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A hybrid risk management model: a case study of the textile industry

Purpose – The purpose of this paper is to propose a hybrid risk management model, focusing on identification and evaluation of potential risk scenarios in industry/enterprise level, which assists in preventing negative impacts from adverse risks. Design/methodology/approach – The proposed hybrid risk management model embraces the concept of hierarchical holographic modelling (HHM), enterprise‐wise risk management (ERM) and risk filtering, ranking, and management (RFRM) that could be applied in real commercial settings. A case study is conducted in order to validate this comprehensive theoretical model. Findings – This study shows the potential risks that may be faced by the textile industry in Hong Kong. Corresponding responses are suggested for the risks in different levels, which provide a systematic approach in managing the risks. Research limitations/implications – The use of a single case study may limit the generalizability of the findings. Practical implications – The risks suffered by the textile industry are identified through the case study, which provide an insight for better planning and preparation, so as to gain a better chance of success than that of competitors. Originality/value – The proposed model does not only provide theoretical merits to the literature but can also be applied to different industries for risk management practices. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Manufacturing Technology Management Emerald Publishing
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