Systemic and Systematic Risk Management

This book discusses risk management as it applies to problem-solving for simple, complex, and wicked problems faced by policy creators, implementors, project managers, and systems engineers in the context of policies, large engineering projects (LEPs), projects, and systems. It introduces a systems approach of integrating risk management into policy creation and implementation, project management, and systems engineering, and discusses the flow of risk in a policy from creation through implementation via LEPs and simpler projects. It also discusses managing complexity and specifies the minimum number of elements in a system for it to be defined as, and managed as, complex. Finally, it shows how to proactively incorporate prevention into planning in order to prevent risks and mitigate them when they occur.

Format: Paperback / softback
Length: 374 pages
Publication date: 01 February 2022
Publisher: Taylor & Francis Ltd

This comprehensive book delves into the realm of risk management, offering a comprehensive framework for addressing the challenges posed by simple, complex, and wicked problems faced by policymakers, project managers, and systems engineers in the context of policies, large engineering projects (LEPs), projects, and systems. By employing a systems thinking approach, risk management becomes an integral part of decision-making processes across various domains.

The book begins by introducing the systems approach to integrating risk management into policy creation and implementation, project management, and systems engineering. It discusses the development of a risk framework and the implementation of Firm Fixed Price (FFP) contracts with penalties and bonuses, emphasizing the importance of risk management in these areas.

Furthermore, the book introduces a range of innovative concepts that build upon the application of systems thinking tools within the system thinkers toolbox. These concepts include risk-informed decision-making, risk-based project management, and systems thinking for risk assessment.

The book underscores that integrating risk management into policy and project management and systems engineering is not merely a matter of compliance but rather a fundamental aspect of good management and engineering practice. It explores the flow of risk throughout the policy implementation process, identifying where risks arise and where they should be addressed.

The book also delves into the risks inherent in the relationship between policy creation, implementation, project management, and systems engineering. It discusses the changing nature of risks as implementation proceeds, transitioning from political to financial to technological concerns.

In addition, the book addresses the management of complexity, emphasizing the minimum number of elements necessary for a system to be defined as complex and managed accordingly. It highlights the often overlooked risk of poor performance by personnel, emphasizing the need for proactive measures to address this issue.

Throughout the book, practical examples and case studies are provided to illustrate the application of the discussed concepts and methodologies. These examples serve to reinforce the theoretical principles and provide real-world insights into the challenges and opportunities associated with risk management in various contexts.

In conclusion, this book offers a valuable resource for policymakers, project managers, and systems engineers seeking to enhance their risk management capabilities. By adopting a systems thinking approach, readers can develop a comprehensive understanding of risk management principles and apply them effectively in their respective fields. The book's innovative concepts and practical insights will empower professionals to make informed decisions, mitigate risks, and achieve successful outcomes in complex and challenging environments.

Weight: 602g
Dimension: 156 x 235 x 27 (mm)
ISBN-13: 9780367490782