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What is Risk Appetite (or Risk Treatment or Risk Propensity)

Chapter 3
Global Risk and Contingency Management Research in Times of Crisis
Reflects an organisation’s attitude and strategy towards risk. It encompasses how risk is managed and whether exposure to risk should be reduced, or the impact of risk should be mitigated, transferred, externalized or accepted.
Published in Chapter:
Development and Application of a New Maturity Model for Risk Management in the Automotive Industry
Jose Irizar (University of Gloucestershire, UK) and Martin George Wynn (University of Gloucestershire, UK)
Copyright: © 2022 |Pages: 24
DOI: 10.4018/978-1-6684-5279-0.ch003
Abstract
Risk management is an integral part of the project management process, and project failure is an area of concern in many organizations. This chapter explains and discusses a new maturity model for assessing and managing project risk in the automotive industry. The research design was two-fold. First, a case study analysis in a major German automotive company was undertaken to develop the maturity model. The approach was qualitative and inductive, using data provided by in-depth interviews. Second, this model was applied in two major projects currently underway in the company – one involving implementing a cloud-based ERP system and the other the program management function responsible for product development and launch. The model adds to existing risk management maturity models and is unique to the automotive industry. It can be used by risk and project managers and can be adapted to other industry sectors.
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