Navigating Risks with ISO 31000 for A Sustainable Future: A Strategic Approach in The Indonesia Textile Industry

• Autorzy: Yonatan Agnes Zefanya , Susanto Sani , Sukapto Paulus , Zagloel Teuku Yuri M. , Timotius Elkana

Identyfikatory

DOI

10.2478/mspe-2025-0009

• Języki publikacji: EN

Abstrakty

EN

The dynamic changes across various industries are creating uncertainty, potentially leading to a state of risk. All industries are required to formulate mitigation actions for downside risks that have negative effects and leverage on upside risks, those with positive impacts. Despite various mitigation actions, only a few industries are capable of implementing risk management to address the dynamic changes. The refore, this qualitative research aimed to investigate the effectiveness of risk management guided by ISO 31000:2018 in navigating risks as a strategic approach for the industry to achieve a sustainable future. The investigation focused on the application of risk management in the textile manufacturing industry in Indonesia. The initial stages commenced with defining risk management scope, context, and criteria, followed by risk assessment consisting of identification, analysis, and evaluation, as well as formulating risk treatment. Heads of production, finance, and purchasing departments were selected as key informants through judgment sampling, where the results of semi-structured interviews served as primary data. Furthermore, operational, financial, strategic, technological, and informational risks were identified in the industry. The results showed that among the 109 downside and 20 upside risks, 10 were categorized as high-level and prioritized for handling. A total of 52 actions were determined as a treatment to navigate the high-level risks. The results showed that the ISO 31000:2018 guideline effectively addressed industry risk management needs, offering potential solutions to overcome the dynamic changes.

Słowa kluczowe

EN

downside risks; ISO 31000; risk management; uncertainty; upside risks

• Wydawca: STE GROUP
• Czasopismo: Management Systems in Production Engineering
• Rocznik: 2025
• Tom: nr 1 (33)
• Strony: 82--92
• Opis fizyczny: Bibliogr. 35 poz., rys., tab.

Twórcy

autor

Yonatan Agnes Zefanya

• Department of Industrial Engineering Parahyangan Catholic University, Indonesia

autor

Susanto Sani

• Department of Industrial Engineering Parahyangan Catholic University, Indonesia

• https://orcid.org/0000-0002-0208-8865

autor

Sukapto Paulus

• Department of Industrial Engineering Parahyangan Catholic University, Indonesia

• https://orcid.org/0000-0001-7568-1697

autor

Zagloel Teuku Yuri M.

• Department of Industrial Engineering Universitas Indonesia, Indonesia

• https://orcid.org/0000-0002-0261-4837

autor

Timotius Elkana

• Department of Industrial Engineering Universitas Kristen Krida Wacana, Indonesia

• https://orcid.org/0000-0002-8480-0966

Bibliografia

• [1] G.H. Tirayoh, P. Pangeran. “Operational risk mitigation based on risk management ISO 31000:2018 – balanced scorecard to increase the income and reputation: Case study at IEC”. International Journal of Economics Development Research, vol. 4, no. 2, pp. 547–567, 2023. https://doi.org/10.37385/ijedr.v4i2.2578.
• [2] E. Elahi. “Risk management: The next source of competitive advantage”. Foresight, vol. 15, no. 2, pp. 1–25, 2013. http://dx.doi.org/10.1108/14636681311321121.
• [3] V. Kaluvala. “A descriptive study of striking the best risk management strategy by manufacturing industries”. International Journal of Management, vol. 12, no. 1, pp. 1828–1835, 2021.
• [4] S. Marhadhita, P. Pangeran. “Supply chain risk management based on ISO 31000:2018 – Balanced scorecard to improve company performance: Case study on UD INTR Yogyakarta”. International Journal of Social Science Research and Review, vol. 5, no. 11, pp. 306–319, 2022. https://doi.org/10.47814/ijssrr.v5i11.705.
• [5] P. Saeidi, S.P. Saeidi, S. Sofian, S.P. Saeidi, M. Nilashi, A. Mardani. “The impact of enterprise risk management on competitive advantage by moderating role of information technology”. Computer Standards & Interfaces, vol. 63, no. 1, pp. 67–82, 2019. https://doi.org/10.1016/j.csi.2018.11.009.
• [6] N. Mwelu, D.M. Rulangaranga, S. Watundu, W. Kaberuka, C.K. Tindiwensi. “Risk management and profitability of manufacturing firms in Uganda”. Industrial Engineering Letters, vol. 4, no. 2, pp. 49–54, 2014.
• [7] ISO. “ISO 31000:2018 Risk Management: Principles and Guidelines”. Internet: https://committee.iso.org/sites/tc262/home/projects/published/iso-31000-2018-riskmanagement.html#:~:text=ISO%2031000%20helps%20organizations%20develop,the%20protection%20of%20their%20assets, 2018 [Feb. 25, 2024].
• [8] L.J. Susilo, V.R. Kaho. Manajemen Risiko: Panduan untuk Risk Leaders dan Risk Practitioners. Jakarta: Grasindo, 2018.
• [9] N. Adler, A. Gellman. “Strategies for managing risk in a changing aviation environment”. Journal of Air Transport Management, vol. 21, no. 1, pp. 24–35, 2012. https://doi.org/10.1016%2Fj.jairtraman.2011.12.014.
• [10] N. Zhang, Y. Zhang, Z. Zong. “Fund ESG performance and downside risk: Evidence from China”. International Review of Financial Analysis, vol. 86, no. 1, pp 1–12, 2023. https://doi.org/10.1016/j.irfa.2023.102526.
• [11] D. Hillson. (2019) Capturing Upside Risk: Finding and Managing Opportunities in Projects. New York: Auerbach Publications, 2019.
• [12] S.R. Anindya. “Potential risk management design based on ISO 31000:2018: A case study of RSUD BLUD X”. Proceeding of International Conference on Accounting and Finance, pp. 1–9, 2023. Available: https://journal.uii.ac.id/in-CAF/article/view/27408.
• [13] E. Evinia, M.N.N. Sitokdana. “Risk management based IT analysis using ISO 31000 (Case study: PT Bawen Mediatama)”. Journal of Information Systems and Informatics, vol. 5, no. 1, pp. 380–390, 2023. https://doi.org/10.51519/journalisi.v5i1.420.
• [14] L. Dewi, M.L. Kitri. “Operational risk analysis in department of enterprise risk management of PT. XYZ based on ISO 31000:2018 framework”. Advances in Economics, Business and Management Research, vol. 136, no. 1, pp. 33–38, 2020. https://doi.org/10.2991/aebmr.k.200415.007.
• [15] D.N. Efua, S. Ewur. “Risk and operational management practices of manufacturing companies in Ghana”. International Journal of Innovative Science and Research Technology, vol. 6, no. 12, pp. 87–95, 2021.
• [16] C.F. Oduoza. “Framework for sustainable risk management in the manufacturing sector”. 30th International Conference on Flexible Automation and Intelligent Manufacturing, pp. 1290–1297, 2020. http://dx.doi.org/10.1016/j.promfg.2020.10.180.
• [17] A.Y. Wicaksono. “Applying ISO 31000:2018 as risk management strategy on heavy machinery vehicle division”. International Journal of Science, Engineering, and Information Technology, vol. 4, no. 2, pp. 198–202, 2020. https://doi.org/10.21107/ijseit.v4i2.6871.
• [18] T.A. Hoa, T.T.P. Thanh, P.T. Lam, D.T.K. Thoa. “The impact of enterprise risk management implementation on organization performance by moderating role of information technology”. Advances in Economics, Business and Management Research, vol. 196, no. 1, pp. 221–236, 2021. https://doi.org/10.2991/aebmr.k.211119.023.
• [19] O.O. Ebenezer, W.A. Omar. “Risk management and the financial performance of commercial banks in Nigeria: A literature review revisited”. IOSR Journal of Economics and Finance, vol. 7, no. 2, pp. 14–19, 2016. https://doi.org/10.9790/5933-0702031419.
• [20] I. Lyukevich, A. Agranov, N. Lvova, L. Guzikova. “Digital experience: How to find a tool for evaluating business economic risk”. International Journal of Technology, vol. 11, no. 6, pp. 1244–1254, 2020. https://doi.org/10.14716/ijtech.v11i6.4466.
• [21] ISO. “IEC 31010:2019 Risk Management: Risk Assessment Techniques”. Internet: https://www.iso.org/standard/72140.html, 2019 [Feb. 28, 2024].
• [22] L.J. Susilo, V.R. Kaho. Manajemen Risiko Berbasis ISO 31000 untuk Industri Nonperbankan. Jakarta: PPM, 2011.
• [23] D. Hillson. Managing Risk in Projects. England: Gower Publishing, 2009.
• [24] J. Crawford, M. Jabbour. “The relationship between enterprise risk management and managerial judgement in decision-making: A systematic literature review”. International Journal of Management Reviews, vol. 26, no. 1, pp. 110–136, 2023. https://doi.org/10.1111/ijmr.12337.
• [25] D.G.N. Costa, S. Malkhamah, L.B. Suparma. “Use of the safety factor and margin of safety in motorcyclist accident risk management”. International Journal of Technology, vol. 9, no. 4, pp. 737–750, 2018. https://doi.org/10.14716/ijtech.v9i4.941.
• [26] G. Büchi, M. Cugnoand R. Castagnoli. “Smart factory performance and industry 4.0”. Technological Forecasting and Social Change, vol. 150, no. 1, pp. 1–10, 2020. https://doi.org/10.1016/j.techfore.2019.119790.
• [27] Y. Qu, X. Ming, Y. Ni, X. Li, Z. Liu, X. Zhang, L. Xie. “An integrated framework of enterprise information systems in smart manufacturing system via business process reengineering”. Journal of Engineering Manufacture, vol. 233, no. 11, pp. 1–15, 2018. http://dx.doi.org/10.1177/0954405418816846.
• [28] O. Esterhammer, J. Huang. “The Triggers of Buyers Regret of Impulsive Purchases”. Master Thesis, Jönköping University, Sweden, 2017.
• [29] F. Nilsson and F. Tegström. “Evaluation of Business Continuity Management: A Case Study of Disaster Recovery during the COVID-19 Pandemic”. Ph.D. Dissertation, Lund University, Sweden, 2020.
• [30] A. Kaur, A. Kumar, S. Luthra. “Business continuity through customer engagement in sustainable supply chain management: Outlining the enablers to manage disruption”. Environmental Science and Pollution Research, vol. 29, no. 10, pp. 14999–15017, 2022. https://doi.org/10.1007%2Fs11356-021-16683-4.
• [31] N. Abdelkafi, J. Xu, M. Pero, F. Ciccullo, A. Masi. “Does the combination of sustainable business model patterns lead to truly sustainable business model? Critical analysis of existing frameworks and extensions”. Journal of Business Economics, vol. 93, no. 1, pp. 597–634, 2023. https://doi.org/10.1007/s11573-023-01140-0.
• [32] A. Jansson, A. Rozenbachs. “HR as Strategic Partner: How to Make it Happen”. Master Thesis, Uppsala University, Sweden, 2016.
• [33] F.V. Mitsakis. “Human resources as a strategic business partner: Value creation and risk reduction capacity”. International Journal of Human Resource Studies, vol. 4, no. (1), pp. 154–170, 2014. http://dx.doi.org/10.5296/ijhrs.v4i1.5285.
• [34] E. Timotius. “The role of innovation in business strategy as a competitive advantage: Evidence from Indonesian MSMEs”. Problems and Perspectives in Management, vol. 21, no. 1, pp. 92–106, 2023. http://dx.doi.org/10.21511/ppm.21(1).2023.09.
• [35] E. Timotius. “Intrapreneurship of middle-level managers: How to trigger their achievement motivation?” Jurnal Manajemen dan Kewirausahaan, vol. 25, no. 1, pp. 1–12, 2022. https://doi.org/10.9744/jmk.25.1.1-12.

Uwagi

Opracowanie rekordu ze środków MNiSW, umowa nr POPUL/SP/0154/2024/02 w ramach programu "Społeczna odpowiedzialność nauki II" - moduł: Popularyzacja nauki i promocja sportu (2025).