Unit Title: Risk & Procurement Management, Unit Code: BSS054-6, Assessment-1

RISK AND PROCUREMENT MANAGEMENT

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 Unit Title: Risk & Procurement Management, Unit Code: BSS054-6, Assessment-1

A CASE STUDY REPORT

ON

RISK AND PROCUREMENT MANAGEMENT

(An Analytical Business Case Study Report

for Risk Management & Mitigation in
Olympics Mega Events)

Submitted
To
(University of Bedfordshire)
Submitted
By
(Student Id……………)

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Table of Contents
EXECUTIVE SUMMARY.................................................................................................................................. 5

1. INTRODUCTION......................................................................................................................................... 8

1.1 THE BACKGROUND OF THE STUDY.......................................................................................................................8

1.2 THE PURPOSE OF THE REPORT............................................................................................................................9
1.3 THE SCOPE OF THIS REPORT.............................................................................................................................10

2. CASE STUDY & LITERATURE REVIEW........................................................................................................ 10

3. RESULT AND FINDINGS........................................................................................................................... 11

4. DISCUSSION............................................................................................................................................ 12

4.1 RISK MANAGEMENT CONCEPTS AND MODELS.....................................................................................................12

4.2 RISK MANAGEMENT PROCESS FOR LARGE SCALE PROJECTS....................................................................................13
4.3 PROJECT RISK IDENTIFICATION..........................................................................................................................15
4.4 RISK ATTITUDE & BEHAVIOUR CLASSIFICATION....................................................................................................16
4.5 BUILD UP THE CONTEXT..................................................................................................................................16
4.6 IDENTIFYING PROJECT RISK..............................................................................................................................17
........................................................................................................................................................................ 21
5. RISK MANAGEMENT OF OLYMPIC PROJECT THAT INVOLVING RISKS............................................................................22

6. CONCLUSION.......................................................................................................................................... 25

7. RECOMMENDATION................................................................................................................................ 26

8. REFERENCES............................................................................................................................................ 26

9. APPENDIXES............................................................................................................................................ 28

1. RISK IDENTIFICATION AND RISK MANAGEMENT......................................................................................28

List of Figures
Figure 1 Types of Risk Mitigation.........................................................................................................10
Figure 2 Risk Management Activities...................................................................................................12
Figure 3 Risk Management Concepts..................................................................................................13
Figure 4 Risk Analysis Frame Work......................................................................................................14
Figure 5 Risk Attitudes and Behaviour Classification...........................................................................15
Figure 6 Overall Risks -Assessment for Mega Events...........................................................................15
Figure 7 Overview of Operational Risk................................................................................................16
Figure 8 Risk Matrix Template.............................................................................................................17
Figure 9 Risk Matrix.............................................................................................................................18
Figure 10 Cause and Risks Effects Analysis..........................................................................................18
Figure 11 Fish Bone Cause effect Template.........................................................................................19
Figure 12 Risk Breakdown Structure....................................................................................................19
Figure 13 Probabilities and Impact Matrix...........................................................................................20
Figure 14 Risk Analysis Indicator Based Approach...............................................................................20

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Figure 15 Risk Analysis Risk Based Matrix............................................................................................21

Figure 16 Risk Management Process...................................................................................................22
Figure 17 Olympics or Mega Events Projects and Risks......................................................................23
Figure 18 Communications through Risk Management Process..........................................................24
Figure 19 Risk Management Responsibilities.......................................................................................25

List of Tables
Table 1 Project Risk Identification.......................................................................................................14
Table 2 Project Risk Identification.......................................................................................................17

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Executive Summary

The 2020 postponed Olympics still in dilemma on 2021 July due to the Covid 19 pandemic.
The Tokyo - Olympics Organizing Committee trying to not leave the game and they are
watching the pandemic and the report from TOKYO Olympic Village shows Covid 19
affected players too. The IOC (International Olympic Committee) chief Thomas Bach made a
statement that, to leaving Olympics is not a right decision, therefore aims to work truthfully
for safe games. The inaugural ceremony is fixed and the major sponsors, Toyota, Panasonic
Corporation, Fijis’ Ltd, and NEC Corporation are declared to stay away from Olympics and
Toyota exited from advertising campaign. Under these circumstances, the case study
revealed risks area of the project as follows:-

Financial Risks

Refers to [ CITATION Inv211 \l 16393 ], financial risks in the concept of project management is
that, it is the possibility of losing wealth in an investment project and it may in the forms of
Credit Risk, Liquidity Risk and Operational Risk. For instance, According to the case
study[ CITATION Jam16 \l 16393 ] , Brazil spent US$ 3 billion from government funds for sports
related costs alone for the Olympics during severe austerity and economic crisis and reports
saying $ 1.6 billion over budget. In 2022 winter Olympics, due to the financial crisis, bidding
process were hit by the withdrawal of Oslo, LVIV, and Krakow and Stockholm and final
there is two cities and awarded Beijing over Almaty. The Rio Olympics, there is a
cancellation of contract for construction of Olympics Velodrome due to the Financial Status
of the Construction Company. The governments spend cost for the events and by return
expectation is increased tourism, raising the global profile or creating a legacy. Moreover the
government can archives that a sporting event can accelerate regeneration of the city or
district likewise in London or Barcelona.

Logistics and infrastructure risks

For instance, in 2016 Brazil have the most disrupted preparation for Olympics and South
8Africa faced contests for developing nation’s infrastructure challenges and it affected the
2010 South Africa world cup. Moreover in 2015, Brazil world cup 2 stadiums were
completed in original design after 10 months of the event take place. The Rio Olympics, there
is a cancellation of contract for construction of Olympics Velodrome due to the Financial
Status of the Construction Company.

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When analysing the Risks in logistics industry level, there are many for to face like natural
disasters, technology failure, laws and regulation and changes, economic inactivity, theft and
more, but the risks concerned logistics in the context of project management are,
transportation, warehousing, shipping as well as inventory management and managing the
risks in all levels likewise those risk connected with the logistics and its functions as well as
supply chain operations. The organizers of the mega events and the host city have to take
precaution for managing the multiple construction projects in very tight schedule. Manage
and control the numerous problems connecting with transportation, accommodation and
logistics for the athletes, administrators, officials, tourists and audience.

Geopolitical risks and Terrorism

Refers to the case study, the 1996 Atlanta Olympics had suffered a terrorist attack during the
games and the threat not diminished, but only the security and awareness has drastically
increased. The European Championship in France, there were number of arrests and threats
happened that connected with terrorism. The geopolitical risks that have been in
consideration when 1980 Moscow Olympics and 1984 Los Angeles Olympics, more over the
most recent Sochi winter Olympics also. Terrorism is not only the physical attacks, but also it
is an increasing concern as, the hackers could potentially disrupt systems that connecting with
the mega events including ticketing and communication.

Environmental and health risks

The Covid 19 Pandemic is a major health issue and Zika virus also the latest issue to hit the
Rio Olympics. The water quality of the area where the water sports and sailing taken place is
important and it has to manage the risks. The SARS, Zika and Covid 19 are to be focused
seriously. The Olympics hosting nation receives both athletes and spectators from 200
countries and it is a double threat, because the athletes and spectators may come from a
region where the incidence of infectious diseases may higher than in the host country. When
they return back may carry with viruses that may not previously common in that country.

Reputation Risks

The host countries are responsible for to meet their commitments and delver what they
promised and if not it will affect the reputation of the host country and completely they go
down in history as their stamp on the event. For instance, the 2010 common wealth games in

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India were affected such an incident due to the correction allegation, athlete’s
accommodation problems. The food and transportation also heavily criticized. If the athletes
have poor experience, they cannot deliver memorable moments in the game and the
organisers get wrong kind of publicity. The wrong and bad impression put on the map may
serve deterrent to the international community in future.

The recommendation of the case study for future mega events is:-

1. The successful mega events provides return on investment in many ways like
increased tourism, raising global profile and create legacy for the hosting nation.,
therefore the governments or organizers build a panel of successful project managers
to work probative.
2. The hosting mega events make the cities re-generate, but investing in infrastructure
with long term plans helps to avoid heavy financial burdens when mega events take
place
3. Maintain a co-ordination and connectivity between government and private sector
infrastructure (hotels, restaurants, homestays etc.) and transportation (Taxi, private
bus operators, trucks and more.) for immediate expansion of accommodation,
transportation and facilities for mega shows.

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1. Introduction

The Mega Events like Olympics are rich in with wide range of people participation and
engagement. It includes athletes, officials, spectators, head of nations, world leaders, and
corporate heads. VIPs are also contributing their presence and there is a participation of
peoples from 200 nations and it lasting for one month. The mega events are not away from
the wide range of risks due to the huge number of people’s presence and engagement. The
events will provides great opportunities to the hosting nations, if the mega event performs
well up to the expectations of the International Olympics Committee (IOC) and the hosting
nation and the mega event organizers in the hosting City, the hosting nation can achieve the
opportunities that bring a well performed mega event. Therefore, to exploit the opportunities
required to build confidence that the risk management is being appropriately orchestrated. If a
wrong and bad impressions generated in the map will serve deterrent to international
community those desired to come the host countries in future.

Therefore, providing priority for identifying risk and precaution for mitigating risk is an
essential move. The risk is unintended or possibility likewise danger or failure. It is not only
essential to recognize the risks, but also measure it for respond. The risk handling or the
mitigation of risk is a process and it consists of some functions, such as, recognize, evaluate,
select as well as implement choice to bring the risks to an acceptable level and with a focus
on constraints and objectives, furthermore, it includes the basics of what to be done and when
it to be accomplished as well as who is the person responsible for it. The project handler’s
ability to mitigate risks let one to proactively inform and accommodate risks and there is
strategies for mitigating the risks are avoid, accept, reduce or control and transfer.

1.1 The Background of the Study

This report analysed the case study, Sports – Risks Management for the Olympics [ CITATION
Jam16 \l 16393 ]. The large scale projects like Olympics involved with the requirement of
infrastructure and events and the risks also there and it has to face by the organizers of the
mega events. This case study reveals the major risks that involved with the mega events. The
organizers have to prepare for to overcome the obstacles like labour issues, construction
delays and financing delays. The risks are limitless and there is lot of changes can take place

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during the period between bidding and hosting the events, besides that being prepared for to
manage the complexities.

1.2 The purpose of the Report

This report prepared with the purpose of to provide information to the co-ordinating body of
Olympics or the organizers of mega events for to drive decisions, besides that this report
provides information for large scale projects that involving infrastructure and events. The
mega events are enrich with risks and complexities, therefore the organizers have to face the
challenges for hosting the mega events and the risk factors that involved for staging. The
mega events not only provide positive impacts to the economy of hosting country, but also it
provides long lasting opportunities if the event takes place properly.

To be the beneficiary of the benefits derived from the hosting, the complexities of the events
required to be appropriately orchestrated. More over risk management has a critical role to
host the mega events, such as the mitigation of risks and risk management assess the strategic
risks, planning a delivery program and detailing out the operational risks. The organizers
have to make ensure that, they are providing assurance and high confidence to gain the
success. Therefore this report focus on risk mitigation and providing informative report based
on informed knowledge as follows:-

1. Risk and quality management frame work and standards alongside tools and
techniques in the context of project management.
2. Risk and quality management framework and related tools and techniques for
purchasing, logistics and supply chain management or in the context of operations
management.
3. Identifying and discussing risk areas involving risk management of Olympics project
based on the case study and research.
4. Demonstrating risk management concepts and models and summarizing it as a multi-
stage risk management process that suits for an Olympic project.
5. Identifying the risks and discussing its evaluation and suggesting potential mitigation
strategies.
6. This report provides recommendations that appropriate to senior managers and
demonstrating the engagement with the relevant literature and using appropriate risk
management tools and techniques based on the case study.

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1.3 The Scope of this Report

The initiative of this project is how to manage risks and mitigate risks I mega events like
Olympics based on the case study and the objectives are:-

1. To demonstrate the knowledge and understanding of risk and quality management

frame work and related tools and techniques in the context of project management.
2. To demonstrate knowledge and understanding of risk and quality management
framework and standards with related tools and techniques in the context of
operations management

This study focus on the project statement of what can do to mitigate the risks and what is the
role of risk management for assessing the strategic risks, planning for the delivery programs
and detailing out the operational risks. The deliverable of the case study is that, it provides
information to the organizers of mega events for risk management and mitigation and users of
report get useful information and also it provides recommendations for managing and
mitigating risks in mega events.

This report covers the case study of Rio Olympics and relevant literature, besides that using
related tools and techniques in the context of project and operations management. The major
constraints are to focusing only the limited objectives and the scope exclusion is that this case
study not solving any real project risk assessment but using templates and theories.

2. Case Study & Literature Review

Refers to [ CITATION Jam16 \l 16393 ], argues that, the organizers of the mega events to be
prepared for the obstacle like labour issues, construction delays, financing challenges
connecting with the hosting of Olympics or mega events, because risk is not new for the
Olympics and the 2016 Brazil Olympics has the most disrupted the Olympics, as like the
2010 south Africa world cup also disrupted because of their status of developing nations
infrastructure. In 2014, the Sochi winter Olympics also disrupted due to the political
instability in Brazil and the sudden spread of Zika virus across the South Africa.

The case study further disclose that, Sydney and Beijing Olympics , Japan and Korean world
cup , Singapore and Nanjing Youth Olympics and Asian Games and SEA games in the last

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15 years have passes quite smoothly and they have faced their problems and challenges. If
any corruption scandal happens it threaten the organizers and deviate attention from the main
tasks. The case study underlined that, “ the potential risks are almost limitless as so much can
change in the period between bidding and hosting the event, that is the concept of “Known
Unknown” and being prepared for anything underpin all planning aspects”

According to [ CITATION Wri211 \l 16393 ], risk management consists of the process that
minimizing any potential problems that can impact negatively in the project time table, more
over risk is defined as any unexpected event and it can affect the people, process, technology
as well as resources that involved in the project and the risks are events that can occur and
cannot predict when and due to the uncertainty and the project risk needed preparation for
manage it efficiently.

Figure 1 Types of Risk Mitigation

Source: [ CITATION MHA13 \l 16393 ]

Refers to the case study[ CITATION Jam16 \l 16393 ] , identified the risks that faced by
organizers of Olympics Games in the hosting Nation and City includes, financial risks,
logistics and infrastructure risks, geopolitical risks, terrorism, environmental and
health risks and reputation risks. (Details in Executive Summary)

3. Result and Findings

The analysis of the case study Sports – Risk Management for Olympics [ CITATION Jam16 \l
16393 ], revealed that, the mega events consists with immense complexities. The scale and
challenges of hosting mega events likewise Olympics or FIFA Matches or SEA Games has to
face the risk factors involved for staging.

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1. The London 2012 Olympics faced a major challenge was bringing private and public
sector together to deliver the event.
2. Getting the right sort of structure in right place can only drive through to the delivery
and it is vital.
3. Effective communication with the sport’s governing body like IOC or FIFA is an
important matter.
4. The organisers must perform continuous and rigorous checks throughout the program,
because the mega events are not exempted from risks.
5. The mega events has high participation and it provides great opportunities if there is a
confidence that risk management is being appropriately orchestrated
6. The mega events like Olympics lasting for a month and it is with multiple venues and
participation from 200 nations
7. In mega events, there is drastically increase the complexity and in general various claims
arises that ranging from financial matters to personal injuries.
8. The organisers have to make ensure that they are providing assurance and high confidence
to gain the momentum.

4. Discussion

The successful mega events brings positive impacts to the event hosting Nation and its
economy, besides that, the event organisers has a critical role in hosting the mega events like
Olympics or FIFA Matches. The critical steps to take for successful events are mitigate the
risks by using risk management for quality deliverables in the project, such as assess the
strategic risks, planning a delivery program and detailing out the operational risks. The
discussion focuses on in the context of Project Management and Operations Management for
large scale projects involving infrastructure and events.

4.1 Risk Management Concepts and Models

The risk management is vital, because the timely completion of a project avoid complexities
for mega events and the completion should have to do in the predicted budget and proposed
quality of the project scope and these are all vital concern in project handling, besides that,
consider the risks to manage effectively, consequently the organizations of the mega events to
be understand the risk that impact the project and where it is derived. [ CITATION Hil07 \l
16393 ]

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There are sequential stages in risk management of project ([ CITATION Fra05 \l 16393 ], for
instance, to build the context of risk, recognize the project risk, measuring or risk evaluation
and accessing the risk, furthermore, plan for responding the risk, monitoring and controlling
the risk . Fig-2 shows the Risk Management Activities.

Figure 2 Risk Management Activities

Refers to [CITATION Ale16 \l 16393 ], suggests four effective criteria for risk management, such
as, integration of risk into decision making, strong risk management culture, disclosing risk
information and continuous improving risk management. According, to [ CITATION Art21 \l
16393 ], suggested seven vital concepts of risk management, such as, risk exposure analysis,
open position duration, modified duration, convexity, RAROC (Risk Adjusted Return on
Capital) and Auditing Risk Management .

4.2 Risk Management Process for Large Scale Projects

Risk management process is the way that used a structured approach to the managing of risk
and implemented for to identify risks, analysing risks, evaluating risk and managed in a
uniformed, efficient and focused way, moreover, the process of managing risks includes, not
only risk assessment, but also risk mitigation strategy. In addition, the concepts re important
for establishing the risk assessment and It includes, the external context like the environment
of the entity where it operates and the internal context consists of factors like within the firm
and those factors relevant to risk assessment like objectives, strategy, capabilities and culture.
The risk management context is the aim and objective of the risk management activity like
fixing responsible person for a risk and responsibility to each component and what is in the
scope,[ CITATION Ped21 \l 16393 ]

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Figure 3 Risk Management Concepts

Source: [ CITATION Ped21 \l 16393 ]

According to [ CITATION ISO21 \l 16393 ], “Risk identification is a process that involve finding.
Recognizing and describing the risks that could influence the achievement of objectives”.

Refers to [ CITATION Ped21 \l 16393 ] , recognizing the whole possible risks are the main aim of
risk identifications and not to mitigate it, but after analysis it leads to mitigation, because it
carried out during both risk treatment and mitigation. The risk identification is possible
through the identification of, assets, threats, existing control, vulnerable and identification of
consequences.

Refers to [ CITATION USF21 \l 16393 ], based on the decision based approach to identify and
select risk assessments, they introduced a risk analysis framework and the activities include
identifying and selecting all high degree risk assessments and it consists, concept generation
problem identification as well as evaluation and recommendation with disposition,

Figure 4 Risk Analysis Frame Work

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Source: [ CITATION USF21 \l 16393 ]

4.3 Project Risk Identification

According to [ CITATION Hal08 \l 16393 ], mentioned in the research about the guide lines for
to what recognize in the project point of view, such as to analyse the basic cause about the
risk that impact the objectives of the project and it may natural phenomena like natural
calamities, psychological or human made like terrorists attacks and the psychological is like
work environment that not comfortable.

Table 1 Project Risk Identification

Source: [CITATION Mar06 \l 16393 ]

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4.4 Risk Attitude & Behaviour Classification

According to [ CITATION Placeholder1 \l 16393 ] , risk attitude defines as “what is the chosen
response or mentality of acting regarding the uncertain events, that may cause an impact”. It
is classified into four categories, such as Risk-averse, Risk-tolerance, Risk-natural and Risk
seeking. (Fig-5)

Figure 5 Risk Attitudes and Behaviour Classification

Source: [ CITATION pmw18 \l 16393 ]

4.5 Build up the Context

When an organizing body constructing a risk management plan, it has to indicate the
guidelines or the frame work for the entire risk activity [CITATION And01 \l 16393 ].The Risk
Management Plan Capable to provide the defined data sources and approaches, fixing the
budget and time frames, provides risk breakdown structure, indicator of risk tolerance and
thresholds, clarifies the format for reporting, fixing the roles and responsibilities and building
the risk communication methods.

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4.6 Identifying Project Risk

Figure 6 Overall Risks -Assessment for Mega Events

Operational risk
According to [ CITATION CIM08 \l 16393 ], operational defines as, “business or operational risk
relates to activities carried out within an entity, arising from structure, systems, people, products or
processes.” In addition [ CITATION CIM12 \l 16393 ] defined it as “the risk of loss resulting from
inadequate or failed internal processes, people and systems, or from external events”

Figure 7 Overview of Operational Risk

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Source: (The Daily Beast 2021)

Tools and techniques to identify Risk

Table 2 Project Risk Identification

There are many tools and techniques using for complex projects, such as, diagramming
techniques and it includes flow chart, fish bone, etc.,, SWOT Analysis, FMEA (Failure
Model and Analysis) and information collecting tools like, brainstorming, surveys,
questionnaires, meeting, cause-risks effect analysis and so on, RBS(Risk Breakdown
Structure) and Delphi Techniques.

Figure 8 Risk Matrix Template

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Figure 9 Risk Matrix

Figure 10 Cause and Risks Effects Analysis

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Figure 11 Fish Bone Cause effect Template

Figure 12 Risk Breakdown Structure

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Figure 13 Probabilities and Impact Matrix

Figure 14 Risk Analysis Indicator Based Approach

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Figure 15
Risk
Analysis
Risk Based
Matrix

5. Risk Management of Olympic Project that involving risks

The Olympics Projects or Mega Events Projects are involved with technical components or
infrastructure and commercial components, compliance and legal, security, medical and event
related matters, besides that, there is sustainability, human rights and environmental
protection are involved.

Refers to [ CITATION ISO21 \l 16393 ], the definition of risk is “” effect of uncertainty on

objectives””. The risk management process involve with both assessment and treatment of

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risk and it all together there are four steps, such as risk identification, risk analysis, and risk
evaluation and risk treatment. (Fig-8)

Figure 16 Risk Management Process

[CITATION Bro21 \l 16393 ]

There are sub components of risk factors in each component and the overall context
established and identified and established risk for each criteria. (Fig-9)

Concerned with the risk analysis, there are high risk factors involved with the completion of
stadiums, such as shortage of availability of construction materials, labour shortage and short
time for the event date. The team and referee facilities have been in a medium risk level. The
accommodation for athletes and officials are in high risk, transportation, IT & T, FIFA Fan
Fest (for supporting Olympics), organising costs and ticketing and hospitality are in medium
risk. Moreover, safety and security, health and medical, competition related events and
human rights and labour standards are in medium risks.

The risk analysis analysed what could happen and when and where, also why and how it
could happen, after that, it analysed about the consequences. In addition, analysed what
controls can help to minimize the obstacles and how effective are these controls and analysed
the level of risk and planned for how to treat the risk further. The risk treatments once
implemented, it creates new controls or it will amend the existing controls and it takes place
in two distinctive contexts, likewise the proactive context and reactive context.

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The high risk factors should prioritize and take actions for minimize the obstacles. The
construction contractors also get immense support from the government and local body and
generated an affectionate environment to get the nation wide support for the successful
completion of the project in time.

Figure 17 Olympics or Mega Events Projects and Risks

Figure 18 Communications through Risk Management Process

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Figure 19 Risk Management Responsibilities

6. Conclusion

The success of project management connecting with mega events brings long term progress
to the hosting nation, otherwise it jeopardise the future of the hosting nation, because the
investment of resources for a failure project brings negative impact to the economy and the

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reputation and if the success project can stamps the victory in the map and it lasting for the
future of the hosting nation and it brings financial progress through tourism and it make the
profile of the hosting in a high position. The mega events are an opportunity, if those who can
build confidence and deliver the better deliverables connecting with the mega event projects.

7. Recommendation

The case study analysis and evaluation leads to recommendations for improving effective
management of risks and mitigation of it for future mega events and the recommendations
are:-

1. The successful mega events provides return on investment in many ways like
increased tourism, raising global profile and create legacy for the hosting nation.,
therefore the governments or organizers build a panel of successful project managers
to work probative.
2. The hosting mega events make the cities re-generate, but investing in infrastructure
with long term plans helps to avoid heavy financial burdens when mega events take
place
3. Maintain a co-ordination and connectivity between government and private sector
infrastructure (hotels, restaurants, homestays etc.) and transportation (Taxi, private
bus operators, trucks.etc) for immediate expansion of accommodation, transportation
and facilities for mega shows.

8. References
Anderson. (2001). Credit Risk Optimization with Conditional Value-at-risk Criterion. Mathematical
Pragramming, 2(89), 273-291.

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Articles Library. (2021, July 17). 7 Important Concepts of Risk Management. Retrieved from
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Broadleaf. (2021, July 19). Risk assessment and risk treatment. Retrieved July 19, 2021, from
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CIMA . (2012, April 25). cimaglobal.com. Retrieved April 25, 2012, from
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Ebrahem, M. (2016, April 25). Project Risk and Procure Mnagement. Retrieved July 20, 2012, from
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Franco-Santos, e. (2007). Towards a Definition of a Business Performance Measurement System.

International Journal of Operations & Production Management, 27(8), 784-801.

Fraser, C. (2005). Management of Enviornmental Quality. An International Journal, 3(16), 235 -249.

Hall M. (2008). The Effect of Comprehensive Performance Measurement Syatems on Role Clarity.
Accounting Organizations Society, 2(33), 141-163.

Hillson D, e. (2007). Understanding and Managing Risk Attitude. In Understanding and Managing
Risk Attitude. Gower Publishing LTD.

Hillson.D.D. (2007). Understanding and Managing Risk Attitude. In D. Hillson, Understanding and
Managing Risk Attitude. gOWER pUBLISHING ltd.

Investopedia. (2021, July 18). Financial Risk. Retrieved July 18, 2021, from investopedia.com:
https://www.investopedia.com/terms/f/financialrisk.asp#:~:text=Financial%20risk%20is
%20the%20possibility,of%20capital%20to%20interested%20parties.

ISO-31000. (2021). praxiom.com. Retrieved April 23, 2021, from https://www.praxiom.com/iso-

31000-terms.htm#:~:text=According%20to%20ISO%2031000%2C%20risk,operate%20in
%20an%20uncertain%20world.

MHA Consulting. (2013, May 17). Four Types of Risk Mitigation and BCM Governance, Risk and
Compliance. Retrieved July 18, 2021, from mha-it.com: https://www.mha-
it.com/2013/05/17/four-types-of-risk-mitigation/

pmwares. (2018, April 27). What is Risk Attitude? Retrieved July 19, 2021, from pmwares.com:
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9. Appendixes

1. Risk Identification and Risk Management

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