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CRITICAL SUCCESS FACTORS FOR THE IMPLEMENTATION OF AN OPERATIONAL RISK MANAGEMENT SYSTEM

M.D.Gibson, J. Young

DOI: 10.22495/cocv10i1art12

Abstract

Operational risk has become an increasingly important topic within financial institutions resulting in an increased spend on operational risk management solutions. While this is a positive approach, evidence has shown that information technology implementations have tended to have low rates of success. Research has highlighted that a series of defined critical success factors could reduce the risk of implementation failure. Twenty-nine critical success factors were identified by means of a literature review and confirmed by a questionnaire that was distributed to an identified target group within the South African financial services community. Reponses to the questionnaire revealed that 27 of the 29 critical success factors were deemed important and critical to the implementation of an operational risk management system.

Keywords: Critical Success Factors, Operational Risk, Risk Management Systems, Strategy, Governance, Information Technology

How to cite this paper: Gibson, M. D. & Young, J. (2012). Critical success factors for the implementation of an operational risk management system. Corporate Ownership & Control, 10(1), 137-147. http://doi.org/10.22495/cocv10i1art12

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