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International Journal of Management (IJM)

Volume 11, Issue 5, May 2020, pp. 1155-1168, Article ID: IJM_11_05_105

Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=5

Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com

ISSN Print: 0976-6502 and ISSN Online: 0976-6510

DOI: 10.34218/IJM.11.5.2020.105

© IAEME Publication Scopus Indexed

RELATIONSHIP BETWEEN ORGANIZATIONAL

CULTURAL DRIVERS AND RISK

MANAGEMENT PLAN FROM ENTERPRISE

RISK MANAGEMENT (ERM) PERSPECTIVE -

(A STUDY WITH REFERENCE TO THE

PROJECTS HANDLED BY IT COMPANIES

IN THE UAE)

Venugopal Karuthedath Vijayan

Research Scholar, Banasthali Vidyapith, Newai, Rajasthan, India

Dr. Neelam Sharma

Associate Professor, Banasthali Vidyapith, Newai, Rajasthan, India

ABSTRACT

Risk management has gained attention to the organizations, project management

experts and other stakeholders due to the increasing trend of uncertainties in projects

which finally leads to delay in delivery of the project, increasing costs and the

customer dissatisfaction. Hence, it is imperative to have a project management system

that should be able to contain all the risks and thereby reduce the uncertainties. In the

traditional risk management system, the project management team focuses on risk

management plan, risk identification, risk analysis and risk treatment so that the pure

risks can be controlled by the team work of all the departments. Many organizations

fail to recognize the fact that there should be a risk management culture for the

company as organizational culture has been highlighted by management experts in

modulating strategies to overcome unforeseen contingencies and thereby achieve the

objectives. Hence, Enterprise Risk Management (ERM) has been adopted by many

companies globally. The study is an attempt to know the impact of the cultural drivers

on risk management plan of companies that manage IT projects in UAE.

Key words: Risk Management, Project Management, Risk Management Plan, Risk

Identification, Risk Analysis, Risk Treatment, Organizational Culture Strategies,

Enterprise Risk Management

Relationship between Organizational Cultural Drivers and Risk Management Plan from Enterprise

Risk Management (ERM) Perspective - (A Study with Reference to the Projects Handled by IT

Companies in the UAE)South Sulawesi Province, Indonesia


Cite this Article: Venugopal Karuthedath Vijayan and Dr. Neelam Sharma,

Relationship between Organizational Cultural Drivers and Risk Management Plan

from Enterprise Risk Management (ERM) Perspective - (A Study with Reference to

the Projects Handled by IT Companies in the UAE), Indonesia. International Journal

of Management, 11 (5), 2020, pp. 1155-1168.

http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=5

1. INTRODUCTION

It can be observed that the firms operating across the world confront higher degrees of risk

due to the increasing impact of random factors which are highly uncertain and unpredictable

(WEF, 2019). The risks can be varied in nature depending upon factors such as political,

economic, geographical, technological, environmental etc and the issues gather serious

velocity globally due to the shared goals and divergent values (WEF, 2019). The range and

intensity of the risk has gathered strong momentum in information technology industry also

due to the rapid strides in the number of competing firms coupled with slower growth of the

industry and the firms that operate in IT industry are forced to manage the project with utmost

care and pro-active planning to make the project successful as the project failures are not rare

in this industry. The same trend is visible in a country like United Arab Emirates where the IT

industry is one of the fastest growing sectors which is promoted by the knowledge

management initiatives of the UAE government.

2. PROJECT RISK MANAGEMENT

A project is defined as a temporary endeavor undertaken by a firm with a view to produce a

distinctive product, service, event or outcome (PMBOK Guide, 2018). From this definition, it

is obvious that a unique project is a one-time affair with a definite beginning and ending

within a constrained budget or cost and well defined scope with specific performance

requirements. From the above, we may say that a project is the application of focused

activities to generate deliverables, but it should be kept in mind the fact that project

deliverables are only a means to an end and hence, the real effort in performing a project is to

attain given outcomes that should provide specific measurable benefits (PM2

Methodology

Guide, 2018). Project Management is the application of knowledge, tools, skills and

techniques on activities related to project with the objective of achieving pre-determined

goals. It is a management process that comprises of planning the activities, translate into

actions, measure the progress and achievement and ultimately the performance as per the pre-

determined objectives and targets (CBP, 2005). In project management, the term ‗risk‘ is

known as an uncertain event or condition that has either a positive or negative effective on the

objectives of a project (Pressman, 2005) and the specific things that may happen which is

detrimental to the successful completion of a project is called as risk events (Keeling, 2006).

Every human endeavor involves risks and hence, it should be managed effectively (Wilder

and Davis, 1998), and hence, risk management is imperative for the successful achievement

of objectives of a venture. Project risk management can be defined as the art and science of

identification, analysis and responding to the uncertainties that emerges during the life period

of a project in such a way as to achieve the project objectives by satisfying all the

stakeholders (Schwalbe, 2016). So management of risk is the way by which the risks are

contained by an organization through the application of management principles such as

planning, organizing, controlling and directing all the activities to successfully achieve the

project objectives (Moeller, 2007).

Venugopal Karuthedath Vijayan and Dr. Neelam Sharma


3. ENTERPRISE RISK MANAGEMENT

The research work in the field of risk management state that the traditional risk management

can be considered to be a reactive approach based on managerial and administrative decision

making process. Based on managerial process, it consists of four different functions such as

planning, organizing, directing/leading and controlling that is deployed with a view to reduce

the adverse effects of uncontrollable factors that creates loss for the organization and that too

with the objective of optimization (Head, 1972). Traditional risk management focuses on pure

risks which are managed by various departments of an organization.

On the other hand, the modern approach which is termed as Enterprise Risk Management

has been becoming important in the modern business scenario across the world. The

Enterprise Risk Management (ERM) can be defined as a process, effected by an entity‘s board

of directors, management and other personnel, applied in strategy setting and across the

enterprise, designed to identify potential events that may affect the entity, and manage risk to

be within its risk appetite, to provide reasonable assurance regarding the achievement of

entity objectives (COSO, 2017).

4. RISK MANAGEMENT IN IT PROJECTS

Among the tertiary sectors of an economy, the Information Technology (IT) is one of the

fastest growing segments in all countries of the world (Hartman & Ashrafi, 2002). A wide

range of applications, equipments and services exist as well as emerge under the ambit of IT,

as its application has permeated intensively in all sorts of business activities in the form of

support to various functions such as operations, management decisions, management

information system, analysis, integration of all the activities etc (Keen, 1994). Despite the fact

that the technological aspects of IT has been growing due to the advancement of technological

innovations, the failure of IT projects have been found to be quite high, both in advanced

countries as well as developing countries of the world (Tchankova, 2002). In a study

conducted by Standish Group (CHAOS, 2014), it was found that nearly 90% of the projects

were completed late, 66% were considered to be deemed failures due to the inability to

achieve its goals, and approximately 30% of the projects were scrapped. Out of the total

sample of 7400 IT projects, only 10% were completed successfully which indirectly imply

that the customer satisfaction level was only 10% which is a meager figure as compared to the

amount of cost, time and resources utilized (Rashad & Kaizer, 2011). Based on the above

study, Fereshteh, Michèle and Satyaveer (2012) found that the following specific factors

amount to failure of IT projects:

Ambiguous project aims not matching with vision and mission

Lack of proper structure for the organization and team.

Insufficient project management discipline

Absence of in-depth technical knowledge

Lack of technology and infrastructure support and system

Unanticipated increase in financial cost

Among the factors mentioned above, three factors are primarily related to cultural drivers

which are vision and mission, structure of organization and team and proper infrastructural

support system.

5. ORGANIZATIONAL CULTURE AND RISK MANAGEMENT

In broader perspective, the culture of an organization can be defined as the ideologies, beliefs,

norms and shared values maintained by the members of an organization which normally





influence the behavioral dimensions of the individuals who are employed (McKenna, 1992;

Schein, 1992; Schultz, 1995). According to Skinner (1971), in behavioral terms,

organizational culture can be considered to be a set of contingencies of reinforcements that is

applicable to the staff members of an organization who share common knowledge. Based on

ERM framework, it can be stated that the modulation of a risk management culture driven by

cultural drivers such as vision, mission, organizational structure, system, leadership, job

design and role definition can generate a risk management culture in the organization which

forms a concrete basis for the succeeding stages in the risk management (IIRM, 2016). A plan

that is based on the cultural drivers and proper organizational culture will be unique and

effective (Benhalm, 1999).

6. LITERATURE REVIEW

The issue related to risk management has become popular by the publication of research work

by Ibbs & Kwak (2000) related to sectors such as telecommunications, information

technology and manufacturing. Since uncertainty and risks are related, various articles were

published by Wideman (1992), Perminova et al (2008) and Bernstein (1998). Risk and

uncertainty was given importance by authors such as Ward and Chapman (2003) also in their

research work. Various studies have been conducted in the realm of risk management which

focuses on traditional risk management as well as modern risk management practices. In their

study on strategic risks and corporate performance, Miller and Bromiely (1990) have given

various measures of corporate risk management by using various risk factors in corporate

strategy development. In a study conducted by Ali (2001), recommends a fundamental shift in

managing the risks in projects and recommends that the shift should be strategy based project

management which is a part of real time management of risks, uncertainties and opportunities

based project life cycle management approach. Related to the same area, Diana and Joyce

(2002) attempted to make an empirical study on current practices in project management. By

stressing the importance of holistic risk management, Marks, Richard & Dana (2005),

explains the role of ERM in managing the portfolio risks that organizations confront

currently. Related to IT sector the paper published by Bannerman (2008) states that

controlling the level of risk in IT projects can be treated as a major contributor of success in

those projects. The research work by Bud, Deo and Hilya (2019) on the impact of project risk

management maturity on performance examines the utility of project risk management

maturity (PRMM) for projects undertaken by various organizations in different domains.

7. PURPOSE OF STUDY

In risk management, the organizations follow the traditional path of preparation of risk

management plan, risk identification, risk analysis and risk treatment (Crouhy, Galai and

Mark, 2014) without giving much attention to the cultural background of an organization with

respect of risk management (Douglas, Blanchard and Hendry, 2012). In Enterprise Risk

Management (ERM), the cultural factors are given much priority in developing a risk

management culture for the organizations and one of the preconditions for a successful risk

management strategy an effective risk management culture (Altunas, 2011). The purpose of

the study is to investigate the relationship between various cultural drivers on risk

management plan and its various dimensions.



8. RESEARCH OBJECTIVES

The objective of conducting this study is to examine the following:

To examine the various cultural drivers that enable an organization to develop risk

management culture which is imperative for the successful completion of various

project by managing risk effectively.

To investigate the impact of various cultural drivers on risk management plan and its

various components such as development of risk criteria, risk tolerance, risk

management policy and risk management framework.

To make a comparative analysis of organizations that has developed risk management

culture to those organizations where it is lacking.

9. BACKGROUND OF THE STUDY

UAE has targeted an ambitious target to trigger off high pace of growth in information

technology sector through new product development, software programming, manufacturing

etc. In addition to these activities, the country has also earned as the leading hub of re-export

for consumer ICT goods to other parts of the world, which has left the indigenous IT industry

less developed which allow opportunities for foreign entities to seize market share (Dubai

Chamber, 2016). The government also provides 100% repatriation of capital and profits and

corporate tax exemptions for a long period of 50 years. Thus the demand for IT projects and

products have been surging at a rapid rate both in the private sector as well as government

sector. The total IT market for UAE has grown from USD.15.8 billion in 2013 to more than

USD.17.72 billion in 2016, thus recording a CAGR of more than 3% percent during this

period. It is expected to grow to reach a figure of USD.30 within two years (Knight, 2019).

Various projects are also envisaged by the government to develop knowledge based economy

which is obvious from activities such as funding overseas training for national students in the

field of ICT, creation of Smart Pass system as a digital framework for the operations of the

government services and ministries, AI Strategic Plan 2031 etc.

10. RESEARCH QUESTIONS

How far the ERM is better than the traditional risk management system in promoting

the success of projects?

What is the relationship between the various cultural drivers and the various

dimensions of risk management plan in project management?

Is it possible for organizations to achieve success in projects without proper

organizational culture that promote risk management?

11. CONCEPTUAL FRAMEWORK OF THE STUDY

The theoretical framework of the study is developed on the basis of ERM perspective. The

ERM framework developed by IIRM is chosen to consider as a guideline for interpreting the

relationship between organizational context and culture on risk management and the success

of the projects. The ERM framework is outlined in figure.





Source: IIRM, A Practical Guide to Enterprise Risk Management (2015).

Figure 1 ERM Framework

12. FORMULATION OF HYPOTHESIS

The following hypotheses are formulated to develop the study.

H0: The cultural drivers do not have any role in designing an effective risk management plan

in projects as these drivers are not related to the various dimensions of risk management plan

in projects.

Ha: The cultural drivers have an influencing role in risk management plan as the various

dimensions of risk management plan are related to the different cultural drivers.

13. RESEARCH METHODOLOGY

The study is an empirical approach to ascertain the relationship between cultural drivers on

various components of risk management plan. The cultural drivers are selected based on the

ERM framework developed by IIRM. The cultural drivers selected as per the model are

vision, mission, structure, system, leadership, job design and role definition and the

dimensions of risk management considered in the study are risk criteria, risk tolerance, risk

management policy, risk management framework. A descriptive approach is made to assess

the relationship between the variables by using mono-quantitative method of collection of

information on the basis of numerical figures. An inductive logic is applied. The research

strategy adopted is survey method based on a questionnaire developed that consists of 70

questions based on the various components of cultural drivers as well as the dimensions of

risk management plan. The philosophical approach adopted is positivism and realism.

13.1. Scale

For eliciting information through questionnaire, a five point Likert scale is chosen which

provides the primary respondents the freedom to select own opinion out of five options and at

the same time it is relatively easier for the researcher to obtain the information. The scale is

furnished in table 1.

Table 1 Five Point Likert Scale

Strongly

Disagree Disagree Neutral Agree Strongly Agree

1 2 3 4 5

Risk

Management

Culture

Risk

Management

Plan

Risk

Identification

Risk

Analysis

Risk Treatment

CULTURAL DRIVERS

Vision, Mission

Structure

System

Leadership

Job Design

Role Definition

Risk Criteria

Risk Tolerance

Risk Management

Policy

Risk Management

Framework

Stakeholder

Consultation

Organizational

Records

Risk Rating

Risk Tolerance

Risk Priorities

Control of Risk

Risk Ownership

Risk Treatment

Resources and

Timeframe



13.2. Population and Sample

The total population of the study consists of various staff members associated with the tasks

pertaining to projects and these staff was selected from small and medium IT companies

which are engaged in data center, network architecture, enterprise ICT, infrastructure

solutions etc.

From the population, a total sample of 40 companies are chosen based on criteria such as

turnover, number of staff, number of projects in hand and the number of years of operations.

The sample of companies is classified into two categories based on the parameters mentioned.

The criteria for selection of the sample are provided in the table 2.

Table 2 Categorization of Sample

Samples. Turnover

(USD

Millions)

Number of

Staff

Number of

Projects in

Hand

Years of Operation in

UAE

Trend of

Profitability

S1 8 and above 50 and above 5 and above More than

5 years

ROI > 8%

S2 8 and above 50 and above 5 and above More than 5 years ROI < 8%

The samples are selected based on stratified random sampling method as the category of

people working in a project is different. From the selected 40 companies, 320 staff members

working in different levels are chosen with an acceptance margin of error of 5% and with a

response distribution of 80% and above. The sample size and its distribution is provided in

table. S1 is the first sample and S2 is the second sample.

Table 3 Distribution of sample staff based on job description.

Sl. No. Job Description Sample Numbers S1 S2

1 Project Managers 40 20 20

2 Team Members 80 40 40

3 Resource Managers 40 20 20

4 Program Manager 40 20 20

5 Portfolio Managers 40 20 20

6 Project Facilitators 40 20 20

Risk Management Analyst 20 20 0

Aggregate 320 180 140

The sample size of firms is chosen by categorizing the companies into two broad

categories based on its performance during the last three two years (2017-18 and 2018-19).

The companies were broadly categorized into two based on revenue parameters with a

performance range of 0-8% and 8% and above return on investment (ROI). Thus out of total

of 40 companies, 20 companies were chosen whose performance is less than 8% ROI yearly

and the rest having 8% and above ROI yearly. On the basis of this, the staff members were

chosen out of which 180 staff member from the first sample category which is having a ROI

of 8% and above. The remaining 140 staff members belong to those companies where the

ROI is less than 8%.

13.3. Data Collection

The major source of data is the primary data which is collected from 320 respondents by

administering a questionnaire that consists of 70 questions associated with two broad areas

such as cultural drivers and risk management plan which are the initial preliminary stages of





the implementation of ERM. The primary data is made more appropriate with the support of

the secondary data collected from the organizations‘ database, journals, websites and

academic source such as text books.

Table 4 Dimensions of cultural drivers and risk management plan.

Cultural Drivers Risk Management Plan

Sl.

No. Drivers

Sl.

No. Dimensions of Plan

1 Vision, Mission 1 Risk Criteria

2 Structure 2 Risk Tolerance

3 System 3 Risk Management Policy

4 Leadership 4 Risk Management Framework

5 Job Design

6 Role Definition

13.4. Reliability Statistic

The questionnaires were distributed across the sample organizations from where 320

respondents were selected and the response was received from 306 staff members which is

approximately 95% out of which 298 questionnaires were found to be relevant and apt for the

study. The reliability and consistency of the response was tested by using Cronbach‘s Alpha,

the details of which is provided in the table

Table 5 Reliability Statistics

Sl. No. Concepts Cronbach’s

Alpha

Cronbach’s Alpha

Based on Standardized

Items

No of

Items

1 Cultural Drivers 0.817 0.809 6

2 Risk Management Plan 0.864 0.817 4

The reliability statistics show that the Cronbach‘s Alpha values are above the stipulated

threshold of 0.70 and hence compatible to the test of reliability, internal consistency and

soundness of information.

The mean and standard deviation of the two classes of samples are provided in table 6 and 7.

Table 6 Mean and standard deviation values of Cultural Drivers of S1 and S2.

Cultural Drivers

Sl. No.

Dimensions

Sample 1 (S1) Sample 2 (S2)

Mean Standard

Deviation

Mean Standard

Deviation

1 Vision, Mission 4.64 0.475 2.34 0.489

2 Structure 4.28 0.541 2.28 0.524

3 System 4.05 0.569 2.12 0.625

4 Leadership 4.71 0.429 3.71 0.507

5 Job Design 3.87 0.615 2.15 0.712

6 Role Definition 3.80 0.639 2.09 0.703

Mean 4.23 0.545 2.45 0.593

In table 6, the mean and standard deviation of the cultural drivers of S1 and S2 is derived.

In S1, the mean value of the aggregate mean is 4.23 which demonstrate high level of

agreement in terms of the response of the respondents which implies that there is unanimity in

the opinion of all the respondents that the cultural drivers influence the risk management plan



of the organizations in which they are employed. The average of the standard deviation values

of S1 sample is 0.545 which is below the stipulated threshold level of 0.70 and hence, we can

presume that the data is reliable, consistent and sound. But in the case of S2 samples, the

mean value of the averages is 2.45 which imply that there exists lack of unanimity and the

values are nearer to 2 in the Likert scale which shows that respondents disagree with the

contention that there exists relationship between organizational cultural drivers and risk

management plan. The standard deviation of S2 is below the threshold level and hence we can

assume that the data is reliable, accurate and sound.

Table 7 Mean and Standard Deviation Values of Risk Management Plan of S1 and S2.

Risk Management Plan

Sl. No.

Dimensions

Sample 1 (S1) Sample 2 (S2)

Mean Standard

Deviation

Mean Standard

Deviation

1 Risk Criteria 4.88 0.457 3.07 0.564

2 Risk Tolerance 4.74 0.536 3.45 0.628

3 Risk Management Policy 4.02 0.659 2.03 0.683

4 Risk Management Framework 3.89 0.581 2.49 0.578

Mean 4.38 0.558 2.76 0.613

In table 7, the mean and standard deviation values of risk management dimensions are

considered for S1 and S2. The S1 sample mean of the average value of the dimensions is 4.38

which show that the risk management dimensions are important and the cultural drivers

influence these dimensions while making the plan. The standard deviation values are less than

the threshold level and hence it is accurate, reliable and sound. In the case of S2, the average

values are 2.76 which is lower than 3 in the Likert scale which means that there is no

agreement in between the respondents that the cultural drivers influence the risk management

plan dimensions. The standard deviation value of S2 is 0.613 which is lower than the

threshold level.

13.5. Relationship between Cultural Drivers and Risk Management Plan

Table 8 Correlation between cultural drivers and risk management plan dimensions of companies

under S1.

Risk

Criteria

Risk

Tolerance

Risk

Management

Policy

Risk

Management

Framework

Vision and Mission .723 .628 .937 .911

Structure .401 .678 .728 .689

System .389 .652 .698 .758

Leadership .666 .857 .766 .526

Job Design .364 .728 .457 .537

Role Definition .429 .766 .642 .507

Table 8 shows the correlation between the various cultural drivers and the risk

management plan elements of those companies whose return on investment is more than 8%

consistently for the previous two years. As far as vision and mission of the organization is

concerned, it shows high level of positive correlation with all the risk management plan

variables as the plan and strategy of an organization depends upon its mission and vision

directly. The structure is less correlated with risk criteria chosen but it is strongly correlated

Cultural

Drivers

Risk Management

Plan





with risk tolerance, risk management policy and the risk management framework. In the case

of system also, it is less correlated with risk criteria but highly correlated with the other

elements. The cultural driver leadership is very strongly correlated with all the elements in

risk management and the correlation level is very high for risk tolerance. In the case of job

design, the correlation is strong for risk tolerance. Role definition is highly correlated with

risk tolerance and risk management policy.

14. FINDINGS OF THE STUDY

From the study, the following findings are derived.

The companies that are successful in maintaining a better return on investment

considers cultural drivers and risk management culture play a substantial role in

making the risk management plan successful. This is clear from the example of the

sample 1 (S1) companies where the study reveals a strong correlation in between the

cultural variables and its impact on risk management plan. In the case of S2

companies, the correlation is weak.

Among the cultural drivers, elements such as vision, mission and organizational

structure has got a strong impact on the risk management plan of the companies which

are consistently making a track record of progress.

There are certain companies in which the staff employed in many of the IT projects

fail to realize the importance of vision and mission while planning the projects and

developing risk management plan. The various elements of risk management plan

such as risk criteria, risk tolerance, risk management policy and risk management

framework should be very closely related to the vision and mission of the companies.

The ERM concept has not been very much popular in many of the companies chosen

for the study. Only few companies have given attention to this concept.

From the findings, it can be observed that an organization should have a risk management

culture to develop and plan risk management plan for the projects. The top management

should take the initiative to implant the ERM for which a strong organizational culture for

risk management is imperative. The ERM concept has not been researched in detail in the

management realm and hence, there is ample opportunity for research in this field.

15. CONCLUSION

Enterprise Risk Management (ERM) is a holistic approach towards the application of risk

management system in projects handled by organizations. Since the risks of projects have

been increasing at an exponential rate, it is necessary to have a holistic approach towards the

various risks that arises in a typical project. The study is an attempt to explore the role of

organizational culture drivers in influencing the risk management plan of the IT companies in

the UAE. Since the ERM concept advocates the development of an appropriate organizational

risk management culture, the study provides the initial basis for the development of a culture

by observing the impact of various cultural drivers while preparing risk management plans.

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