An Integrated Process-Related Risk Management Approach to Proactive Threat and Opportunity Handling: A Framework and Rule Language

Abstract

Managing risk in business processes has been a subject of active research in the past few years. The current uncertain global business environment especially requires organizations to adopt more effective risk management approaches that properly cope with both negative and positive impacts from risk in business process execution. This study introduces a process‐related risk management approach that can support comprehensive and proactive risk management during the runtime stage of business processes. First, it analyzes the behavioral requirements for proactive management of process‐related risk. Second, it suggests a framework that enables timely risk monitoring and treatment. Third, it offers a rule language as an implementation model for systematic support of the proposed risk management approach. Finally, it presents an architecture and prototype system to demonstrate the feasibility of the proposed framework and rule language. This approach overcomes the limitations of existing risk management approaches by identifying all necessary activities, as well as when and where they must be applied.