data and info through networking. But the data obtained
is not accurate or precise. Due to this decisions taken are not appropriate. Likewise, risk
articulated by them is also not proper. In addition, top management manage risk by themselves
by consulting with stakeholders. They change process and methods and involve managers in
managing risk. So, it led to ineffective working. By hypothesis development if the data and info
available is not accurate then it is ineffective to deal with risk. Furthermore, risk tolerance is
linked with appetite. It means that outcomes of risk are related to performance measures. Hence,
if data is not accurate and precise then risk appetite presented is wrong. Those risk are also
included which can not be deal
Regression
Correlations
reducingriskben
efitinimprovingfin
ancialperforman
ce
riskmanagement
techniquesareus
edbyorganisatio
n
Pearson Correlation
reducingriskbenefitinimprovin
gfinancialperformance 1.000 .280
riskmanagementtechniquesa
reusedbyorganisation .280 1.000
Sig. (1-tailed)
reducingriskbenefitinimprovin
gfinancialperformance . .000
riskmanagementtechniquesa
reusedbyorganisation .000 .
N
reducingriskbenefitinimprovin
gfinancialperformance 250 250
riskmanagementtechniquesa
reusedbyorganisation 250 250
Model Summaryb
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .280a .078 .075 1.34414 .078 21.087 1
is not accurate or precise. Due to this decisions taken are not appropriate. Likewise, risk
articulated by them is also not proper. In addition, top management manage risk by themselves
by consulting with stakeholders. They change process and methods and involve managers in
managing risk. So, it led to ineffective working. By hypothesis development if the data and info
available is not accurate then it is ineffective to deal with risk. Furthermore, risk tolerance is
linked with appetite. It means that outcomes of risk are related to performance measures. Hence,
if data is not accurate and precise then risk appetite presented is wrong. Those risk are also
included which can not be deal
Regression
Correlations
reducingriskben
efitinimprovingfin
ancialperforman
ce
riskmanagement
techniquesareus
edbyorganisatio
n
Pearson Correlation
reducingriskbenefitinimprovin
gfinancialperformance 1.000 .280
riskmanagementtechniquesa
reusedbyorganisation .280 1.000
Sig. (1-tailed)
reducingriskbenefitinimprovin
gfinancialperformance . .000
riskmanagementtechniquesa
reusedbyorganisation .000 .
N
reducingriskbenefitinimprovin
gfinancialperformance 250 250
riskmanagementtechniquesa
reusedbyorganisation 250 250
Model Summaryb
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .280a .078 .075 1.34414 .078 21.087 1
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Model Summaryb
Model Change Statistics Durbin-Watson
df2 Sig. F Change
1 248a .000 .423
a. Predictors: (Constant), riskmanagementtechniquesareusedbyorganisation
b. Dependent Variable: reducingriskbenefitinimprovingfinancialperformance
H3- Risk management techniques improves financial performance.
Interpretation – By analysing table it is evaluated that significant value obtained is P= .000
which is less than P= 0.05. Thus, there is no relationship between risk techniques used by
organisation and reducing risk benefit in improving financial performance. Therefore, selection
of risk technique is not useful in reducing risk and enhancing financial performance. Sometime,
even when risk is reduced there is no improvement in finance of organisation. Furthermore, it is
observed that there are many risk management strategies used by private firms. But those are not
taken only to enhance financial performance. They are taken in order to maintain quality or to
reduce cost in procurement. However, risk is also reduced in ay hazard or ensuring smooth flow
of process. The variations in procurement are determined and measure are taken to maintain self
organisation. Hence, at later stage managing risk benefit in improving financial stability. So,
there is no relation use of risk technique and risk benefit in improving financial performance. It
is because sometimes the technique applied is not useful in reducing risk. Therefore, financial
performance is not enhanced. On contrary, enterprise risk management and financial
performance are highly inter related. An effective management of risk benefit in mitigating its
impact. However, if there is high risk involved than there are major chances that it will highly
affect on finance. Due to this, financial performance is affected to a great extent. It has been
observed that many times it is extremely important for business to connect or have strong
relationship between both internal and external stakeholders as it helps the organization to
maintain external sustainability and reduce changes of any kind of external risk. This external
stability helps an organization to maintain their financial performance in the market as well. Both
networking and financial performance is interrelated because if there is any kind of issue or flaw
Model Change Statistics Durbin-Watson
df2 Sig. F Change
1 248a .000 .423
a. Predictors: (Constant), riskmanagementtechniquesareusedbyorganisation
b. Dependent Variable: reducingriskbenefitinimprovingfinancialperformance
H3- Risk management techniques improves financial performance.
Interpretation – By analysing table it is evaluated that significant value obtained is P= .000
which is less than P= 0.05. Thus, there is no relationship between risk techniques used by
organisation and reducing risk benefit in improving financial performance. Therefore, selection
of risk technique is not useful in reducing risk and enhancing financial performance. Sometime,
even when risk is reduced there is no improvement in finance of organisation. Furthermore, it is
observed that there are many risk management strategies used by private firms. But those are not
taken only to enhance financial performance. They are taken in order to maintain quality or to
reduce cost in procurement. However, risk is also reduced in ay hazard or ensuring smooth flow
of process. The variations in procurement are determined and measure are taken to maintain self
organisation. Hence, at later stage managing risk benefit in improving financial stability. So,
there is no relation use of risk technique and risk benefit in improving financial performance. It
is because sometimes the technique applied is not useful in reducing risk. Therefore, financial
performance is not enhanced. On contrary, enterprise risk management and financial
performance are highly inter related. An effective management of risk benefit in mitigating its
impact. However, if there is high risk involved than there are major chances that it will highly
affect on finance. Due to this, financial performance is affected to a great extent. It has been
observed that many times it is extremely important for business to connect or have strong
relationship between both internal and external stakeholders as it helps the organization to
maintain external sustainability and reduce changes of any kind of external risk. This external
stability helps an organization to maintain their financial performance in the market as well. Both
networking and financial performance is interrelated because if there is any kind of issue or flaw
in the networking and all the stakeholders are not able to communicate with each other then this
will directly affect overall performance of the employees whose indirect affect will be on
external stakeholder’s communication. This can affect the financial performance of an
organization. Also, it can be analysed that using the best Enterprise Risk Management strategies,
the companies may avoid some unwanted risk. Strong relation between financial performance
and ERM has benefited the organization in reducing changes of occurrence of such kind of
unexpected risk. This gave signals to the organizations so that they can work on reduction of
such kinds of risk.
Regression
Correlations
roledoesnetworki
ngplayinriskman
agement
Whetherinterand
intranetworkingb
enefitinmanagin
grisk
Pearson Correlation
roledoesnetworkingplayinrisk
management 1.000 .353
Whetherinterandintranetworki
ngbenefitinmanagingrisk .353 1.000
Sig. (1-tailed)
roledoesnetworkingplayinrisk
management . .000
Whetherinterandintranetworki
ngbenefitinmanagingrisk .000 .
N
roledoesnetworkingplayinrisk
management 250 250
Whetherinterandintranetworki
ngbenefitinmanagingrisk 250 250
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .353a .125 .121 .76747 .125 35.356 1
Model Summary
Model Change Statistics
will directly affect overall performance of the employees whose indirect affect will be on
external stakeholder’s communication. This can affect the financial performance of an
organization. Also, it can be analysed that using the best Enterprise Risk Management strategies,
the companies may avoid some unwanted risk. Strong relation between financial performance
and ERM has benefited the organization in reducing changes of occurrence of such kind of
unexpected risk. This gave signals to the organizations so that they can work on reduction of
such kinds of risk.
Regression
Correlations
roledoesnetworki
ngplayinriskman
agement
Whetherinterand
intranetworkingb
enefitinmanagin
grisk
Pearson Correlation
roledoesnetworkingplayinrisk
management 1.000 .353
Whetherinterandintranetworki
ngbenefitinmanagingrisk .353 1.000
Sig. (1-tailed)
roledoesnetworkingplayinrisk
management . .000
Whetherinterandintranetworki
ngbenefitinmanagingrisk .000 .
N
roledoesnetworkingplayinrisk
management 250 250
Whetherinterandintranetworki
ngbenefitinmanagingrisk 250 250
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .353a .125 .121 .76747 .125 35.356 1
Model Summary
Model Change Statistics
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df2 Sig. F Change
1 248a .000
a. Predictors: (Constant), Whetherinterandintranetworkingbenefitinmanagingrisk
H4- is there relation in intra and inter networking and risk management
Interpretation- It can be interpreted from table that the significant value obtained is P= .000
that is less than P= 0.05. So, there is no significant relationship between intra and inter
networking and their role in managing risk. Moreover, if inter network exist within firm whereas
intra is outside firm. By networking it is easy to collect data and info. Thus, risk management is
not dependent on networking. It includes many other things apart from it. Additionally, it is
observed that networking only provides data and info. And in managing risk all measures are
independently applied. Also, intra and inter networking ease in managing risk. In intra self
organisation include process that are connected or inter related to one another. Hence, having a
strong network within them makes it easy to handle risk. The activities are changed in efficient
way. Moreover, the management of company has to evaluate and do auditing. So, it is analysed
that using best Enterprise Risk Management strategies, the companies may avoid unwanted risk.
For this, the company has to make better decisions and the data also includes status of risk factor
and degree. ERM helps to increase the financial performance of the company by providing vast
opportunities for growth. The financial performance of ERM impact is also measured by
analysing stock market returns, share price, company's cost and revenue efficiency that includes
ROA and as well as cash flow volatility too. Networking needs to be internal and external as
well. If an organization is having a strong internal network set up but there is a weak external
network, then it will impact its outer connection. They will not be able to gather sufficient data
and in case of a critical situation, ineffective decisions are taken. Furthermore, growth
opportunities are also affected as it restricts firms to find out and evaluate what they must do due
to lack of information. Similarly, having a resilient external network and weak inter-firm
relations highly impact firm operations. Besides getting external support the goals and objectives
are not attained. Hence, it impacts growth and development The risk is linked with networking as
if systems are not linked properly then the risk management can not be maintained. Furthermore,
poor networking results in high level of risk that highly affect on inter firm relationship as well
1 248a .000
a. Predictors: (Constant), Whetherinterandintranetworkingbenefitinmanagingrisk
H4- is there relation in intra and inter networking and risk management
Interpretation- It can be interpreted from table that the significant value obtained is P= .000
that is less than P= 0.05. So, there is no significant relationship between intra and inter
networking and their role in managing risk. Moreover, if inter network exist within firm whereas
intra is outside firm. By networking it is easy to collect data and info. Thus, risk management is
not dependent on networking. It includes many other things apart from it. Additionally, it is
observed that networking only provides data and info. And in managing risk all measures are
independently applied. Also, intra and inter networking ease in managing risk. In intra self
organisation include process that are connected or inter related to one another. Hence, having a
strong network within them makes it easy to handle risk. The activities are changed in efficient
way. Moreover, the management of company has to evaluate and do auditing. So, it is analysed
that using best Enterprise Risk Management strategies, the companies may avoid unwanted risk.
For this, the company has to make better decisions and the data also includes status of risk factor
and degree. ERM helps to increase the financial performance of the company by providing vast
opportunities for growth. The financial performance of ERM impact is also measured by
analysing stock market returns, share price, company's cost and revenue efficiency that includes
ROA and as well as cash flow volatility too. Networking needs to be internal and external as
well. If an organization is having a strong internal network set up but there is a weak external
network, then it will impact its outer connection. They will not be able to gather sufficient data
and in case of a critical situation, ineffective decisions are taken. Furthermore, growth
opportunities are also affected as it restricts firms to find out and evaluate what they must do due
to lack of information. Similarly, having a resilient external network and weak inter-firm
relations highly impact firm operations. Besides getting external support the goals and objectives
are not attained. Hence, it impacts growth and development The risk is linked with networking as
if systems are not linked properly then the risk management can not be maintained. Furthermore,
poor networking results in high level of risk that highly affect on inter firm relationship as well
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Regression
Correlations
riskmanagement
techniquesareus
edbyorganisatio
n
dataanalysisisus
efulinapplyingpro
perrisktechnique
Pearson Correlation
riskmanagementtechniquesa
reusedbyorganisation 1.000 .307
dataanalysisisusefulinapplyin
gproperrisktechnique .307 1.000
Sig. (1-tailed)
riskmanagementtechniquesa
reusedbyorganisation . .000
dataanalysisisusefulinapplyin
gproperrisktechnique .000 .
N
riskmanagementtechniquesa
reusedbyorganisation 250 250
dataanalysisisusefulinapplyin
gproperrisktechnique 250 250
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .307a .094 .090 .71222 .094 25.754 1
Model Summary
Model Change Statistics
df2 Sig. F Change
1 248a .000
a. Predictors: (Constant), dataanalysisisusefulinapplyingproperrisktechnique
H5- Risk management technique and data analysis reduces risk
Interpretation – By analysing table it is analysed that significant value is P= .000 that is less than
P= 0.05. thus, there is no relationship between risk management technique used and data analysis
Correlations
riskmanagement
techniquesareus
edbyorganisatio
n
dataanalysisisus
efulinapplyingpro
perrisktechnique
Pearson Correlation
riskmanagementtechniquesa
reusedbyorganisation 1.000 .307
dataanalysisisusefulinapplyin
gproperrisktechnique .307 1.000
Sig. (1-tailed)
riskmanagementtechniquesa
reusedbyorganisation . .000
dataanalysisisusefulinapplyin
gproperrisktechnique .000 .
N
riskmanagementtechniquesa
reusedbyorganisation 250 250
dataanalysisisusefulinapplyin
gproperrisktechnique 250 250
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .307a .094 .090 .71222 .094 25.754 1
Model Summary
Model Change Statistics
df2 Sig. F Change
1 248a .000
a. Predictors: (Constant), dataanalysisisusefulinapplyingproperrisktechnique
H5- Risk management technique and data analysis reduces risk
Interpretation – By analysing table it is analysed that significant value is P= .000 that is less than
P= 0.05. thus, there is no relationship between risk management technique used and data analysis
done to apply risk technique. So, even if data analysis is done the risk management technique
may differ. Also, the technique used in that is not beneficial. Besides, data gathered and analysed
is not appropriate in selecting a technique. It has also been stated that data analysis is done to
develop strategies and find out risk that can occur. So, on basis of that risk technique is not used
or applied. The ERM is used in this where data is obtained and technique are applied. Besides,
private firms do not use risk management technique as it requires more time to select it.
Alongside, detailed evaluation is done to find out what technique will be appropriate. Thus,
sometimes only by taking decision and doing short term planning risk is managed and mitigated.
It supports in maintaining financial stability. Moreover, there is a broad range of processes that
are used. Self-organization contains policies and practices that are followed in process or
method. Policies set some clear guidelines which enable to proceed in a defined way. Moreover,
practices vary when there is any change in networking as both are interrelated. They both act as
the base of networking in inter-firm relationships and outside as well. The assumptions are made
to select risk technique. Thus, the technique selected is not sufficient to deal and solve risk. The
assumptions are made on basis of technique usability, features, etc. here, a decision tree is also
designed in order to select technique that is effective.
Regression
Correlations
selforganisationr
educescomplexit
yinmanagingrisk
privatefirmableto
manageriskthrou
ghenterpriserisk
management
Pearson Correlation
selforganisationreducescomp
lexityinmanagingrisk 1.000 .339
privatefirmabletomanageriskt
hroughenterpriseriskmanage
ment
.339 1.000
Sig. (1-tailed)
selforganisationreducescomp
lexityinmanagingrisk . .000
privatefirmabletomanageriskt
hroughenterpriseriskmanage
ment
.000 .
N selforganisationreducescomp
lexityinmanagingrisk
250 250
may differ. Also, the technique used in that is not beneficial. Besides, data gathered and analysed
is not appropriate in selecting a technique. It has also been stated that data analysis is done to
develop strategies and find out risk that can occur. So, on basis of that risk technique is not used
or applied. The ERM is used in this where data is obtained and technique are applied. Besides,
private firms do not use risk management technique as it requires more time to select it.
Alongside, detailed evaluation is done to find out what technique will be appropriate. Thus,
sometimes only by taking decision and doing short term planning risk is managed and mitigated.
It supports in maintaining financial stability. Moreover, there is a broad range of processes that
are used. Self-organization contains policies and practices that are followed in process or
method. Policies set some clear guidelines which enable to proceed in a defined way. Moreover,
practices vary when there is any change in networking as both are interrelated. They both act as
the base of networking in inter-firm relationships and outside as well. The assumptions are made
to select risk technique. Thus, the technique selected is not sufficient to deal and solve risk. The
assumptions are made on basis of technique usability, features, etc. here, a decision tree is also
designed in order to select technique that is effective.
Regression
Correlations
selforganisationr
educescomplexit
yinmanagingrisk
privatefirmableto
manageriskthrou
ghenterpriserisk
management
Pearson Correlation
selforganisationreducescomp
lexityinmanagingrisk 1.000 .339
privatefirmabletomanageriskt
hroughenterpriseriskmanage
ment
.339 1.000
Sig. (1-tailed)
selforganisationreducescomp
lexityinmanagingrisk . .000
privatefirmabletomanageriskt
hroughenterpriseriskmanage
ment
.000 .
N selforganisationreducescomp
lexityinmanagingrisk
250 250
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privatefirmabletomanageriskt
hroughenterpriseriskmanage
ment
250 250
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .339a .115 .111 1.37643 .115 32.172 1
Model Summary
Model Change Statistics
df2 Sig. F Change
1 248a .000
a. Predictors: (Constant), privatefirmabletomanageriskthroughenterpriseriskmanagement
H6- Self organization and ERM reduces risk
Interpretation – From table it is analysed that significant value obtained is P= .000 which is less
than P= 0.05. So, there is no relation between self organisation reduces complexity of risk and
private firm are able to manage risk through ERM. Hence, even if complexity of risk is reduced
it does not result in managing it. The private firm is not able to manage it. this leads to high
impact on procurement contract. In that quality is degraded. Here, reducing complexity means to
find specific area where it can occur. It provides relevant measures to mitigate impact. But
ineffective self organisation leads to imbalance in managing risk. Also, it is stated that self
organisation is only related to process or methods. So, changing it is not useful in reducing
complexity of risk. This is because here changes are made in process. Enterprise risk
management is used to manage risk in effective way. It provides detailed analysing of degree of
risk and what changes can be done to mitigate its impact. The changes may not be done in self
organisation. Therefore, there is no role of it in managing risk. there occur various types of risk
which is not properly managed and reduced by firm. it results in making it difficult to do so. So,
just by ERM and self organisation there is no change in it. From hypothesis development it is
hroughenterpriseriskmanage
ment
250 250
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
Change Statistics
R Square
Change
F Change df1
1 .339a .115 .111 1.37643 .115 32.172 1
Model Summary
Model Change Statistics
df2 Sig. F Change
1 248a .000
a. Predictors: (Constant), privatefirmabletomanageriskthroughenterpriseriskmanagement
H6- Self organization and ERM reduces risk
Interpretation – From table it is analysed that significant value obtained is P= .000 which is less
than P= 0.05. So, there is no relation between self organisation reduces complexity of risk and
private firm are able to manage risk through ERM. Hence, even if complexity of risk is reduced
it does not result in managing it. The private firm is not able to manage it. this leads to high
impact on procurement contract. In that quality is degraded. Here, reducing complexity means to
find specific area where it can occur. It provides relevant measures to mitigate impact. But
ineffective self organisation leads to imbalance in managing risk. Also, it is stated that self
organisation is only related to process or methods. So, changing it is not useful in reducing
complexity of risk. This is because here changes are made in process. Enterprise risk
management is used to manage risk in effective way. It provides detailed analysing of degree of
risk and what changes can be done to mitigate its impact. The changes may not be done in self
organisation. Therefore, there is no role of it in managing risk. there occur various types of risk
which is not properly managed and reduced by firm. it results in making it difficult to do so. So,
just by ERM and self organisation there is no change in it. From hypothesis development it is
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said that ERM provides a good type of assistance to the company in order to manage and
maintain the required level of risk control and measurement practices. It requires for organisation
to manage themselves in proper way.
Anova test
This test is used to accept alternative hypothesis or reject null hypothesis. This is
done by finding out difference between groups. Here, test results are identified in similar
way as in regression. The significant value is analysed in it. So, if value of P is less than
0.05, null hypothesis is rejected. But if value is higher than P= 0.05 than alternative
hypothesis is accepted. Here, groups belong to same variable in independent variable.
Their relationship is than measured with dependent variable. The anova tests are of
different types that is one way, two anova, etc. they are used depending on variables. In this
scholar has used one way anova to find out difference between groups. It will help
researcher to determine whether enterprise risk management is dependent on self
organisation or risk management policies.
Descriptives
N Mean Std. Deviation Std. Error 95% Confidence
Interval for Mean
Lower Bound
networkingisrequirefordevelo
pingriskmanagementpolicies
1.00 50 2.7000 1.55511 .21993 2.2580
2.00 64 2.5313 1.60326 .20041 2.1308
3.00 50 2.8200 1.24031 .17541 2.4675
4.00 51 2.4510 1.20522 .16876 2.1120
5.00 35 1.8286 1.38236 .23366 1.3537
Total 250 2.5080 1.44022 .09109 2.3286
changingselforganisationimpr
ovesriskmanagementprocess
1.00 50 3.3600 1.49503 .21143 2.9351
2.00 64 2.6875 .94070 .11759 2.4525
3.00 50 3.1200 1.86963 .26441 2.5887
4.00 51 2.8235 1.49273 .20902 2.4037
5.00 35 3.1143 .86675 .14651 2.8165
Total 250 2.9960 1.40137 .08863 2.8214
Descriptives
maintain the required level of risk control and measurement practices. It requires for organisation
to manage themselves in proper way.
Anova test
This test is used to accept alternative hypothesis or reject null hypothesis. This is
done by finding out difference between groups. Here, test results are identified in similar
way as in regression. The significant value is analysed in it. So, if value of P is less than
0.05, null hypothesis is rejected. But if value is higher than P= 0.05 than alternative
hypothesis is accepted. Here, groups belong to same variable in independent variable.
Their relationship is than measured with dependent variable. The anova tests are of
different types that is one way, two anova, etc. they are used depending on variables. In this
scholar has used one way anova to find out difference between groups. It will help
researcher to determine whether enterprise risk management is dependent on self
organisation or risk management policies.
Descriptives
N Mean Std. Deviation Std. Error 95% Confidence
Interval for Mean
Lower Bound
networkingisrequirefordevelo
pingriskmanagementpolicies
1.00 50 2.7000 1.55511 .21993 2.2580
2.00 64 2.5313 1.60326 .20041 2.1308
3.00 50 2.8200 1.24031 .17541 2.4675
4.00 51 2.4510 1.20522 .16876 2.1120
5.00 35 1.8286 1.38236 .23366 1.3537
Total 250 2.5080 1.44022 .09109 2.3286
changingselforganisationimpr
ovesriskmanagementprocess
1.00 50 3.3600 1.49503 .21143 2.9351
2.00 64 2.6875 .94070 .11759 2.4525
3.00 50 3.1200 1.86963 .26441 2.5887
4.00 51 2.8235 1.49273 .20902 2.4037
5.00 35 3.1143 .86675 .14651 2.8165
Total 250 2.9960 1.40137 .08863 2.8214
Descriptives
95% Confidence
Interval for Mean
Minimum Maximum
Upper Bound
networkingisrequirefordevelopingriskma
nagementpolicies
1.00 3.1420 1.00 5.00
2.00 2.9317 1.00 5.00
3.00 3.1725 1.00 5.00
4.00 2.7900 1.00 5.00
5.00 2.3034 1.00 5.00
Total 2.6874 1.00 5.00
changingselforganisationimprovesriskma
nagementprocess
1.00 3.7849 1.00 5.00
2.00 2.9225 1.00 5.00
3.00 3.6513 1.00 5.00
4.00 3.2434 1.00 5.00
5.00 3.4120 1.00 4.00
Total 3.1706 1.00 5.00
ANOVA
Sig.
networkingisrequirefordevelopingriskmanagementpoli
cies
Between Groups .024
Within Groups
Total
changingselforganisationimprovesriskmanagementpro
cess
Between Groups .095
Within Groups
Total
Interpretation – the test was applied to find out whether there is significant relationship in
statistical way between groups or not. By interpreting data, it is evaluated that significant value
obtained is between group is P= .024 which is less than P= 0.05. this means there is difference
between means of different variable of risk management policies. However, F value obtained
between variable is 2.683. Moreover, it is observed that in networking there is difference. It
means either inter or intra network has to be strong to develop risk management policies. The
policy differs in both to some extent. Likewise, the process changed is different from self
organisation. It may be either general or related to any other form.
Interval for Mean
Minimum Maximum
Upper Bound
networkingisrequirefordevelopingriskma
nagementpolicies
1.00 3.1420 1.00 5.00
2.00 2.9317 1.00 5.00
3.00 3.1725 1.00 5.00
4.00 2.7900 1.00 5.00
5.00 2.3034 1.00 5.00
Total 2.6874 1.00 5.00
changingselforganisationimprovesriskma
nagementprocess
1.00 3.7849 1.00 5.00
2.00 2.9225 1.00 5.00
3.00 3.6513 1.00 5.00
4.00 3.2434 1.00 5.00
5.00 3.4120 1.00 4.00
Total 3.1706 1.00 5.00
ANOVA
Sig.
networkingisrequirefordevelopingriskmanagementpoli
cies
Between Groups .024
Within Groups
Total
changingselforganisationimprovesriskmanagementpro
cess
Between Groups .095
Within Groups
Total
Interpretation – the test was applied to find out whether there is significant relationship in
statistical way between groups or not. By interpreting data, it is evaluated that significant value
obtained is between group is P= .024 which is less than P= 0.05. this means there is difference
between means of different variable of risk management policies. However, F value obtained
between variable is 2.683. Moreover, it is observed that in networking there is difference. It
means either inter or intra network has to be strong to develop risk management policies. The
policy differs in both to some extent. Likewise, the process changed is different from self
organisation. It may be either general or related to any other form.
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Anova test
Descriptives
N Mean Std. Deviation Std. Error 95% Confidence
Interval for Mean
Lower Bound
riskmanagementtechniquesa
reusedbyorganisation
1.00 51 1.7843 .50254 .07037 1.6430
2.00 71 1.7183 .63658 .07555 1.5676
3.00 49 1.4898 .71071 .10153 1.2857
4.00 32 2.6250 .65991 .11666 2.3871
5.00 47 2.1702 .78903 .11509 1.9385
Total 250 1.8880 .74678 .04723 1.7950
topmanagementofcompanyg
etdataandinfoformanagingris
k
1.00 51 1.9216 1.33930 .18754 1.5449
2.00 71 2.4648 1.33984 .15901 2.1477
3.00 49 2.1837 .88208 .12601 1.9303
4.00 32 2.4375 1.01401 .17925 2.0719
5.00 47 4.0851 1.05973 .15458 3.7740
Total 250 2.6000 1.37972 .08726 2.4281
Descriptives
95% Confidence
Interval for Mean
Minimum Maximum
Upper Bound
riskmanagementtechniquesareusedbyor
ganisation
1.00 1.9257 1.00 3.00
2.00 1.8690 1.00 3.00
3.00 1.6939 1.00 3.00
4.00 2.8629 1.00 3.00
5.00 2.4019 1.00 3.00
Total 1.9810 1.00 3.00
topmanagementofcompanygetdataandin
foformanagingrisk
1.00 2.2983 1.00 5.00
2.00 2.7819 1.00 5.00
3.00 2.4370 1.00 5.00
4.00 2.8031 1.00 5.00
5.00 4.3963 1.00 5.00
Total 2.7719 1.00 5.00
Descriptives
N Mean Std. Deviation Std. Error 95% Confidence
Interval for Mean
Lower Bound
riskmanagementtechniquesa
reusedbyorganisation
1.00 51 1.7843 .50254 .07037 1.6430
2.00 71 1.7183 .63658 .07555 1.5676
3.00 49 1.4898 .71071 .10153 1.2857
4.00 32 2.6250 .65991 .11666 2.3871
5.00 47 2.1702 .78903 .11509 1.9385
Total 250 1.8880 .74678 .04723 1.7950
topmanagementofcompanyg
etdataandinfoformanagingris
k
1.00 51 1.9216 1.33930 .18754 1.5449
2.00 71 2.4648 1.33984 .15901 2.1477
3.00 49 2.1837 .88208 .12601 1.9303
4.00 32 2.4375 1.01401 .17925 2.0719
5.00 47 4.0851 1.05973 .15458 3.7740
Total 250 2.6000 1.37972 .08726 2.4281
Descriptives
95% Confidence
Interval for Mean
Minimum Maximum
Upper Bound
riskmanagementtechniquesareusedbyor
ganisation
1.00 1.9257 1.00 3.00
2.00 1.8690 1.00 3.00
3.00 1.6939 1.00 3.00
4.00 2.8629 1.00 3.00
5.00 2.4019 1.00 3.00
Total 1.9810 1.00 3.00
topmanagementofcompanygetdataandin
foformanagingrisk
1.00 2.2983 1.00 5.00
2.00 2.7819 1.00 5.00
3.00 2.4370 1.00 5.00
4.00 2.8031 1.00 5.00
5.00 4.3963 1.00 5.00
Total 2.7719 1.00 5.00
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ANOVA
Sig.
riskmanagementtechniquesareusedbyorganisation
Between Groups .000
Within Groups
Total
topmanagementofcompanygetdataandinfoformanagin
grisk
Between Groups .000
Within Groups
Total
Interpretation – the test was applied to find out whether there is significant relationship in
statistical way between groups or not. By interpreting data, it is evaluated that significant value
obtained is between group is P= .000 which is less than P= 0.05. this means there is difference
between means of different variable of risk techniques used by organisation. However, F value
obtained between variable is 17.961. Furthermore, it is evaluated that techniques to solve risk
may differ in private firm. It is not based on data and information gathered. This result in making
different strategy and plans. However, techniques also depend on degree of risk rather than data
and info that is analysed. If businesses are having an improper network with the suppliers, the
government, and with inter departments then there are high chances of risk. Generally, a strong
network of suppliers enables collecting relevant data. Apart from it, the firm can easily switch
from one supplier to another if the high-level risk is identified. This results in impacting their
financial performance. However, business productivity decreases as well. A network is
established through self-organization. So, by following process or methods communication is
done and data and information are shared.
One sample T test-
This test is used to test whether population mean is different from hypothesised value or
not. It helps in evaluating that value with hypothesis. Here, significant value which is used is
between 0 and 1. The test can be applied both for small and large samples. In this study, scholar
has used one sample T test to test population mean.
One-Sample Statistics
N Mean Std. Deviation Std. Error Mean
makingofenterprisecapturepo
liciebyorganization 250 2.9440 1.45234 .09185
Sig.
riskmanagementtechniquesareusedbyorganisation
Between Groups .000
Within Groups
Total
topmanagementofcompanygetdataandinfoformanagin
grisk
Between Groups .000
Within Groups
Total
Interpretation – the test was applied to find out whether there is significant relationship in
statistical way between groups or not. By interpreting data, it is evaluated that significant value
obtained is between group is P= .000 which is less than P= 0.05. this means there is difference
between means of different variable of risk techniques used by organisation. However, F value
obtained between variable is 17.961. Furthermore, it is evaluated that techniques to solve risk
may differ in private firm. It is not based on data and information gathered. This result in making
different strategy and plans. However, techniques also depend on degree of risk rather than data
and info that is analysed. If businesses are having an improper network with the suppliers, the
government, and with inter departments then there are high chances of risk. Generally, a strong
network of suppliers enables collecting relevant data. Apart from it, the firm can easily switch
from one supplier to another if the high-level risk is identified. This results in impacting their
financial performance. However, business productivity decreases as well. A network is
established through self-organization. So, by following process or methods communication is
done and data and information are shared.
One sample T test-
This test is used to test whether population mean is different from hypothesised value or
not. It helps in evaluating that value with hypothesis. Here, significant value which is used is
between 0 and 1. The test can be applied both for small and large samples. In this study, scholar
has used one sample T test to test population mean.
One-Sample Statistics
N Mean Std. Deviation Std. Error Mean
makingofenterprisecapturepo
liciebyorganization 250 2.9440 1.45234 .09185
enterprisebuildingriskresilien
cecommunitiesduringnaturald
isaster
249 2.8835 1.46961 .09313
manageoverallnaturalresourc
esthroughsustainabledevelop
ment
250 3.0520 1.31156 .08295
relationbetweenprivateandpu
blicgovernanceimproveservic
es
250 3.0400 1.41365 .08941
innovativeideapromotemarke
tofgovernmentofprocurement
business
250 2.8280 1.34075 .08480
One-Sample Test
Test Value = 0
t df Sig. (2-tailed) Mean Difference 95% Confidence
Interval of the
Difference
Lower
makingofenterprisecapturepo
liciebyorganization 32.051 249 .000 2.94400 2.7631
enterprisebuildingriskresilien
cecommunitiesduringnaturald
isaster
30.961 248 .000 2.88353 2.7001
manageoverallnaturalresourc
esthroughsustainabledevelop
ment
36.793 249 .000 3.05200 2.8886
relationbetweenprivateandpu
blicgovernanceimproveservic
es
34.002 249 .000 3.04000 2.8639
innovativeideapromotemarke
tofgovernmentofprocurement
business
33.350 249 .000 2.82800 2.6610
One-Sample Statistics
N Mean Std. Deviation Std. Error Mean
cecommunitiesduringnaturald
isaster
249 2.8835 1.46961 .09313
manageoverallnaturalresourc
esthroughsustainabledevelop
ment
250 3.0520 1.31156 .08295
relationbetweenprivateandpu
blicgovernanceimproveservic
es
250 3.0400 1.41365 .08941
innovativeideapromotemarke
tofgovernmentofprocurement
business
250 2.8280 1.34075 .08480
One-Sample Test
Test Value = 0
t df Sig. (2-tailed) Mean Difference 95% Confidence
Interval of the
Difference
Lower
makingofenterprisecapturepo
liciebyorganization 32.051 249 .000 2.94400 2.7631
enterprisebuildingriskresilien
cecommunitiesduringnaturald
isaster
30.961 248 .000 2.88353 2.7001
manageoverallnaturalresourc
esthroughsustainabledevelop
ment
36.793 249 .000 3.05200 2.8886
relationbetweenprivateandpu
blicgovernanceimproveservic
es
34.002 249 .000 3.04000 2.8639
innovativeideapromotemarke
tofgovernmentofprocurement
business
33.350 249 .000 2.82800 2.6610
One-Sample Statistics
N Mean Std. Deviation Std. Error Mean
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systemsandprocessconnecte
deffectivelyidentifyrisk 249 1.9357 .82053 .05200
poornetworkingimpactonfirm
abilitytomanagerisk 250 2.6480 1.31568 .08321
ineffectiveselforganisationun
abletoresolveriskinspecifiedti
me
250 2.9440 1.45234 .09185
networkingselforganisationim
proveprivateorganisationperf
ormance
250 1.8200 .74688 .04724
highriskhasstrongimpactonfin
ancialperformanceofprivatefir
m
250 2.9240 1.33166 .08422
One-Sample Test
Test Value = 0
t df Sig. (2-tailed) Mean Difference 95% Confidence
Interval of the
Difference
Lower
systemsandprocessconnecte
deffectivelyidentifyrisk 37.226 248 .000 1.93574 1.8333
poornetworkingimpactonfirm
abilitytomanagerisk 31.823 249 .000 2.64800 2.4841
ineffectiveselforganisationun
abletoresolveriskinspecifiedti
me
32.051 249 .000 2.94400 2.7631
networkingselforganisationim
proveprivateorganisationperf
ormance
38.529 249 .000 1.82000 1.7270
highriskhasstrongimpactonfin
ancialperformanceofprivatefir
m
34.718 249 .000 2.92400 2.7581
H7 - Difference between group risk management technique and top management of
company in data and information
deffectivelyidentifyrisk 249 1.9357 .82053 .05200
poornetworkingimpactonfirm
abilitytomanagerisk 250 2.6480 1.31568 .08321
ineffectiveselforganisationun
abletoresolveriskinspecifiedti
me
250 2.9440 1.45234 .09185
networkingselforganisationim
proveprivateorganisationperf
ormance
250 1.8200 .74688 .04724
highriskhasstrongimpactonfin
ancialperformanceofprivatefir
m
250 2.9240 1.33166 .08422
One-Sample Test
Test Value = 0
t df Sig. (2-tailed) Mean Difference 95% Confidence
Interval of the
Difference
Lower
systemsandprocessconnecte
deffectivelyidentifyrisk 37.226 248 .000 1.93574 1.8333
poornetworkingimpactonfirm
abilitytomanagerisk 31.823 249 .000 2.64800 2.4841
ineffectiveselforganisationun
abletoresolveriskinspecifiedti
me
32.051 249 .000 2.94400 2.7631
networkingselforganisationim
proveprivateorganisationperf
ormance
38.529 249 .000 1.82000 1.7270
highriskhasstrongimpactonfin
ancialperformanceofprivatefir
m
34.718 249 .000 2.92400 2.7581
H7 - Difference between group risk management technique and top management of
company in data and information
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H8- Self organisation and networking capabilities differs from each other
Interpretation – it is evaluated that T value observed is P= .000 that is lower than P= 0.05. So,
null hypothesis is rejected. It means there is no difference between sample mean and population
mean. Also, group and sample population is similar. There is no difference in that. However, it is
necessary to select different population so that sample differ from it and no similar value is
obtained. The significant value P= 0.24 that is less than 0.05. It means that between self
organisation and networking capabilities there is difference between them. Moreover,
networking capabilities does change self organisation. The processes are changed in such a way
to improve decision making. There is no difference between group risk management technique
and top management of company in data and information. The techniques are not developed on
basis of data. Beside this, it is not necessary that reducing risk benefit in improving financial
performance. Even if relevant data is gathered the techniques are not used in managing risk.
Hence, there is need for firms to apply techniques in other ways in order to mitigate risk. ERM
and procurement are interrelated to one another and the common thing in both is a risk. ERM
support in managing risk that occurs in procurement. It helps in finding out those areas where
risk occurs and along with it, in procurement, there are high chances of risk. It directly impacts a
high level and leads to an effect on financial performance. However, it is important to reduce the
negative impact of risk on financial performance. It allows private firms to grow in the industry.
Risk highly impacts business efficiency and leads to ineffective measurement. It is because
future strategies and goals are developed by identifying situations.
Our findings also showing that how contractors manage the overall business performance
by adopting new techniques, which are easily determined by the translation process. Although, it
is developing a relationship and account the aspects of technologies. In particular, it can account
for divergences the risk measure through enterprise risk management process. Sometimes, it is
based on pre-defined list of risks, which is entailed only box ticking exercise occurs for leaders
and managers. Organizational risk is directly identified by manager through qualitative method.
It is considered the most appropriate nature of qualitative that measure risk and identified
opinion of people by face to face interaction. Enterprise risk management were rendered that
relevant to manager by using impact on profitability as measurement. Furthermore, it also
Interpretation – it is evaluated that T value observed is P= .000 that is lower than P= 0.05. So,
null hypothesis is rejected. It means there is no difference between sample mean and population
mean. Also, group and sample population is similar. There is no difference in that. However, it is
necessary to select different population so that sample differ from it and no similar value is
obtained. The significant value P= 0.24 that is less than 0.05. It means that between self
organisation and networking capabilities there is difference between them. Moreover,
networking capabilities does change self organisation. The processes are changed in such a way
to improve decision making. There is no difference between group risk management technique
and top management of company in data and information. The techniques are not developed on
basis of data. Beside this, it is not necessary that reducing risk benefit in improving financial
performance. Even if relevant data is gathered the techniques are not used in managing risk.
Hence, there is need for firms to apply techniques in other ways in order to mitigate risk. ERM
and procurement are interrelated to one another and the common thing in both is a risk. ERM
support in managing risk that occurs in procurement. It helps in finding out those areas where
risk occurs and along with it, in procurement, there are high chances of risk. It directly impacts a
high level and leads to an effect on financial performance. However, it is important to reduce the
negative impact of risk on financial performance. It allows private firms to grow in the industry.
Risk highly impacts business efficiency and leads to ineffective measurement. It is because
future strategies and goals are developed by identifying situations.
Our findings also showing that how contractors manage the overall business performance
by adopting new techniques, which are easily determined by the translation process. Although, it
is developing a relationship and account the aspects of technologies. In particular, it can account
for divergences the risk measure through enterprise risk management process. Sometimes, it is
based on pre-defined list of risks, which is entailed only box ticking exercise occurs for leaders
and managers. Organizational risk is directly identified by manager through qualitative method.
It is considered the most appropriate nature of qualitative that measure risk and identified
opinion of people by face to face interaction. Enterprise risk management were rendered that
relevant to manager by using impact on profitability as measurement. Furthermore, it also
evaluating the risk in the business which are finally impressed on leaders. It is directly linked
with the incentives and other type of budgeting processes. It is also observed that many times
ERM is useful in managing risk as it provides detailed info and analysis related to everything.
The company is able to determine degree of risk and impact. They develop policies on basis of
which ERM is used, decisions are taken, data is analysed, etc. The policies are useful in
maintaining business sustainability and financial stability. It is used for long term as well.
However, changes are done in policy to when self organisation is modified. This enforces firm to
manage risk in different way. In addition to it, there are three ways of managing risk. They are
avoiding, retain and prevent risk. Through all these risks is easily managed. Many private
procurement firms opt for preventing risk. It is because in avoiding, risk impact is not mitigated
but measures are taken to avoid risk in future. In similar way, in retaining risk there is
assumption regarding loss or damage due to risk. So, here also impact is not reduced. In both
options there is great negative impact on private firm financial stability. Thus, last option is best
for them as it helps in preventing risk by taking proper measures. Here, changes are done in
process, network, etc. besides this, policies are formed to deal with risk in appropriate manner.
Also, strategies are developed as well to make sure that in future those risk do not occur. Along
with it, in ERM system changes are done to manage and mitigate risks.
It is evaluated that enterprise risk management is practice of reducing risk. The
networking, financial performance and self organisation are inter related to each other. A high
level of risk will highly impact on finance. However, it is necessary to follow certain self
organisation practices and process to manage risk. Here, networking means connection with
stakeholders to gather data and info. From that it is easy to analyse risk, its level and impact on
financial performance. So, it is essential to define constraints, process, etc. so that risk can be
mitigated. In private procurement companies risk management enables effective planning and
finding out areas of risk. However, self organisation and networking are related to each other. In
networking stakeholder also support in risk management. So, it can be said that Risk
identification needs a clear understanding of objectives and strategies as well as modification
required at each and every level of the organization. So before identifying risk or understanding
techniques used for identifying risk, there are various factors that should be noted such as:
mostly combination of techniques should be used for identification of risk.
with the incentives and other type of budgeting processes. It is also observed that many times
ERM is useful in managing risk as it provides detailed info and analysis related to everything.
The company is able to determine degree of risk and impact. They develop policies on basis of
which ERM is used, decisions are taken, data is analysed, etc. The policies are useful in
maintaining business sustainability and financial stability. It is used for long term as well.
However, changes are done in policy to when self organisation is modified. This enforces firm to
manage risk in different way. In addition to it, there are three ways of managing risk. They are
avoiding, retain and prevent risk. Through all these risks is easily managed. Many private
procurement firms opt for preventing risk. It is because in avoiding, risk impact is not mitigated
but measures are taken to avoid risk in future. In similar way, in retaining risk there is
assumption regarding loss or damage due to risk. So, here also impact is not reduced. In both
options there is great negative impact on private firm financial stability. Thus, last option is best
for them as it helps in preventing risk by taking proper measures. Here, changes are done in
process, network, etc. besides this, policies are formed to deal with risk in appropriate manner.
Also, strategies are developed as well to make sure that in future those risk do not occur. Along
with it, in ERM system changes are done to manage and mitigate risks.
It is evaluated that enterprise risk management is practice of reducing risk. The
networking, financial performance and self organisation are inter related to each other. A high
level of risk will highly impact on finance. However, it is necessary to follow certain self
organisation practices and process to manage risk. Here, networking means connection with
stakeholders to gather data and info. From that it is easy to analyse risk, its level and impact on
financial performance. So, it is essential to define constraints, process, etc. so that risk can be
mitigated. In private procurement companies risk management enables effective planning and
finding out areas of risk. However, self organisation and networking are related to each other. In
networking stakeholder also support in risk management. So, it can be said that Risk
identification needs a clear understanding of objectives and strategies as well as modification
required at each and every level of the organization. So before identifying risk or understanding
techniques used for identifying risk, there are various factors that should be noted such as:
mostly combination of techniques should be used for identification of risk.
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But it is interpreted that there is no significant relation between self organisation and
ongoing activities. It means that activities are not dependent on practice or process followed by
self organisation. Thus, there is no impact on risk management. Even by working in effective
way risk can not be reduced. But, with help of self organisation risk is properly managed. By
following specific practices and processes, risk is reduced. Alongside, processes are changed in
order to identify risk. Moreover, by working in proper way the chances of risk are reduced. Thus,
P value obtained is P= .239.
Furthermore, it is interpreted that there is no relationship between top management and
risk articulate and appetite. It changes the way of doing things and collecting info. The main
thing that depend on top management is taking effective decision. Also, how they are able to
handle and manage risk. Besides, what strategies and measures are taken in order to manage risk.
Moreover, only by articulating risk is not useful in reducing its impact. Hence, proper and
effective measures have to be considered by management. Through research it is also analysed
that companies also have managed such risk through capital market by using different instrument
and it also deals with day to day operational procedures, legal and human resources management,
financial management etc. Therefore, it relate to overall governance and ERM is that strategy
which is used to response selected risk and it may also include avoidance, reduction and
alternative action in order to monitor internal control.
However, there are several risk techniques that is used by organisation to manage risk
and mitigate its impact. The use of technique depends on type and nature of risk. By interpreting
data, it is discussed that significant value of P = .000 which is less than 0.05. So, there is no
relation use of risk technique and risk benefit in improving financial performance. It is because
sometimes the technique applied is not useful in reducing risk. Therefore, financial performance
is not enhanced. On contrary, enterprise risk management and financial performance are highly
inter related. An effective management of risk benefit in mitigating its impact. However, if there
is high risk involved than there are major chances that it will highly affect on finance. Due to
this, financial performance is affected to a great extent. According to level of risk, strategies are
developed and then implemented. Then, everything is related to finance. ERM process is useful
in evaluating overall impact on finance. In addition, networking also plays vital role in ERM.
Here, effective communication with stakeholder enable in gathering relevant data and info. They
are also involved in decision making process. By analysing info market data is collected. When a
ongoing activities. It means that activities are not dependent on practice or process followed by
self organisation. Thus, there is no impact on risk management. Even by working in effective
way risk can not be reduced. But, with help of self organisation risk is properly managed. By
following specific practices and processes, risk is reduced. Alongside, processes are changed in
order to identify risk. Moreover, by working in proper way the chances of risk are reduced. Thus,
P value obtained is P= .239.
Furthermore, it is interpreted that there is no relationship between top management and
risk articulate and appetite. It changes the way of doing things and collecting info. The main
thing that depend on top management is taking effective decision. Also, how they are able to
handle and manage risk. Besides, what strategies and measures are taken in order to manage risk.
Moreover, only by articulating risk is not useful in reducing its impact. Hence, proper and
effective measures have to be considered by management. Through research it is also analysed
that companies also have managed such risk through capital market by using different instrument
and it also deals with day to day operational procedures, legal and human resources management,
financial management etc. Therefore, it relate to overall governance and ERM is that strategy
which is used to response selected risk and it may also include avoidance, reduction and
alternative action in order to monitor internal control.
However, there are several risk techniques that is used by organisation to manage risk
and mitigate its impact. The use of technique depends on type and nature of risk. By interpreting
data, it is discussed that significant value of P = .000 which is less than 0.05. So, there is no
relation use of risk technique and risk benefit in improving financial performance. It is because
sometimes the technique applied is not useful in reducing risk. Therefore, financial performance
is not enhanced. On contrary, enterprise risk management and financial performance are highly
inter related. An effective management of risk benefit in mitigating its impact. However, if there
is high risk involved than there are major chances that it will highly affect on finance. Due to
this, financial performance is affected to a great extent. According to level of risk, strategies are
developed and then implemented. Then, everything is related to finance. ERM process is useful
in evaluating overall impact on finance. In addition, networking also plays vital role in ERM.
Here, effective communication with stakeholder enable in gathering relevant data and info. They
are also involved in decision making process. By analysing info market data is collected. When a
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risk occurs stakeholder help in implementing strategy and reducing its impact. So, it changes
way of measuring risk and allowing things to go on in smooth way. Along with it, networking
within organisation is useful in interacting with one another. Furthermore, networking is to be
strong enough both internally and externally. For this objective is set on basis of which measure
is taken. In addition, if there is any change risk its impact can be decreased quickly. Thus,
networking and risk management are directly related to each other. Through it, different types of
risk can be easily managed and identified. The strategies are formed in such a way and
stakeholder contribute to manage risk.
From anova test it is interpreted that there is significant difference in statistical way
between groups. The significant value P= 0.24 that is less than 0.05. It means that between self
organisation and networking capabilities there is difference between them. Moreover,
networking capabilities does change self organisation. The processes are changed in such a way
to improve decision making. But in order to control risk not only effective decision but also
process and methods are to be changed. But networking capabilities are not essential controlling
risk or taking decision. However, through risk management process policies are not formed or
developed. The risk management process does not change self organisation. In that overall
process or methods are included that is used to perform functions, develop strategies, etc.
Furthermore, in another anova test done it is stated that the significant value obtained is
P= .000 which is less than P= 0.05. This means that there is no difference between group risk
management technique and top management of company in data and information. The
techniques are not developed on basis of data. Beside this, it is not necessary that reducing risk
benefit in improving financial performance. Even if relevant data is gathered the techniques are
not used in managing risk. Hence, there is need for firms to apply techniques in other ways in
order to mitigate risk. Here, an example is taken like government support in reducing legal factor
risk. It is essential for organisation to maintain inter and intra firm network. Inter firm network
also benefit in enhancing financial performance. In this, various departments are inter related to
one another. So, they directly communicate and interact with one another. Furthermore,
decisions are taken through meetings. Also, managers and experts are involved in developing
strategies and implementing it. Furthermore, if there occurs change in one department then entire
firm financial performance is impacted. Thus, by improving that particular division, risk is easily
way of measuring risk and allowing things to go on in smooth way. Along with it, networking
within organisation is useful in interacting with one another. Furthermore, networking is to be
strong enough both internally and externally. For this objective is set on basis of which measure
is taken. In addition, if there is any change risk its impact can be decreased quickly. Thus,
networking and risk management are directly related to each other. Through it, different types of
risk can be easily managed and identified. The strategies are formed in such a way and
stakeholder contribute to manage risk.
From anova test it is interpreted that there is significant difference in statistical way
between groups. The significant value P= 0.24 that is less than 0.05. It means that between self
organisation and networking capabilities there is difference between them. Moreover,
networking capabilities does change self organisation. The processes are changed in such a way
to improve decision making. But in order to control risk not only effective decision but also
process and methods are to be changed. But networking capabilities are not essential controlling
risk or taking decision. However, through risk management process policies are not formed or
developed. The risk management process does not change self organisation. In that overall
process or methods are included that is used to perform functions, develop strategies, etc.
Furthermore, in another anova test done it is stated that the significant value obtained is
P= .000 which is less than P= 0.05. This means that there is no difference between group risk
management technique and top management of company in data and information. The
techniques are not developed on basis of data. Beside this, it is not necessary that reducing risk
benefit in improving financial performance. Even if relevant data is gathered the techniques are
not used in managing risk. Hence, there is need for firms to apply techniques in other ways in
order to mitigate risk. Here, an example is taken like government support in reducing legal factor
risk. It is essential for organisation to maintain inter and intra firm network. Inter firm network
also benefit in enhancing financial performance. In this, various departments are inter related to
one another. So, they directly communicate and interact with one another. Furthermore,
decisions are taken through meetings. Also, managers and experts are involved in developing
strategies and implementing it. Furthermore, if there occurs change in one department then entire
firm financial performance is impacted. Thus, by improving that particular division, risk is easily
managed. Besides, if any risk is identified then networking will help in spreading of info in all
department.
In private firm procurement contract, there involve high risk. This is because there may
occur changes in process or method. ERM which provide guidance in the form of documents that
was published by the organizations committee that sponsoring services. Sometimes, Enterprise
risk management process can be affected by the directors of entity boards and other type of
strategy implemented for changing the designed patterns, potential events. It may affect on the
entity. It can manage the risk to give reasonable assurance related the achievements of business
goals and objectives. It is evaluated that company's internal environment largely influenced the
quality of strategy that is used to minimize the risk. It describes the interrelationship between
ERM and financial performance such that by complying with ERM, the overall performance of
the firm increases. Moreover, the management of company has to evaluate and do auditing. So, it
is analysed that using best Enterprise Risk Management strategies, the companies may avoid
unwanted risk. For this, the company has to make better decisions and the data also includes
status of risk factor and degree. ERM helps to increase the financial performance of the company
by providing vast opportunities for growth. The financial performance of ERM impact is also
measured by analysing stock market returns, share price, company's cost and revenue efficiency
that includes ROA and as well as cash flow volatility too.
4.5 Conclusion
It is concluded that networking and financial performance are related to one another. This is
because in networking both internal and external stakeholder are there. They are inter related to
each other and form a network. They play vital role in maintaining financial performance. For
example – investors and BOD take decision by analysing it. So, if there occur any change in risk
it highly impact on business finance. Therefore, networking enables in proper growth of
organisation. However, by involving stakeholder in decision making measures are taken. They
provide precise data and info from market that is useful. Moreover, networking helps in allowing
suppliers, employees, etc. in managing risk. Alongside, if there occurs any change in market then
by effective network company is able to find out areas where risk can occur. They are able to
find out capabilities through which financial performance is improved. Sometimes, resources are
provided as well by which company is able to survive in market for long term.
department.
In private firm procurement contract, there involve high risk. This is because there may
occur changes in process or method. ERM which provide guidance in the form of documents that
was published by the organizations committee that sponsoring services. Sometimes, Enterprise
risk management process can be affected by the directors of entity boards and other type of
strategy implemented for changing the designed patterns, potential events. It may affect on the
entity. It can manage the risk to give reasonable assurance related the achievements of business
goals and objectives. It is evaluated that company's internal environment largely influenced the
quality of strategy that is used to minimize the risk. It describes the interrelationship between
ERM and financial performance such that by complying with ERM, the overall performance of
the firm increases. Moreover, the management of company has to evaluate and do auditing. So, it
is analysed that using best Enterprise Risk Management strategies, the companies may avoid
unwanted risk. For this, the company has to make better decisions and the data also includes
status of risk factor and degree. ERM helps to increase the financial performance of the company
by providing vast opportunities for growth. The financial performance of ERM impact is also
measured by analysing stock market returns, share price, company's cost and revenue efficiency
that includes ROA and as well as cash flow volatility too.
4.5 Conclusion
It is concluded that networking and financial performance are related to one another. This is
because in networking both internal and external stakeholder are there. They are inter related to
each other and form a network. They play vital role in maintaining financial performance. For
example – investors and BOD take decision by analysing it. So, if there occur any change in risk
it highly impact on business finance. Therefore, networking enables in proper growth of
organisation. However, by involving stakeholder in decision making measures are taken. They
provide precise data and info from market that is useful. Moreover, networking helps in allowing
suppliers, employees, etc. in managing risk. Alongside, if there occurs any change in market then
by effective network company is able to find out areas where risk can occur. They are able to
find out capabilities through which financial performance is improved. Sometimes, resources are
provided as well by which company is able to survive in market for long term.
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CHAPTER 6: DISCUSSION, CONCLUSION AND RECOMMENDATION
This is the final chapter of the dissertation where the overall conclusion of the research
is presented. The conclusion is reached after the data analysis chapter where discussion is
conducted to explore the meaning and implication of the result of the research. This is in relation
to the research question. The conclusion of the dissertation answers the main research question
which leave the reader with a clear understanding of the central argument. The conclusion refers
to a short section that comes before the discussion: first researcher directly states overall
conclusions, then discuss and interpret their meaning. The conclusion refers to the final chapter,
where it is a wrap up the dissertation with a final reflection on what research is about and how it
has been conducted.
5.0 Introduction
According to the above analysis it is important for each and every organization to focus on
identifying all kind of risk associated with their business and manage them. There are various
kinds of risk and challenges associated with company that can affect their overall business in
many ways. Today due to advancement in technology, it has become quite easy and manageable
to manage all kinds of risk and challenges associated with the business. Enterprise resource
management plays a vital role in management of all kinds of risk associated with the business.
ERM is a kind of risk management tool that can be used by organization for security and growth
of an organization. With the help of this software organizations can easily evaluate all kinds of
risk associated with the business and it also helps in suggesting ways to control it. In order to
take appropriate measures and minimize the risk associated with the business, organizations need
to integrate ERM software with other software’s and tools used by the organization. Enterprise
risk management within organization is used specifically for reducing risk related to
development and investment. Effective use of ERM helps an organization to increase their
overall profitability and productivity as well as it can also help the organizations to gain
competitive advantage. Proper and effective use of ERM helps an organization to manage and
maintain security of their information or data in order to optimize their earnings and enhance
their value in a proper manner.
Nowadays use of ERM is increasing continuously increasing at global level. More number
of companies are trying to adopt concept of ERM but are not focusing on integration of ERM
This is the final chapter of the dissertation where the overall conclusion of the research
is presented. The conclusion is reached after the data analysis chapter where discussion is
conducted to explore the meaning and implication of the result of the research. This is in relation
to the research question. The conclusion of the dissertation answers the main research question
which leave the reader with a clear understanding of the central argument. The conclusion refers
to a short section that comes before the discussion: first researcher directly states overall
conclusions, then discuss and interpret their meaning. The conclusion refers to the final chapter,
where it is a wrap up the dissertation with a final reflection on what research is about and how it
has been conducted.
5.0 Introduction
According to the above analysis it is important for each and every organization to focus on
identifying all kind of risk associated with their business and manage them. There are various
kinds of risk and challenges associated with company that can affect their overall business in
many ways. Today due to advancement in technology, it has become quite easy and manageable
to manage all kinds of risk and challenges associated with the business. Enterprise resource
management plays a vital role in management of all kinds of risk associated with the business.
ERM is a kind of risk management tool that can be used by organization for security and growth
of an organization. With the help of this software organizations can easily evaluate all kinds of
risk associated with the business and it also helps in suggesting ways to control it. In order to
take appropriate measures and minimize the risk associated with the business, organizations need
to integrate ERM software with other software’s and tools used by the organization. Enterprise
risk management within organization is used specifically for reducing risk related to
development and investment. Effective use of ERM helps an organization to increase their
overall profitability and productivity as well as it can also help the organizations to gain
competitive advantage. Proper and effective use of ERM helps an organization to manage and
maintain security of their information or data in order to optimize their earnings and enhance
their value in a proper manner.
Nowadays use of ERM is increasing continuously increasing at global level. More number
of companies are trying to adopt concept of ERM but are not focusing on integration of ERM
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with other software’s of the organization because of which effectivity of ERM for organizations
decreases. Proper use of ERM can help the organizations to provide proper guidelines for
managing software’s and services of the organization. Risk management is one of the most
important part of a company as it is directly related to risk and profitability of an organization.
Many times, organizations integrate risk management with other activities of business for
effective and efficient results or outcomes. With the help of this companies can also maintain and
assure their overall quality and based on the results they can take proper and useful decisions.
Not only this organizations can also link risk management with their overall organizational
strategies. Due to these aspects Enterprise risk management has become one of the main and
important part of an organization on this growth and development of an organization is
dependent upon. Other than this organizations also need to focus on relationship between
enterprise risk management and networking with other organizations, performance of suppliers,
self-organization etc. as this relationship helps in maintaining competitive level, business growth,
achieve organizational objectives and also helps in maintaining overall culture and environment
of an organization. Proper and appropriate ERM usage reduces risk, link growth, all business
entities get required return, decision making can get improved, impact of any risk or hazard also
get reduced and many more.
5.1 The relationship between Enterprise Risk management and Financial performance
There is a strong relationship between ERM and financial performance of an organization.
Effective and proper relationship with financial performance can help an organization in
reducing risk associated with financial performance of a business. Every business organization
faces various kinds of problems, issues or risk that can affect overall performance of an
organization and can work as a hindrance for the organization’s financial growth. Organizations
that pay proper attention and maintain relationship between financial performance and enterprise
resource management can create awareness among employees about all kinds of risk associated
with financial growth of an organization so that they can respond to such risk in an appropriate
manner as it further helps them to expand their business and strengthen their overall financial
performance. For maintaining this relationship organizations need to pay attention to all of their
operations, functions so that they can meet their desired aim and objectives in a proper and
effective manner which will further strengthen their financial performance and growth. It is one
of the most important factors to be considered as it plays a vital role for organization that deals in
decreases. Proper use of ERM can help the organizations to provide proper guidelines for
managing software’s and services of the organization. Risk management is one of the most
important part of a company as it is directly related to risk and profitability of an organization.
Many times, organizations integrate risk management with other activities of business for
effective and efficient results or outcomes. With the help of this companies can also maintain and
assure their overall quality and based on the results they can take proper and useful decisions.
Not only this organizations can also link risk management with their overall organizational
strategies. Due to these aspects Enterprise risk management has become one of the main and
important part of an organization on this growth and development of an organization is
dependent upon. Other than this organizations also need to focus on relationship between
enterprise risk management and networking with other organizations, performance of suppliers,
self-organization etc. as this relationship helps in maintaining competitive level, business growth,
achieve organizational objectives and also helps in maintaining overall culture and environment
of an organization. Proper and appropriate ERM usage reduces risk, link growth, all business
entities get required return, decision making can get improved, impact of any risk or hazard also
get reduced and many more.
5.1 The relationship between Enterprise Risk management and Financial performance
There is a strong relationship between ERM and financial performance of an organization.
Effective and proper relationship with financial performance can help an organization in
reducing risk associated with financial performance of a business. Every business organization
faces various kinds of problems, issues or risk that can affect overall performance of an
organization and can work as a hindrance for the organization’s financial growth. Organizations
that pay proper attention and maintain relationship between financial performance and enterprise
resource management can create awareness among employees about all kinds of risk associated
with financial growth of an organization so that they can respond to such risk in an appropriate
manner as it further helps them to expand their business and strengthen their overall financial
performance. For maintaining this relationship organizations need to pay attention to all of their
operations, functions so that they can meet their desired aim and objectives in a proper and
effective manner which will further strengthen their financial performance and growth. It is one
of the most important factors to be considered as it plays a vital role for organization that deals in
acquiring or selling goods or services etc. For such organizations it is extremely important to
strengthen this relationship between enterprise risk management and financial performance as
any kind of risk associated with their business will not only affect their overall profit but will
also affect their stability of their business. There are various kinds of unexpected risk that are
required to be taken care off on immediate basis as it can result in shutting down of their
business. Strong relationship between financial performance and ERM can help the organization
in reducing changes of occurrence of such kind of unexpected risk. This strong relationship
many times provides advance warnings to the organizations so that they can work on reduction
of such kinds of risk. It also helps in increasing financial stability of the business that can work
as a plus factor for growth of an organization by minimizing all kinds of operational issues which
can also help the companies to increase their productivity within a defined and specific time
period.
Organizations that faces multiple risk need to focus on making effective ERM strategies so
that management of risk and their impact of company’s financial performance can be reduced as
well as its influence on company’s progress can also be reduced or minimized. As per the above
discussion it was identified that ERM not only helps in identifying and reducing risk associated
with the organization but it also helps in providing various opportunities that can enhance
financial performance of an organization. These opportunities can enhance or improve planning,
decision making as well as overall structure of an organization and if any kind of improvement is
required then it can also be brought within the organization. Enterprise risk management many
times is also seen as a cost centre, on the basis of which organizations can focus on reducing risk
associated with cost and financial performance of organization. For many organizations ERM
works as a required value for their business which helps them to work on their overall financial
performance for the growth of their business or in order to gain competitive advantage. This is
mainly because reduction of risk associated with financial performance helps an organization to
increase their revenue, stock market return, stock market value, cash flow and many more. This
can also help in increasing the overall wealth of an organization with can further help in
enhancing their overall global market position. But this risk can also be managed by managing
overall organizational cost, taxes and many more. This relationship between enterprise resource
management and financial performance influences all kinds of financial decisions taken by the
organization or any other kind of decision that can affect financial performance of the company.
strengthen this relationship between enterprise risk management and financial performance as
any kind of risk associated with their business will not only affect their overall profit but will
also affect their stability of their business. There are various kinds of unexpected risk that are
required to be taken care off on immediate basis as it can result in shutting down of their
business. Strong relationship between financial performance and ERM can help the organization
in reducing changes of occurrence of such kind of unexpected risk. This strong relationship
many times provides advance warnings to the organizations so that they can work on reduction
of such kinds of risk. It also helps in increasing financial stability of the business that can work
as a plus factor for growth of an organization by minimizing all kinds of operational issues which
can also help the companies to increase their productivity within a defined and specific time
period.
Organizations that faces multiple risk need to focus on making effective ERM strategies so
that management of risk and their impact of company’s financial performance can be reduced as
well as its influence on company’s progress can also be reduced or minimized. As per the above
discussion it was identified that ERM not only helps in identifying and reducing risk associated
with the organization but it also helps in providing various opportunities that can enhance
financial performance of an organization. These opportunities can enhance or improve planning,
decision making as well as overall structure of an organization and if any kind of improvement is
required then it can also be brought within the organization. Enterprise risk management many
times is also seen as a cost centre, on the basis of which organizations can focus on reducing risk
associated with cost and financial performance of organization. For many organizations ERM
works as a required value for their business which helps them to work on their overall financial
performance for the growth of their business or in order to gain competitive advantage. This is
mainly because reduction of risk associated with financial performance helps an organization to
increase their revenue, stock market return, stock market value, cash flow and many more. This
can also help in increasing the overall wealth of an organization with can further help in
enhancing their overall global market position. But this risk can also be managed by managing
overall organizational cost, taxes and many more. This relationship between enterprise resource
management and financial performance influences all kinds of financial decisions taken by the
organization or any other kind of decision that can affect financial performance of the company.
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In many organizations financial policies are based on this relationship for risk management and
reduce effect of risk on business. This increases effectivity of financial measures and
performance of the organization and maintain a health and positive economic environment and
culture. In order to achieve this financial stability many organizations are focusing on integrating
ERM with their financial performance and maintain security aspects related to purchases, capital,
management, labour etc.
From results it is discussed that significant value obtained is P= .000 which is less than P=
0.05. Thus, there is no relationship between risk techniques used by organisation and reducing
risk benefit in improving financial performance. Sometime, even when risk is reduced there is no
improvement in finance of organisation. Furthermore, it is observed that there are many risk
management strategies used by private firms. But those are not taken only to enhance financial
performance. Both networking and financial performance is interrelated because if there is any
kind of issue or flaw in the networking and all the stakeholders are not able to communicate with
each other.
5.2 The relationship between Enterprise Risk management and self-organization
There are various kinds of risk management techniques that can be used by organization
for maintaining efficiency of a business regardless of the type of business and its size. These
risks are required to management as soon as possible before it turn out into a hazard and cause
any kind of damage or loss for the organization. Because of this importance of identification,
reduction and management of risk within an organization increases. It is one of the most
important part of an organization to be focused on as it is not only time consuming but also
costly. There are various different kinds of techniques that can be used by the organization to
manage risk, prepare organization for the risk, and reduce impact of risk on its resources and
other business functions. Self-organization of risk within organizations is important as it can
affect each and everything associated with the organization like capital, customers, services,
products, resources, market as well as the manner in which they operate. Getting prepared for the
risk is an important step that each organization should take so that they can reduce negative
impact of risk, save their resources, cost as well as time. In fact, organizations should focus on
formulating a basic plan with the help of which they can deal with the general and possible
consequences of any kind of risk. There are various business functions that are quite sensitive to
any kind of risk and can get affected in a drastic manner so risk plan can help the organizations
reduce effect of risk on business. This increases effectivity of financial measures and
performance of the organization and maintain a health and positive economic environment and
culture. In order to achieve this financial stability many organizations are focusing on integrating
ERM with their financial performance and maintain security aspects related to purchases, capital,
management, labour etc.
From results it is discussed that significant value obtained is P= .000 which is less than P=
0.05. Thus, there is no relationship between risk techniques used by organisation and reducing
risk benefit in improving financial performance. Sometime, even when risk is reduced there is no
improvement in finance of organisation. Furthermore, it is observed that there are many risk
management strategies used by private firms. But those are not taken only to enhance financial
performance. Both networking and financial performance is interrelated because if there is any
kind of issue or flaw in the networking and all the stakeholders are not able to communicate with
each other.
5.2 The relationship between Enterprise Risk management and self-organization
There are various kinds of risk management techniques that can be used by organization
for maintaining efficiency of a business regardless of the type of business and its size. These
risks are required to management as soon as possible before it turn out into a hazard and cause
any kind of damage or loss for the organization. Because of this importance of identification,
reduction and management of risk within an organization increases. It is one of the most
important part of an organization to be focused on as it is not only time consuming but also
costly. There are various different kinds of techniques that can be used by the organization to
manage risk, prepare organization for the risk, and reduce impact of risk on its resources and
other business functions. Self-organization of risk within organizations is important as it can
affect each and everything associated with the organization like capital, customers, services,
products, resources, market as well as the manner in which they operate. Getting prepared for the
risk is an important step that each organization should take so that they can reduce negative
impact of risk, save their resources, cost as well as time. In fact, organizations should focus on
formulating a basic plan with the help of which they can deal with the general and possible
consequences of any kind of risk. There are various business functions that are quite sensitive to
any kind of risk and can get affected in a drastic manner so risk plan can help the organizations
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to focus on such sensitive functions of business and secure them from any kind of risk. For this it
is important for organizations to identify all kinds of risk that can occur and affect their business.
This will help the organization to prepare themselves for such risk and reduce wastage of cost
and time associated with minimizing of that risk. Other than identification of risk, it is also
important to analyse risk and challenges faced by organizations in management of that risk so
that it can be managed, reduced or eliminated in a proper and effective manner.
From the above discussion and analysis it is clear that there are various kinds of risk that
are can occur within an organization at any time and most of the risk that are quite common and
can occur at any time within an organization are: technological failure risk or corruption risk,
location risk, physical risk, human risk and many more. These are one of the most severe risk
that are faced by organizations and if these types of risk are not taken care off or organization is
not prepared for such risk that it can affect an organization severely. For this organizations
should continuously focus and update likelihood of the risk to occur and level of disaster that risk
can make. Other than this there is another self-organizing technique with the help of which
organizations can reduce the impact of risk on themselves. By ensuring the risk, its likelihood of
occurrence reduces. Insurance helps in managing some of the risk automatically even before its
occurrence but there are some kinds of risk that are of high priority that are required to be
focused on even after before its occurrence as these risk require proper kind of planning, so that
its impact on organization’s resources, data etc. can be reduced. One of the most common way or
method through which risk can be managed is by managing risk across boundaries. For this it is
extremely important for organizations to communicate the type of risk between different levels
of the organizations. This helps in identifying the method through which risk can be managed.
There are three different levels on which risk is managed. Each type of risk has defined level on
which it is maintained and if any kind of risk is not maintained or managed at the same level then
it is transferred to another level in order to be maintained. This division of risk at different levels
helps the organization in understanding characteristics of the risk, ways in which it can be
managed or translated and the type of measures that are required to be taken for risk management
i.e. qualitative or quantitative measures that can be used for management of risk. It is important
for organizations to focus on the way risk is managed and the level at which it is managed
because it can affect the overall functioning of the organization and outcomes of its functioning.
is important for organizations to identify all kinds of risk that can occur and affect their business.
This will help the organization to prepare themselves for such risk and reduce wastage of cost
and time associated with minimizing of that risk. Other than identification of risk, it is also
important to analyse risk and challenges faced by organizations in management of that risk so
that it can be managed, reduced or eliminated in a proper and effective manner.
From the above discussion and analysis it is clear that there are various kinds of risk that
are can occur within an organization at any time and most of the risk that are quite common and
can occur at any time within an organization are: technological failure risk or corruption risk,
location risk, physical risk, human risk and many more. These are one of the most severe risk
that are faced by organizations and if these types of risk are not taken care off or organization is
not prepared for such risk that it can affect an organization severely. For this organizations
should continuously focus and update likelihood of the risk to occur and level of disaster that risk
can make. Other than this there is another self-organizing technique with the help of which
organizations can reduce the impact of risk on themselves. By ensuring the risk, its likelihood of
occurrence reduces. Insurance helps in managing some of the risk automatically even before its
occurrence but there are some kinds of risk that are of high priority that are required to be
focused on even after before its occurrence as these risk require proper kind of planning, so that
its impact on organization’s resources, data etc. can be reduced. One of the most common way or
method through which risk can be managed is by managing risk across boundaries. For this it is
extremely important for organizations to communicate the type of risk between different levels
of the organizations. This helps in identifying the method through which risk can be managed.
There are three different levels on which risk is managed. Each type of risk has defined level on
which it is maintained and if any kind of risk is not maintained or managed at the same level then
it is transferred to another level in order to be maintained. This division of risk at different levels
helps the organization in understanding characteristics of the risk, ways in which it can be
managed or translated and the type of measures that are required to be taken for risk management
i.e. qualitative or quantitative measures that can be used for management of risk. It is important
for organizations to focus on the way risk is managed and the level at which it is managed
because it can affect the overall functioning of the organization and outcomes of its functioning.
It can be analysed that is P= .239 which is less than P= 0.05. It means that there is no
relationship between dependent and independent variables. So, there is no relation between ERM
and financial performance. The risk impact on financial performance of company. even if risk is
mitigated the financial performance is affected.
5.3 The relationship between Enterprise Risk management and networking
As per the above discussion and analysis networking between an organizations managers
and internal stakeholders is extremely important. It is important because most of the business or
functioning of an organization completely depends upon effectivity, efficiency and strength of
their network (both internal and external network). An organization is required to have a strong
relationship between Enterprise risk management and networking as it helps them to reduce
uncertain risk and also improves management of risk. Strong network between organizations
stakeholders helps them to maintain efficiency of their business operations and effective results.
Most of the large organizations depends upon strength of their internal as well as external
network. But in order to maintain relationship between ERM and network it is important for the
organization to make their stakeholders understand their large network. All the stakeholders
especially internal stakeholders are required to understand the type of technology organization
uses, processes and functions on which they lay emphasis on, as it helps them to identify, track,
monitor and manage types of risk that are faced by their organization. It is first and the foremost
priority of organizations to manage and track their risk and the network level that will be affected
by the type of risk faced by them. In order to maintain and strengthen the relationship between
ERM and network it is important for organizations to strengthen relationship between different
level of network both internal and external as it will helps them to be prepared for any kind of
unexpected risk. Not only this it further reduces the cost associated with management of any kind
of unexpected risk. If both internal and external network of an organization is strong then the
time required to maintain and manage the risk also reduces.
Effectivity and efficiency of the risk management plan that can be used by the organization
also depend upon strength of the network because if the internal and external network of the
organization is not proper or communication between the organizational networks is not proper
then effectivity of risk management plan reduces. Proper risk management plan not only requires
availability of resources but it also requires proper network that can handle and manage
identified risk in a proper and effective manner. It further helps the company to protect their
relationship between dependent and independent variables. So, there is no relation between ERM
and financial performance. The risk impact on financial performance of company. even if risk is
mitigated the financial performance is affected.
5.3 The relationship between Enterprise Risk management and networking
As per the above discussion and analysis networking between an organizations managers
and internal stakeholders is extremely important. It is important because most of the business or
functioning of an organization completely depends upon effectivity, efficiency and strength of
their network (both internal and external network). An organization is required to have a strong
relationship between Enterprise risk management and networking as it helps them to reduce
uncertain risk and also improves management of risk. Strong network between organizations
stakeholders helps them to maintain efficiency of their business operations and effective results.
Most of the large organizations depends upon strength of their internal as well as external
network. But in order to maintain relationship between ERM and network it is important for the
organization to make their stakeholders understand their large network. All the stakeholders
especially internal stakeholders are required to understand the type of technology organization
uses, processes and functions on which they lay emphasis on, as it helps them to identify, track,
monitor and manage types of risk that are faced by their organization. It is first and the foremost
priority of organizations to manage and track their risk and the network level that will be affected
by the type of risk faced by them. In order to maintain and strengthen the relationship between
ERM and network it is important for organizations to strengthen relationship between different
level of network both internal and external as it will helps them to be prepared for any kind of
unexpected risk. Not only this it further reduces the cost associated with management of any kind
of unexpected risk. If both internal and external network of an organization is strong then the
time required to maintain and manage the risk also reduces.
Effectivity and efficiency of the risk management plan that can be used by the organization
also depend upon strength of the network because if the internal and external network of the
organization is not proper or communication between the organizational networks is not proper
then effectivity of risk management plan reduces. Proper risk management plan not only requires
availability of resources but it also requires proper network that can handle and manage
identified risk in a proper and effective manner. It further helps the company to protect their
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people or other stakeholders. It further helps in insuring or reducing any kind of unnecessary
expenditure related to reduction of risk or reduction of its impact on organization and its people.
One of the best ways to maintain relationship between ERM and networking is with the help of
risk management method like risk resilience. It is a kind of method that helps and organization to
deal with changes, disturbances that can affect future stability or sustainability of an
organization. Risk resilience is a concept through which business can understand the way or
manner in which risk can be minimized or dealt with. It not only helps an organization to secure
themselves for any kind of risk but it also helps them to improve their work ethics and for this it
is important for organizations to have proper and effective network. It plays a vital role in
decision making for risk management. Wrong decisions can affect the business in many ways
and can affect overall profitability and other functionalities of the business. Proper and effective
decision making helps an organization to reduce the complexity of risk management. Incorrect
decision making can also affect the overall strength of internal as well as external organizational
network which further reduces the chances of management of uncertain risk that can affect an
organization and its business.
It is discussed from results that there is no significant relationship between intra and inter
networking and their role in managing risk. Moreover, if inter network exist within firm whereas
intra is outside firm. By networking it is easy to collect data and info. Thus, risk management is
not dependent on networking. Also, intra and inter networking ease in managing risk. In intra
self organisation include process that are connected or inter related to one another. Hence, having
a strong network within them makes it easy to handle risk
5.4 The relationship between self-organization and networking
Another one of the main and important part of an organization is to maintain and perform
all the organizational operations in a proper and effective manner. There are various functions of
an organization that are designed for a specific purpose and are required to complete those
functions on time. Organizing and maintenance of risk required to be handled in such a manner
that it is managed in a proper and timely manner and for this it requires effective and strong
network. In order to fulfil desired goals and objectives it is important for an organization to
maintain a strong relationship between self-organization and networking. It further helps the
organization in completing the task or managing the risk in specific time period. Each and every
kind of business in has their own way of self-organizing their task or risk associated with their
expenditure related to reduction of risk or reduction of its impact on organization and its people.
One of the best ways to maintain relationship between ERM and networking is with the help of
risk management method like risk resilience. It is a kind of method that helps and organization to
deal with changes, disturbances that can affect future stability or sustainability of an
organization. Risk resilience is a concept through which business can understand the way or
manner in which risk can be minimized or dealt with. It not only helps an organization to secure
themselves for any kind of risk but it also helps them to improve their work ethics and for this it
is important for organizations to have proper and effective network. It plays a vital role in
decision making for risk management. Wrong decisions can affect the business in many ways
and can affect overall profitability and other functionalities of the business. Proper and effective
decision making helps an organization to reduce the complexity of risk management. Incorrect
decision making can also affect the overall strength of internal as well as external organizational
network which further reduces the chances of management of uncertain risk that can affect an
organization and its business.
It is discussed from results that there is no significant relationship between intra and inter
networking and their role in managing risk. Moreover, if inter network exist within firm whereas
intra is outside firm. By networking it is easy to collect data and info. Thus, risk management is
not dependent on networking. Also, intra and inter networking ease in managing risk. In intra
self organisation include process that are connected or inter related to one another. Hence, having
a strong network within them makes it easy to handle risk
5.4 The relationship between self-organization and networking
Another one of the main and important part of an organization is to maintain and perform
all the organizational operations in a proper and effective manner. There are various functions of
an organization that are designed for a specific purpose and are required to complete those
functions on time. Organizing and maintenance of risk required to be handled in such a manner
that it is managed in a proper and timely manner and for this it requires effective and strong
network. In order to fulfil desired goals and objectives it is important for an organization to
maintain a strong relationship between self-organization and networking. It further helps the
organization in completing the task or managing the risk in specific time period. Each and every
kind of business in has their own way of self-organizing their task or risk associated with their
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business and for this they need a proper network through which they can self-organize their task
or risk in order to reduce its negative impact and enhance its positive impact. Self-organization
requires proper knowledge and skills which requires proper effective network path. This
relationship helps an organization to define and understand what are the resources, methods or
processes that are used by all the stakeholders. So, any kind of change in network can change the
way in which risk is managed. So, it can be said that efficiency of self-organization and
networking is important to be focused for organizations in order to eliminate risk associated with
their business. ERM helps in identification or risk and its management as well which helps them
in calculating the impact it will have on self-organization. Based on this networking of
organization is modified in order to enhance their communication and its efficiency.
It is important for an organization to focus on strengthening of their networking as it helps
in connecting all the stakeholders of an organization. This connectivity helps in maintaining
information flow in a better manner. Today most of the organizations are focusing on integrating
their practises, policies and processes together by focusing on self-organization. Because of
which it becomes extremely important for organizations to focus on strengthening the
relationship between networking and self-organization. It depends upon the way self-
organization is integrated with networking as it changes networking of whole organization. Due
to this it becomes important for organizations to focus on this relationship because if there is any
kind of issue in this integration then chances of risk can increase as both networking and self-
organization are completely dependent upon each other that can either make things easy or tough
for the organization. Mainly risk associated with processes and methods increases that helps in
relating networking and self-organization. Management or elimination of risk is important for
organizations to focus on as it can affect entire process or method through which all the
stakeholders are connected with each other that indirectly affects the communication process. In
order to eliminate or manage risk companies need to set boundaries where self-organization
technique is not used and based on this they can focus on strengthening their communication
with all the stakeholders. This communication can help the organization to manage risk
boundaries, ensure that all levels on which risk is associated are aware of the risk. This will help
the company to setting risk boundaries so that it can be tackled in an appropriate manner. This
communication of risk at different is a necessary step because on the basis of which management
and elimination of risk is done and for this organizations need to focus on enhancing various
or risk in order to reduce its negative impact and enhance its positive impact. Self-organization
requires proper knowledge and skills which requires proper effective network path. This
relationship helps an organization to define and understand what are the resources, methods or
processes that are used by all the stakeholders. So, any kind of change in network can change the
way in which risk is managed. So, it can be said that efficiency of self-organization and
networking is important to be focused for organizations in order to eliminate risk associated with
their business. ERM helps in identification or risk and its management as well which helps them
in calculating the impact it will have on self-organization. Based on this networking of
organization is modified in order to enhance their communication and its efficiency.
It is important for an organization to focus on strengthening of their networking as it helps
in connecting all the stakeholders of an organization. This connectivity helps in maintaining
information flow in a better manner. Today most of the organizations are focusing on integrating
their practises, policies and processes together by focusing on self-organization. Because of
which it becomes extremely important for organizations to focus on strengthening the
relationship between networking and self-organization. It depends upon the way self-
organization is integrated with networking as it changes networking of whole organization. Due
to this it becomes important for organizations to focus on this relationship because if there is any
kind of issue in this integration then chances of risk can increase as both networking and self-
organization are completely dependent upon each other that can either make things easy or tough
for the organization. Mainly risk associated with processes and methods increases that helps in
relating networking and self-organization. Management or elimination of risk is important for
organizations to focus on as it can affect entire process or method through which all the
stakeholders are connected with each other that indirectly affects the communication process. In
order to eliminate or manage risk companies need to set boundaries where self-organization
technique is not used and based on this they can focus on strengthening their communication
with all the stakeholders. This communication can help the organization to manage risk
boundaries, ensure that all levels on which risk is associated are aware of the risk. This will help
the company to setting risk boundaries so that it can be tackled in an appropriate manner. This
communication of risk at different is a necessary step because on the basis of which management
and elimination of risk is done and for this organizations need to focus on enhancing various
policies and processes in order to improve both internal and external networking of the
organization.
It is evaluated that significant value obtained is P= 0.24 that is less than 0.05. It means that
between self organisation and networking capabilities there is difference between them.
Moreover, networking capabilities does change self organisation.
5.5 The relationship between Networking and supplier performance
As per the above discussion and data analysis organizations have strong relationship
between networking and financial performance of an organization. Proper networking helps in
making proper coordination’s for appropriate information flow that affects overall financial
performance of an organization. For this organizations need to design an appropriate network
that connect all the shareholders especially internal shareholders so that any kind of information
is easily transferred to required person. This will help an organization’s employees to focus on
improving their overall performance as employees are the main asset of an organization and if
their performance is improved then coordination among them will automatically improve with
will automatically reduce chances of unwanted or sudden risk. Even though any kind of risk
occurs again then it can be easily handled in an appropriate manner. It has been observed that
many times it is extremely important for business to connect or have strong relationship between
both internal and external stakeholders as it helps the organization to maintain external
sustainability and reduce changes of any kind of external risk. This external stability helps an
organization to maintain their financial performance in the market as well. Both networking and
financial performance is interrelated because if there is any kind of issue or flaw in the
networking and all the stakeholders are not able to communicate with each other then this will
directly affect overall performance of the employees whose indirect affect will be on external
stakeholder’s communication. This can affect the financial performance of an organization. This
will not only increase risk associated with the business but will also affect financial stability of
an organization and company can lose competitive advantage which will eventually decrease
overall revenue of an organization. This lack of interconnection between networking and
financial performance can increase external risk associated with the business. So, because of this
companies need to continuously focus on analysing and understanding all kinds of external
enterprise risk so that financial stability of an organization can be maintain and risk associated
with it can be reduced. So, it can be said that it is important for organizations to understand their
organization.
It is evaluated that significant value obtained is P= 0.24 that is less than 0.05. It means that
between self organisation and networking capabilities there is difference between them.
Moreover, networking capabilities does change self organisation.
5.5 The relationship between Networking and supplier performance
As per the above discussion and data analysis organizations have strong relationship
between networking and financial performance of an organization. Proper networking helps in
making proper coordination’s for appropriate information flow that affects overall financial
performance of an organization. For this organizations need to design an appropriate network
that connect all the shareholders especially internal shareholders so that any kind of information
is easily transferred to required person. This will help an organization’s employees to focus on
improving their overall performance as employees are the main asset of an organization and if
their performance is improved then coordination among them will automatically improve with
will automatically reduce chances of unwanted or sudden risk. Even though any kind of risk
occurs again then it can be easily handled in an appropriate manner. It has been observed that
many times it is extremely important for business to connect or have strong relationship between
both internal and external stakeholders as it helps the organization to maintain external
sustainability and reduce changes of any kind of external risk. This external stability helps an
organization to maintain their financial performance in the market as well. Both networking and
financial performance is interrelated because if there is any kind of issue or flaw in the
networking and all the stakeholders are not able to communicate with each other then this will
directly affect overall performance of the employees whose indirect affect will be on external
stakeholder’s communication. This can affect the financial performance of an organization. This
will not only increase risk associated with the business but will also affect financial stability of
an organization and company can lose competitive advantage which will eventually decrease
overall revenue of an organization. This lack of interconnection between networking and
financial performance can increase external risk associated with the business. So, because of this
companies need to continuously focus on analysing and understanding all kinds of external
enterprise risk so that financial stability of an organization can be maintain and risk associated
with it can be reduced. So, it can be said that it is important for organizations to understand their
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weak points and flaws in interconnection between networking and financial performance so that
company can understand threats and weaknesses associated with their organization. This will
eventually help them to reduce risk associated with their business.
From the discussion it can be said that proper and effective communication helps in
maintaining diversified network which makes it easy for organization to maintain their function
and operation of different departments in an appropriate manner. It can also be said that
organization’s network both internal and external plays a vital role in management of operation
of various departments of an organization. According to the network connectivity and strength it
becomes easy for them to manage departments and their work in a proper manner which further
helps them in improving their performance and operations of each department. This can reduce
chances of any kind of internal risk associated with operations of an organization. Nowadays due
to advancement in technology more and more organizations are trying to bring improvement and
strengthening their networking which is helping them to enhance their internal stakeholder
communication and resulting in increased growth in revenue. This clearly explains the way in
which data or information is transferred or flows between stakeholders both internal and
external. This indirectly also helps in enhancing productivity of an organization. Organizations
can use various kinds of tools or software’s in order to track their flow of information, identify
weak areas in the network, track flow of communication. This will help the organization to track
and understand their weak areas so that they can bring improvement within their operations and
focus on enhancing their production. If any kind of risk arises within the organization then the
software or tools used by the organization can also help in identifying all kinds of risk in a timely
manner. This will further help the organization to focus on the risk and eliminate it or manage it
without affecting any kind of problem or issue. So it can be said that organizations need to
enhance and focus on relationship between financial performance and networking of their
organization in order to reduce or eliminate risk associated with it in a timely manner.
5.6 Conclusion
From the above research study, it has been summarized that risk is one of the most
important aspect which is required to be focused on by organization as it can affect the
organization in many different ways. It can affect the overall financial performance of an
organization, strength of networking (both internal and external) can also be affected because of
any kind of risk because of this risk becomes a much more important factor to be focused on so
company can understand threats and weaknesses associated with their organization. This will
eventually help them to reduce risk associated with their business.
From the discussion it can be said that proper and effective communication helps in
maintaining diversified network which makes it easy for organization to maintain their function
and operation of different departments in an appropriate manner. It can also be said that
organization’s network both internal and external plays a vital role in management of operation
of various departments of an organization. According to the network connectivity and strength it
becomes easy for them to manage departments and their work in a proper manner which further
helps them in improving their performance and operations of each department. This can reduce
chances of any kind of internal risk associated with operations of an organization. Nowadays due
to advancement in technology more and more organizations are trying to bring improvement and
strengthening their networking which is helping them to enhance their internal stakeholder
communication and resulting in increased growth in revenue. This clearly explains the way in
which data or information is transferred or flows between stakeholders both internal and
external. This indirectly also helps in enhancing productivity of an organization. Organizations
can use various kinds of tools or software’s in order to track their flow of information, identify
weak areas in the network, track flow of communication. This will help the organization to track
and understand their weak areas so that they can bring improvement within their operations and
focus on enhancing their production. If any kind of risk arises within the organization then the
software or tools used by the organization can also help in identifying all kinds of risk in a timely
manner. This will further help the organization to focus on the risk and eliminate it or manage it
without affecting any kind of problem or issue. So it can be said that organizations need to
enhance and focus on relationship between financial performance and networking of their
organization in order to reduce or eliminate risk associated with it in a timely manner.
5.6 Conclusion
From the above research study, it has been summarized that risk is one of the most
important aspect which is required to be focused on by organization as it can affect the
organization in many different ways. It can affect the overall financial performance of an
organization, strength of networking (both internal and external) can also be affected because of
any kind of risk because of this risk becomes a much more important factor to be focused on so
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that their overall revenue, employee’s performance, profitability etc. are not affected. Due to this
risk management becomes an important focus are of the organization through which they can
easily enhance overall quality of their operations or functions. Enterprise risk management plays
a vital role within organization that helps them in management or elimination of any kind of
expected, unexpected or unwanted risk associated with any project, function or operation of an
organization. It has been analysed that it is important for organizations to form a policy through
which they can focus on their risk management strategies. These policies make it much easier to
deal with any kind of risk including natural disasters and even helps them to deal with the
consequences of the risk or natural disaster. These polices also helps them to develop a risk
management committee and focus on risk management strategies that can help them to manage
their resources so that they can enhance sustainability of their products and services. It has also
been analysed that organizations need to focus on their business and public governance so that
they can bring stability within their business. These factors help the organization in reducing
chances of risk to occur within an organization and enhance their overall business and
networking within the organization. As per the data analysis it has been concluded that enterprise
risk management help an organization to enhance or improve their business quality and services.
ERM plays a vital role within organization especially private firms as it helps them to reduce
chances of errors and increases their product or services quality in many different ways.
It has also been analysed that ERM makes an organization focus on managing their risk
and increase opportunities for the growth of the business. It also helps the organizations to adopt
a systematic and consistent process through which risk associated with the organization can be
managed. It has been interpreted that in order to implement ERM within the organization in an
appropriate manner it is important for organizations to improve their financial performance and
organizational network. This further helps the organizations to increase overall value of an
organization and integrate it with ethical values of an organization. It has also been analysed that
it is important for the organizations to integrate their networking and financial performance so
that they can reduce chances of some expected risk to occur such as: careless and uninformed
employees, third party service providers that control whole organizations system, lack of
coordination between organization and contractors. It has also been analysed that management of
risk requires continuous monitoring of organizations activities this helps the organization in
increasing their risk tolerance level. This continuous monitoring also helps the organization to
risk management becomes an important focus are of the organization through which they can
easily enhance overall quality of their operations or functions. Enterprise risk management plays
a vital role within organization that helps them in management or elimination of any kind of
expected, unexpected or unwanted risk associated with any project, function or operation of an
organization. It has been analysed that it is important for organizations to form a policy through
which they can focus on their risk management strategies. These policies make it much easier to
deal with any kind of risk including natural disasters and even helps them to deal with the
consequences of the risk or natural disaster. These polices also helps them to develop a risk
management committee and focus on risk management strategies that can help them to manage
their resources so that they can enhance sustainability of their products and services. It has also
been analysed that organizations need to focus on their business and public governance so that
they can bring stability within their business. These factors help the organization in reducing
chances of risk to occur within an organization and enhance their overall business and
networking within the organization. As per the data analysis it has been concluded that enterprise
risk management help an organization to enhance or improve their business quality and services.
ERM plays a vital role within organization especially private firms as it helps them to reduce
chances of errors and increases their product or services quality in many different ways.
It has also been analysed that ERM makes an organization focus on managing their risk
and increase opportunities for the growth of the business. It also helps the organizations to adopt
a systematic and consistent process through which risk associated with the organization can be
managed. It has been interpreted that in order to implement ERM within the organization in an
appropriate manner it is important for organizations to improve their financial performance and
organizational network. This further helps the organizations to increase overall value of an
organization and integrate it with ethical values of an organization. It has also been analysed that
it is important for the organizations to integrate their networking and financial performance so
that they can reduce chances of some expected risk to occur such as: careless and uninformed
employees, third party service providers that control whole organizations system, lack of
coordination between organization and contractors. It has also been analysed that management of
risk requires continuous monitoring of organizations activities this helps the organization in
increasing their risk tolerance level. This continuous monitoring also helps the organization to
collect enough data that can be used for identifying and managing risk in an appropriate manner.
It is important for organizations to focus on these factors as it helps them to manage risk
appropriately and they fail to do so then it can affect their financial performance drastically. It
has also been analysed that enterprise risk management system used by organizations helps them
to identify any kind of risk associated with their business this further helps the organizations to
avoid any kind of risk that are faced by them. It has been observed that if an organization has an
effective and appropriate network then it can help them to collect relevant and appropriate data
that can be used to manage an y kind of risk successfully. So, it can be said that strong network
of stakeholders of an organization can help them to gain information related to risk faced by
them and taker appropriate measures related to it and poor networking can reduce their ability to
deal with any kind of risk. It can be said and concluded that organizations not only require proper
networking but they also require appropriate self-organization so that they can resolve risk faced
by them. Not only this it can also affect their overall financial performance. For private firms it is
an extremely important factor to be focused on as it can affect their financial performance,
reduce effectivity of decision making, affect governance practises, profitability, sustainability etc
of an organization. So it can be said that in order to identify, deal and manage any kind of risk
faced by organization it is important for them to adopt enterprise risk management, networking,
self-organization and focus on their financial performance.
5.7 Recommendations
Here are few recommendations through which organizations can focus on building risk
resilience communities in order to face any kind of natural disaster, can manage resources for
sustainable development, promotion of the innovation by government through procurement and
for increasing the overall existing performance of an organization.
First of all, organizations can focus on providing training to all of their employees. These
trainings will help the employees to understand work, culture and environment of an
organization in a proper and appropriate manner. These training sessions can also help the
organizations in making their employees understand organizational policies so that they can
work accordingly. This will also help the organizations to maintain overall performance of their
employees. Organizations can also focus on organizing development activities for their
employees where each of them can participate and interact with each other this will help the
organization to strengthen their communication between their internal stakeholder and will
It is important for organizations to focus on these factors as it helps them to manage risk
appropriately and they fail to do so then it can affect their financial performance drastically. It
has also been analysed that enterprise risk management system used by organizations helps them
to identify any kind of risk associated with their business this further helps the organizations to
avoid any kind of risk that are faced by them. It has been observed that if an organization has an
effective and appropriate network then it can help them to collect relevant and appropriate data
that can be used to manage an y kind of risk successfully. So, it can be said that strong network
of stakeholders of an organization can help them to gain information related to risk faced by
them and taker appropriate measures related to it and poor networking can reduce their ability to
deal with any kind of risk. It can be said and concluded that organizations not only require proper
networking but they also require appropriate self-organization so that they can resolve risk faced
by them. Not only this it can also affect their overall financial performance. For private firms it is
an extremely important factor to be focused on as it can affect their financial performance,
reduce effectivity of decision making, affect governance practises, profitability, sustainability etc
of an organization. So it can be said that in order to identify, deal and manage any kind of risk
faced by organization it is important for them to adopt enterprise risk management, networking,
self-organization and focus on their financial performance.
5.7 Recommendations
Here are few recommendations through which organizations can focus on building risk
resilience communities in order to face any kind of natural disaster, can manage resources for
sustainable development, promotion of the innovation by government through procurement and
for increasing the overall existing performance of an organization.
First of all, organizations can focus on providing training to all of their employees. These
trainings will help the employees to understand work, culture and environment of an
organization in a proper and appropriate manner. These training sessions can also help the
organizations in making their employees understand organizational policies so that they can
work accordingly. This will also help the organizations to maintain overall performance of their
employees. Organizations can also focus on organizing development activities for their
employees where each of them can participate and interact with each other this will help the
organization to strengthen their communication between their internal stakeholder and will
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eventually improve their internal networking. These training and development activities will
provide a chance of managers to identify internal capabilities of all the employees on the basis of
which they can build risk resilience communities that will help the organization to deal with
natural disasters and reduce risk associated with these disasters. Another way in which training
and development can improve financial performance of an organization is that these training and
development activities will help in enhancing work performance of their employees which is
help the organization to achieve their desired goals and objectives. Organization can also focus
on adopting various tools or software’s through which monitoring of their employees they can
identify flaws within their performance of issues within the system which will help them to bring
sustainability within an organization.
5.8 Limitations to the study
There were various kind of limitations that were faced by the researcher in completion of the
study. These limitations created various kinds of barriers in completion of the study or it can also
be said that various barriers were created that made it difficult in reaching to the conclusion of
the study by analysing the data. Due to these limitations’ researcher was forced to limit the area
of scope in order to further make progress in the research paper. There is no doubt that these
limitations impacted the research findings but due to these limitations researcher was able to
directly relate to the research problem and results were made more accurate. Research limitations
related to the research study were as follows:
Formulation of research aim and objectives: First and the foremost limitation faced by the
researcher was in formation of research aim and objectives as the chosen aim and objective was
too broad because of which study level focus was decreasing. This made it important for the
researcher to focus on increasing the main focus of the research study and for this it was
important to narrow down the formulated aim and objectives to a specific topic or area so that
focus area of the study can be increased.
Implementation of data collection method: Another one of the main limitations faced by the
researcher was in implementing data collection method. This was mainly because the researcher
did not have much experience in primary and secondary data collection especially in primary
data collection method because of this there was a high chance of risk that the there was a flaw in
data collection method. This was one of the main and major limitation because researcher was
supposed to collect data by selecting a particular primary data collection method according to the
provide a chance of managers to identify internal capabilities of all the employees on the basis of
which they can build risk resilience communities that will help the organization to deal with
natural disasters and reduce risk associated with these disasters. Another way in which training
and development can improve financial performance of an organization is that these training and
development activities will help in enhancing work performance of their employees which is
help the organization to achieve their desired goals and objectives. Organization can also focus
on adopting various tools or software’s through which monitoring of their employees they can
identify flaws within their performance of issues within the system which will help them to bring
sustainability within an organization.
5.8 Limitations to the study
There were various kind of limitations that were faced by the researcher in completion of the
study. These limitations created various kinds of barriers in completion of the study or it can also
be said that various barriers were created that made it difficult in reaching to the conclusion of
the study by analysing the data. Due to these limitations’ researcher was forced to limit the area
of scope in order to further make progress in the research paper. There is no doubt that these
limitations impacted the research findings but due to these limitations researcher was able to
directly relate to the research problem and results were made more accurate. Research limitations
related to the research study were as follows:
Formulation of research aim and objectives: First and the foremost limitation faced by the
researcher was in formation of research aim and objectives as the chosen aim and objective was
too broad because of which study level focus was decreasing. This made it important for the
researcher to focus on increasing the main focus of the research study and for this it was
important to narrow down the formulated aim and objectives to a specific topic or area so that
focus area of the study can be increased.
Implementation of data collection method: Another one of the main limitations faced by the
researcher was in implementing data collection method. This was mainly because the researcher
did not have much experience in primary and secondary data collection especially in primary
data collection method because of this there was a high chance of risk that the there was a flaw in
data collection method. This was one of the main and major limitation because researcher was
supposed to collect data by selecting a particular primary data collection method according to the
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type of research study. However, this limitation helps the researcher to understand various kind
of data collection methods and areas or type of research they can be used. This limitation helped
the researcher to choose proper and appropriate data collection method for this quantitative
research study in order to increase accuracy of the result.
Selecting sample size: As it is already known that sample size of a study completely depends
upon the type and nature of research problem. So, it is extremely important for the researcher to
understand importance of small and large sample size which is required to be used. So that as per
the requirement of the study they can select the required appropriate sample size of the study.
Choosing small sample size is suitable for qualitative studies but as it is a quantitative research
study large sample size is much more appropriate as compared to the small sample because
accuracy of results increasers in large sample size. This limitation helped the researcher to
understand importance of large sample size for quantitative study as it helped the researcher to
enhance accuracy of the results.
Lack of previous studies in the research area: Another limitation faced by researcher was lack
of previous studies in the research area because of which it was quite difficult for the researcher
to address all kinds of research problems. Literature review helped the researcher to gain insight
of the research topic and aim on the basis of which objectives of the research study were based.
Literature review also helped the researcher to understand the topic in clear and concise manner
which further resulted in appropriate primary and secondary data collection.
Scope of discussion: As the researcher did not have many years of experience in the researcher
area due to this the level of depth of discussion and scope of the study was compromised.
However, this scope of discussion helped the researcher to understand gaps in current study
which created future scope for other researchers so that they can continue their research in this
field in a more detailed and appropriate manner.
5.9 Areas for further research
This thesis study can work as a theoretical framework for future researchers who want to
focus on conducting a research in this field. There are several areas that have been identified
where research in future can be conducted in order to expand knowledge related to risk
management in organizations. Many of these areas completely depend upon availability of
expanded data from both private and public organizations. Few of them are: more detailed and
comprehensive investigation can be carried out to study to study management of resources for
of data collection methods and areas or type of research they can be used. This limitation helped
the researcher to choose proper and appropriate data collection method for this quantitative
research study in order to increase accuracy of the result.
Selecting sample size: As it is already known that sample size of a study completely depends
upon the type and nature of research problem. So, it is extremely important for the researcher to
understand importance of small and large sample size which is required to be used. So that as per
the requirement of the study they can select the required appropriate sample size of the study.
Choosing small sample size is suitable for qualitative studies but as it is a quantitative research
study large sample size is much more appropriate as compared to the small sample because
accuracy of results increasers in large sample size. This limitation helped the researcher to
understand importance of large sample size for quantitative study as it helped the researcher to
enhance accuracy of the results.
Lack of previous studies in the research area: Another limitation faced by researcher was lack
of previous studies in the research area because of which it was quite difficult for the researcher
to address all kinds of research problems. Literature review helped the researcher to gain insight
of the research topic and aim on the basis of which objectives of the research study were based.
Literature review also helped the researcher to understand the topic in clear and concise manner
which further resulted in appropriate primary and secondary data collection.
Scope of discussion: As the researcher did not have many years of experience in the researcher
area due to this the level of depth of discussion and scope of the study was compromised.
However, this scope of discussion helped the researcher to understand gaps in current study
which created future scope for other researchers so that they can continue their research in this
field in a more detailed and appropriate manner.
5.9 Areas for further research
This thesis study can work as a theoretical framework for future researchers who want to
focus on conducting a research in this field. There are several areas that have been identified
where research in future can be conducted in order to expand knowledge related to risk
management in organizations. Many of these areas completely depend upon availability of
expanded data from both private and public organizations. Few of them are: more detailed and
comprehensive investigation can be carried out to study to study management of resources for
risk management within organizations. Greater understanding on the impact of unexpected risk
on the organizations and approaches through which those risk can be managed and evaluated.
This study focused on business performance sustainable development but does not focus om
measures that can be taken for reducing risk, enhancing safety and management of required
resources for management of risk.
on the organizations and approaches through which those risk can be managed and evaluated.
This study focused on business performance sustainable development but does not focus om
measures that can be taken for reducing risk, enhancing safety and management of required
resources for management of risk.
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Financial Reporting Process: The Experiences of Audit Committee Members, CFO s, and
External Auditors. Contemporary Accounting Research. 34(2). pp.1178-1209.
Creswell, J. W. & Poth, C. N., (2017). Qualitative inquiry and research design: Choosing
among five approaches. Sage publications.
Dannels, S. A., (2018). Research design. In The reviewer’s guide to quantitative methods in the
social sciences (pp. 402-416). Routledge.
Dobson, S. & et.al., (2019). Self-Organization and Resilience for Networked Systems: Design
Principles and Open Research Issues. Proceedings of the IEEE, 107(4), pp.819-834.
Donnelly, K., (2018), May. Hazards, Self-Organization, and Risk Compensation: A View of Life
At the Edge. In Unifying Themes In Complex Systems, Volume 1: Proceedings Of The
First International Conference On Complex Systems (p. 143). CRC Press.
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Risk and Insurance, 82(2), pp.289-316.
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collection methods. Energy and Buildings. 93. pp.189-207.
Hang, M., Geyer‐Klingeberg, J. & Rathgeber, A.W., (2019). It is merely a matter of time: A
meta‐analysis of the causality between environmental performance and financial
performance. Business Strategy and the Environment. 28(2). pp.257-273.
Houghton, C. & et.al., (2015). Qualitative case study data analysis: An example from
practice. Nurse researcher. 22(5).
methodologies for implementation research. Administration and Policy in Mental Health
and Mental Health Services Research. 42(5). pp.524-532.
Eatough, E., Shockley, K. & Yu, P., (2016). A review of ambulatory health data collection
methods for employee experience sampling research. Applied Psychology. 65(2). pp.322-
354
Elharram, M. & et.al., (2017). Global health values of a multidirectional near peer training
program in surgery, pathology, anatomy, research methodology, and medical education
for Haitian, Rwandan, and Canadian medical students. Annals of global health. 83(2).
274-280.
Emerson, R.W., (2015). Convenience sampling, random sampling, and snowball sampling: How
does sampling affect the validity of research?. Journal of Visual Impairment & Blindness.
109(2). pp.164-168.
Etikan, I. & Bala, K., (2017). Sampling and sampling methods. Biometrics & Biostatistics
International Journal. 5(6). p.00149.
Etikan, I., Musa, S.A. & Alkassim, R.S., (2016). Comparison of convenience sampling and
purposive sampling. American journal of theoretical and applied statistics. 5(1). pp.1-4.
Fletcher, A. J., (2017). Applying critical realism in qualitative research: methodology meets
method. International Journal of Social Research Methodology, 20(2), pp.181-194.
Florio, C. & Leoni, G., (2017). Enterprise risk management and firm performance: The Italian
case. The British Accounting Review.49(1). pp.56-74.
Fox, N. J., & Alldred, P. (2015). New materialist social inquiry: Designs, methods and the
research-assemblage. International Journal of Social Research Methodology. 18(4). 399-
414.
Gastaldo, D., Rivas-Quarneti, N., & Magalhães, L. (2018). Body-map storytelling as a health
research methodology: blurred lines creating clear pictures. In Forum Qualitative
Sozialforschung/Forum: Qualitative Social Research (Vol. 19, No. 2, p. 26). DEU.
Gatzert, N. & Martin, M., (2015). Determinants and value of enterprise risk management:
empirical evidence from the literature. Risk Management and Insurance Review. 18(1).
pp.29-53.
Glesne, C., (2016). Becoming qualitative researchers: An introduction. Pearson. One Lake Street,
Upper Saddle River, New Jersey 07458.
Gog, M., (2015). Case study research. International Journal of Sales, Retailing & Marketing.
4(9). pp.33-41.
Gorter, R., Fox, J. P. & Twisk, J. W., (2015). Why item response theory should be used for
longitudinal questionnaire data analysis in medical research. BMC medical research
methodology.15(1). p.55.
Grace, M.F. & et.al., (2015). The value of investing in enterprise risk management. Journal of
Risk and Insurance, 82(2), pp.289-316.
Guerra-Santin, O. & Tweed, C. A., (2015). In-use monitoring of buildings: An overview of data
collection methods. Energy and Buildings. 93. pp.189-207.
Hang, M., Geyer‐Klingeberg, J. & Rathgeber, A.W., (2019). It is merely a matter of time: A
meta‐analysis of the causality between environmental performance and financial
performance. Business Strategy and the Environment. 28(2). pp.257-273.
Houghton, C. & et.al., (2015). Qualitative case study data analysis: An example from
practice. Nurse researcher. 22(5).
Jaderi, F. & et.al., (2019). Utilizing self-organization systems for modeling and managing risk
based on maintenance and repair in petrochemical industries. Soft Computing, 23(15),
pp.6379-6390.
Kopia, J., Just, V., Geldmacher, W. & BUßIAN, A., (2017). Organization performance and
enterprise risk management. Ecoforum Journal, 6(1).
Kumar, R., (2019). Research methodology: A step-by-step guide for beginners. Sage
Publications Limited.
Laisasikorn, K. & Rompho, N., (2019). A study of the relationship between a successful
enterprise risk management system, a performance measurement system and the financial
performance of Thai listed companies. American Journal of Business. 10(2).
Lewis, S., (2015). Qualitative inquiry and research design: Choosing among five
approaches. Health promotion practice.16(4). pp.473-475.
Lowry, P. B. & et.al., (2016). “Cargo Cult” science in traditional organization and information
systems survey research: A case for using nontraditional methods of data collection,
including Mechanical Turk and online panels. The Journal of Strategic Information
Systems. 25(3). pp.232-240.
Lundqvist, S. A. & Vilhelmsson, A., (2018). Enterprise risk management and default risk:
evidence from the banking industry. Journal of Risk and Insurance.85(1). pp.127-157.
Mackey, A. & Gass, S.M., (2015). Second language research: Methodology and design.
Routledge.
Meyers, L. S., Gamst, G. & Guarino, A. J., (2016). Applied multivariate research: Design and
interpretation. Sage publications.
Mikes, A. & et.al., (2016). Risk management: Towards a behavioral perspective.
Navaz, A. S. & Nawaz, D. G. K., (2016). Flow Based Layer Selection Algorithm for Data
Collection in Tree Structure Wireless Sensor Networks. International Journal of Applied
Engineering Research. 11(5). pp.3359-3363.
Nishida, A. & et.al., (2016). Adolescent self-organization and adult smoking and drinking over
fifty years of follow-up: The British 1946 Birth Cohort. PloS one. 11(1). p.e0146731.
Oliva, F. L., (2016). A maturity model for enterprise risk management. International Journal of
Production Economics. 173. pp.66-79.
Olson, D. L. & Wu, D. D., (2017). Data Envelopment Analysis in Enterprise Risk Management.
In Enterprise Risk Management Models (pp. 105-117). Springer, Berlin, Heidelberg.
Opoku, A., Ahmed, V., & Akotia, J. (2016). Choosing an appropriate research methodology and
method. In Research Methodology in the Built Environment (pp. 52-70). Routledge.
Pahwa, P. & et.al., (2015). A community-based participatory research methodology to address,
redress, and reassess disparities in respiratory health among First Nations. BMC research
notes. 8(1). 199.
Palinkas, L. A. & et.al., (2015). Purposeful sampling for qualitative data collection and analysis
in mixed method implementation research. Administration and policy in mental health
and mental health services research. 42(5). pp.533-544.
Paradis, E. & et.al., (2016). Design: selection of data collection methods. Journal of graduate
medical education. 8(2). pp.263-264.
Priesemann, V., (2015). Self-organization to sub-criticality. BMC neuroscience. 16(1). p.O19.
Quinlan, C. & et.al., (2019). Business research methods. South Western Cengage.
based on maintenance and repair in petrochemical industries. Soft Computing, 23(15),
pp.6379-6390.
Kopia, J., Just, V., Geldmacher, W. & BUßIAN, A., (2017). Organization performance and
enterprise risk management. Ecoforum Journal, 6(1).
Kumar, R., (2019). Research methodology: A step-by-step guide for beginners. Sage
Publications Limited.
Laisasikorn, K. & Rompho, N., (2019). A study of the relationship between a successful
enterprise risk management system, a performance measurement system and the financial
performance of Thai listed companies. American Journal of Business. 10(2).
Lewis, S., (2015). Qualitative inquiry and research design: Choosing among five
approaches. Health promotion practice.16(4). pp.473-475.
Lowry, P. B. & et.al., (2016). “Cargo Cult” science in traditional organization and information
systems survey research: A case for using nontraditional methods of data collection,
including Mechanical Turk and online panels. The Journal of Strategic Information
Systems. 25(3). pp.232-240.
Lundqvist, S. A. & Vilhelmsson, A., (2018). Enterprise risk management and default risk:
evidence from the banking industry. Journal of Risk and Insurance.85(1). pp.127-157.
Mackey, A. & Gass, S.M., (2015). Second language research: Methodology and design.
Routledge.
Meyers, L. S., Gamst, G. & Guarino, A. J., (2016). Applied multivariate research: Design and
interpretation. Sage publications.
Mikes, A. & et.al., (2016). Risk management: Towards a behavioral perspective.
Navaz, A. S. & Nawaz, D. G. K., (2016). Flow Based Layer Selection Algorithm for Data
Collection in Tree Structure Wireless Sensor Networks. International Journal of Applied
Engineering Research. 11(5). pp.3359-3363.
Nishida, A. & et.al., (2016). Adolescent self-organization and adult smoking and drinking over
fifty years of follow-up: The British 1946 Birth Cohort. PloS one. 11(1). p.e0146731.
Oliva, F. L., (2016). A maturity model for enterprise risk management. International Journal of
Production Economics. 173. pp.66-79.
Olson, D. L. & Wu, D. D., (2017). Data Envelopment Analysis in Enterprise Risk Management.
In Enterprise Risk Management Models (pp. 105-117). Springer, Berlin, Heidelberg.
Opoku, A., Ahmed, V., & Akotia, J. (2016). Choosing an appropriate research methodology and
method. In Research Methodology in the Built Environment (pp. 52-70). Routledge.
Pahwa, P. & et.al., (2015). A community-based participatory research methodology to address,
redress, and reassess disparities in respiratory health among First Nations. BMC research
notes. 8(1). 199.
Palinkas, L. A. & et.al., (2015). Purposeful sampling for qualitative data collection and analysis
in mixed method implementation research. Administration and policy in mental health
and mental health services research. 42(5). pp.533-544.
Paradis, E. & et.al., (2016). Design: selection of data collection methods. Journal of graduate
medical education. 8(2). pp.263-264.
Priesemann, V., (2015). Self-organization to sub-criticality. BMC neuroscience. 16(1). p.O19.
Quinlan, C. & et.al., (2019). Business research methods. South Western Cengage.
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Ramalho, R., & et.al., (2015, August). Literature review and constructivist grounded theory
methodology. In Forum Qualitative Sozialforschung/Forum: Qualitative Social Research
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Roller, M. R. & Lavrakas, P. J., (2015). Applied qualitative research design: A total quality
framework approach. Guilford Publications.
Saeidi, P. & et.al., (2019). The impact of enterprise risk management on competitive advantage
by moderating role of information technology. Computer Standards & Interfaces, 63,
pp.67-82.
Salloum, C., Jabbour, G. & Mercier‐Suissa, C., (2019). Democracy across gender diversity and
ethnicity of middle Eastern SMEs: How does performance differ?. Journal of Small
Business Management. 57(1).pp.255-267.
Savini, F., (2016). Self‐Organization and Urban Development: Disaggregating the City‐Region,
Deconstructing Urbanity in Amsterdam. International Journal of Urban and Regional
Research. 40(6). pp.1152-1169.
Sekerci, N., (2015). Does enterprise risk management create value for firms?. In The Routledge
Companion to Strategic Risk Management (pp. 409-440). Routledge.
Shatnawi, S., Hanefah, M. & Eldaia, M., (2019). Moderating Effect of Enterprise Risk
Management on the Relationship Between Board Structures and Corporate
Performance. International Journal of Entrepreneurship and Management
Practices. 2(6). pp.01-15.
Sweeting, P., (2017). Financial enterprise risk management. Cambridge University Press.
Deglincerti, A. & et.al., (2016). Self-organization of the in vitro attached human embryo. Nature.
533(7602). p.251.
Thompkins, A. M. & et.al., (2016). Functional magnetic resonance imaging of the domestic dog:
Research, methodology, and conceptual issues. Comparative cognition & behavior
reviews. 11. 63.
Thomson, R., & McLeod, J. (2015). New frontiers in qualitative longitudinal research: an agenda
for research. International Journal of Social Research Methodology. 18(3). 243-250.
Townsend, L. & Wallace, C., (2016). Social media research: A guide to ethics. Aberdeen:
University of Aberdeen.
Tucker, D. M., Luu, P. & Poulsen, C., (2016). The Neurodevelopmental Process of Self‐
Organization. Developmental psychopathology, pp.1-30.
Viscelli, T. R., Beasley, M. S. & Hermanson, D. R., (2016). Research insights about risk
governance: Implications from a review of ERM research. SAGE Open. 6(4).
p.2158244016680230.To investigate impact of establishing risk management process
within organisation on the business performance sustainable development regarding
business corporation, good governance and promotion of safety
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Weldon, M. N., (2018). Corporate Governance, Compliance, Social Responsibility, and
Enterprise Risk Management in the Trump/Pence Era. Transactions: The Tennessee
Journal of Business Law. 19(1). p.14.
Wildemuth, B. M. ed., (2016). Applications of social research methods to questions in
information and library science. ABC-CLIO.
methodology. In Forum Qualitative Sozialforschung/Forum: Qualitative Social Research
(Vol. 16, No. 3).
Roberts, L. D., (2015). Ethical issues in conducting qualitative research in online
communities. Qualitative Research in Psychology.12(3). pp.314-325.
Roller, M. R. & Lavrakas, P. J., (2015). Applied qualitative research design: A total quality
framework approach. Guilford Publications.
Saeidi, P. & et.al., (2019). The impact of enterprise risk management on competitive advantage
by moderating role of information technology. Computer Standards & Interfaces, 63,
pp.67-82.
Salloum, C., Jabbour, G. & Mercier‐Suissa, C., (2019). Democracy across gender diversity and
ethnicity of middle Eastern SMEs: How does performance differ?. Journal of Small
Business Management. 57(1).pp.255-267.
Savini, F., (2016). Self‐Organization and Urban Development: Disaggregating the City‐Region,
Deconstructing Urbanity in Amsterdam. International Journal of Urban and Regional
Research. 40(6). pp.1152-1169.
Sekerci, N., (2015). Does enterprise risk management create value for firms?. In The Routledge
Companion to Strategic Risk Management (pp. 409-440). Routledge.
Shatnawi, S., Hanefah, M. & Eldaia, M., (2019). Moderating Effect of Enterprise Risk
Management on the Relationship Between Board Structures and Corporate
Performance. International Journal of Entrepreneurship and Management
Practices. 2(6). pp.01-15.
Sweeting, P., (2017). Financial enterprise risk management. Cambridge University Press.
Deglincerti, A. & et.al., (2016). Self-organization of the in vitro attached human embryo. Nature.
533(7602). p.251.
Thompkins, A. M. & et.al., (2016). Functional magnetic resonance imaging of the domestic dog:
Research, methodology, and conceptual issues. Comparative cognition & behavior
reviews. 11. 63.
Thomson, R., & McLeod, J. (2015). New frontiers in qualitative longitudinal research: an agenda
for research. International Journal of Social Research Methodology. 18(3). 243-250.
Townsend, L. & Wallace, C., (2016). Social media research: A guide to ethics. Aberdeen:
University of Aberdeen.
Tucker, D. M., Luu, P. & Poulsen, C., (2016). The Neurodevelopmental Process of Self‐
Organization. Developmental psychopathology, pp.1-30.
Viscelli, T. R., Beasley, M. S. & Hermanson, D. R., (2016). Research insights about risk
governance: Implications from a review of ERM research. SAGE Open. 6(4).
p.2158244016680230.To investigate impact of establishing risk management process
within organisation on the business performance sustainable development regarding
business corporation, good governance and promotion of safety
Walliman, N., (2017). Research methods: The basics. Routledge.
Weldon, M. N., (2018). Corporate Governance, Compliance, Social Responsibility, and
Enterprise Risk Management in the Trump/Pence Era. Transactions: The Tennessee
Journal of Business Law. 19(1). p.14.
Wildemuth, B. M. ed., (2016). Applications of social research methods to questions in
information and library science. ABC-CLIO.
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methodology.net/research-methodology/ethical-considerations/>
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<https://professortoday.com/exploratory-research-design/>
Research design. 2018. [Online]. Available through:
<https://research-methodology.net/research-methodology/research-design/>.
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Ethical Considerations. 2019. [ONLINE]. Available through: <https://research-
methodology.net/research-methodology/ethical-considerations/>
Exploratory Research Design | Concept | Objectives. 2017. [ONLINE]. Available through:
<https://professortoday.com/exploratory-research-design/>
Research design. 2018. [Online]. Available through:
<https://research-methodology.net/research-methodology/research-design/>.
APPENDIX
Appendix 1
Questionnaire
Q1. Do you think making of enterprise capture policies by organization?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q2. Do you think that role of enterprise in building the risk resilience communities during the
natural disaster?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q3. Is right to manage the overall natural resources through sustainable development?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q4. Do you know that the effective relation between private organization and public governance
improve enterprise services?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Appendix 1
Questionnaire
Q1. Do you think making of enterprise capture policies by organization?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q2. Do you think that role of enterprise in building the risk resilience communities during the
natural disaster?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q3. Is right to manage the overall natural resources through sustainable development?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q4. Do you know that the effective relation between private organization and public governance
improve enterprise services?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
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Q5. Do you think that innovative idea promotes in global market with the help of government in
terms of procurement business?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q6. Do you think that enterprise risk management improve the business quality and services?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q7. Do you think that enterprises risk management provide benefits for adopting systematic,
consistent to manage risk and opportunities?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q8. Do you think integrated risk management integrate with culture and environment of
organization to build strong network between contractors?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q9. Do you think that organization build a network to other enterprises for improving their
financial performance?
Strongly Agree
Agree
terms of procurement business?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q6. Do you think that enterprise risk management improve the business quality and services?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q7. Do you think that enterprises risk management provide benefits for adopting systematic,
consistent to manage risk and opportunities?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q8. Do you think integrated risk management integrate with culture and environment of
organization to build strong network between contractors?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q9. Do you think that organization build a network to other enterprises for improving their
financial performance?
Strongly Agree
Agree
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Neutral
Strongly Disagree
Disagree
Q10. Do you think that enterprise risk management compete to overall integrity and ethical
values of organization?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q11. Do you think that risks would be reported and monitored within organization through
enterprise risk management activities?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q12. Does self-organization have its own enterprise risk management?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q13. What are risks of networking and finance performance in organization?
Careless and uninformed employees.
Third party service provider that controlled overall system.
General guidance on deal with the data breach.
Lack of coordination between organization and other contractors.
Q14. Do you think that ongoing monitoring activities required in organization?
Strongly Agree
Agree
Strongly Disagree
Disagree
Q10. Do you think that enterprise risk management compete to overall integrity and ethical
values of organization?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q11. Do you think that risks would be reported and monitored within organization through
enterprise risk management activities?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q12. Does self-organization have its own enterprise risk management?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q13. What are risks of networking and finance performance in organization?
Careless and uninformed employees.
Third party service provider that controlled overall system.
General guidance on deal with the data breach.
Lack of coordination between organization and other contractors.
Q14. Do you think that ongoing monitoring activities required in organization?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-15 Does company articulate its risk appetite and tolerance for managing business?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-16 Does top management of company get enough data and info for managing risk?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-17 Is ineffective managing of risk impacting on financial performance of firm?
Yes
No
May be
Q-18 Are there effective policies formed to identify risk in firm?
Yes
No
Not sure
Q-19 Is enterprise risk management system identify degree of risk?
Yes
No
Strongly Disagree
Disagree
Q-15 Does company articulate its risk appetite and tolerance for managing business?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-16 Does top management of company get enough data and info for managing risk?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-17 Is ineffective managing of risk impacting on financial performance of firm?
Yes
No
May be
Q-18 Are there effective policies formed to identify risk in firm?
Yes
No
Not sure
Q-19 Is enterprise risk management system identify degree of risk?
Yes
No
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May be
Q-20 What risk management techniques are used by organisation?
Prevent risk
Avoid risk
Retain risk
Q-21 Do you think the reducing risk benefit in improving financial performance?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-22 Is effective networking provide relevant and accurate info about risks?
Yes
No
Not sure
Q- 23 What role does networking play in risk management?
Providing info
Taking measures
Identification of risk area
Q-24 Are systems and process connected effectively to identify risk?
Yes
No
Not sure
Q-25 Does poor networking impact on firm ability to manage risk?
Q-20 What risk management techniques are used by organisation?
Prevent risk
Avoid risk
Retain risk
Q-21 Do you think the reducing risk benefit in improving financial performance?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-22 Is effective networking provide relevant and accurate info about risks?
Yes
No
Not sure
Q- 23 What role does networking play in risk management?
Providing info
Taking measures
Identification of risk area
Q-24 Are systems and process connected effectively to identify risk?
Yes
No
Not sure
Q-25 Does poor networking impact on firm ability to manage risk?
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Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-26 Does ineffective self organisation is unable to resolve risk in specified time?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-27 Does networking and self organisation improve private organisation performance?
Yes
No
Not sure
Q-28 Do you think high risk has a strong impact on financial performance of private firm?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-29 Why it is necessary to manage risk during procurement?
For taking effective decision
To maximise efficiency
To mitigate its impact
Q-30 What are the risk that can occur in procurement?
Agree
Neutral
Strongly Disagree
Disagree
Q-26 Does ineffective self organisation is unable to resolve risk in specified time?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-27 Does networking and self organisation improve private organisation performance?
Yes
No
Not sure
Q-28 Do you think high risk has a strong impact on financial performance of private firm?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-29 Why it is necessary to manage risk during procurement?
For taking effective decision
To maximise efficiency
To mitigate its impact
Q-30 What are the risk that can occur in procurement?
Cost
Quality
Delivery
Fraud
Q-31 Does quality of procurement impact on financial performance of firm?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-32 Is it necessary to control risk so that effective decision can be taken?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-33 Does changing self organisation improves risk management process?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-34 Does networking capabilities monitor risk management process?
Strongly Agree
Agree
Neutral
Strongly Disagree
Quality
Delivery
Fraud
Q-31 Does quality of procurement impact on financial performance of firm?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-32 Is it necessary to control risk so that effective decision can be taken?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-33 Does changing self organisation improves risk management process?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-34 Does networking capabilities monitor risk management process?
Strongly Agree
Agree
Neutral
Strongly Disagree
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Disagree
Q-35 Do you think that risk management is a part of good governance practice?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-36 Are private firms facing challenge ethical dilemma between sustainability and
profitability?
Yes
No
Not sure
Q-37 Do you agree that following the good governance policies in organisation helps in
improving the performance and safety standards in private sector?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q 38 - Where does the responsibility of corporate governance lies in private organisation?
Board of Directors
Management
Stakeholders
All of them
Q- 39 Who is responsible for developing risk management polices lie in private companies?
Management
Regulators
Q-35 Do you think that risk management is a part of good governance practice?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-36 Are private firms facing challenge ethical dilemma between sustainability and
profitability?
Yes
No
Not sure
Q-37 Do you agree that following the good governance policies in organisation helps in
improving the performance and safety standards in private sector?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q 38 - Where does the responsibility of corporate governance lies in private organisation?
Board of Directors
Management
Stakeholders
All of them
Q- 39 Who is responsible for developing risk management polices lie in private companies?
Management
Regulators
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Shareholders
All of them
Q- 40 Do you think that current codes of corporate governance are helpful in increasing financial
performance of the company?
Yes
No
May be
Q- 41 Do you agree that networking capabilities of the company is essential for developing risk
management policies?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q- 42 Is corporate governance being treated as
financial issue
Cultural issue
Ethical issues
Social issue
Q- 43 Do you think the private sector has the best risk management and corporate governance
strategies as compared to other business sectors?
Yes
No
May be
Q-44 Whether inter and intra networking benefit in managing risk?
Yes
No
Not sure
Q-45 Does relevant data analysis is useful in applying proper risk technique?
All of them
Q- 40 Do you think that current codes of corporate governance are helpful in increasing financial
performance of the company?
Yes
No
May be
Q- 41 Do you agree that networking capabilities of the company is essential for developing risk
management policies?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q- 42 Is corporate governance being treated as
financial issue
Cultural issue
Ethical issues
Social issue
Q- 43 Do you think the private sector has the best risk management and corporate governance
strategies as compared to other business sectors?
Yes
No
May be
Q-44 Whether inter and intra networking benefit in managing risk?
Yes
No
Not sure
Q-45 Does relevant data analysis is useful in applying proper risk technique?
Yes
No
Not sure
Q-46 Do you think that in self organisation reduces complexity in managing risk?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q 47 The risk technique applied through self organisation have benefited in risk reduction?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-48 Does financial performance can be enhanced by expansion of network?
Yes
No
Not sure
Q-49 Do you think that private firm’s procurement contract contains more risk as compared to
public firms?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
No
Not sure
Q-46 Do you think that in self organisation reduces complexity in managing risk?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q 47 The risk technique applied through self organisation have benefited in risk reduction?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
Q-48 Does financial performance can be enhanced by expansion of network?
Yes
No
Not sure
Q-49 Do you think that private firm’s procurement contract contains more risk as compared to
public firms?
Strongly Agree
Agree
Neutral
Strongly Disagree
Disagree
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Q-50 Are private firm able to manage risk through enterprise risk management?
Yes
No
Not sure
Q-51 From which city does the contractor belongs to?
Melbourne
Brisbane
Sydney
Perth
Canberra
Yes
No
Not sure
Q-51 From which city does the contractor belongs to?
Melbourne
Brisbane
Sydney
Perth
Canberra
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