Pragmatic adaptation of the ISO 31000:2009 enterprise risk management framework in a high-tech organization using Six Sigma

Abstract

Purpose– This case study aims to present a viable solution to how organizations can adapt and customize the ISO 31000:2009 enterprise risk management framework to suits its needs and requirements.Design/methodology/approach– Approach used for this case study is via adopting Six Sigma DMAIC (Define, Measure, Analyze, Improve and Control phases) methodology.Findings– Key finding is the importance of stakeholders’ feedbacks which are taken into consideration during the designing of the new customized enterprise risk management framework, integrated with all supporting processes, tools and resources.Originality/value– The ISO 31000:2009 enterprise risk management framework dictates that it is not a one-size-fits-all. Rather, organizations who wish to adapt this framework need to customize accordingly, but there is no indication on how organizations can do it. This case study presents a viable solution to this challenge.