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Abstract

Risk became popular among management theorists, with many proposing ways to manage all sorts of risks. Some countries require corporations to implement risk management as stand-alone or even integrated element within improved internal control frameworks. As result, several national standards were developed over the last 20 years, but just one arose as truly international solution: ISO 31000.
Little has been published on integrated risk management at airlines and the use of industry-wide standards has never been consistently explored before. Two industry-specific standards exist, but their limited scope led to little adherence by airlines. To cover this gap,this thesis analysed the wider picture of integrated airline risk management practices, aiming at identifying improvement areas to propose an adaptation of the ISO 31000 risk management framework.
Several empirical methods (including a survey to publications by the ToplOO airlines, and interviews to airline risk managers, experts and practitioners) showed that only six airlines reported using ISO 31000, with two others citing its predecessor, AS/NZS 4360. Many vaguely referred to COSO, customised models or didn't mention any framework. It is unclear why only few airlines use ISO 31000, when other industries applied it successfully before. Therefore, to help disseminating ISO 31000 among airlines, a customised framework has been designed that proposes a truly holistic industry-specific approach, not focussing on individual risk sources. It integrates risk management along the airlines' entire value chain and involves relevant stakeholders in the airlines' internal risk management efforts.
The proposal's validation process showed that, while being ambitious in its goals, the customised framework is complete and concise, providing valuable input for airlines using other risk management models. It has been considered particularly suitable for those airlines thinking of launching risk management initiatives. Given that a fundamental culture change is needed, the timeframe for implementation should be generous, allowing for several process iterations and revisions.

Publication Type:	Thesis (Doctoral)
Publisher Keywords:	• Risk • Risk Management • Holistic Risk Management • Risk Management Process • Risk Management Policy • Risk Management standard • Risk Management framework • Risk appetite • Risk tolerance • Risk maturity • Risk factors • Risk mitigation • Risk matrix • Risk landscape • Risk culture • Uncertainty • Resilience • ISO 31000 • ISO31000 • COSO • IATA (International Air Transport Association) • IATA IRM (Integrated Risk Management) • ICAO (International Civil Aviation Organisation) • ICAO ORA (Operational Risk Assessment) • Transport • Air Transport • Air Transportation • Commercial Air Transport • Airline • Airline Industry • Aviation • Management • Airline Management • Airline risk management • Airline risk factors • Airline value chain • ISO 31000 in the airline industry
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management H Social Sciences > HE Transportation and Communications T Technology > TL Motor vehicles. Aeronautics. Astronautics
Departments:	School of Science & Technology Doctoral Theses School of Science & Technology > School of Science & Technology Doctoral Theses

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