TITLE:
A High-Level Risk Management Framework as Part of an Overall Asset Management Process for the Assessment of Industry 4.0 and Its Corollary Industry 5.0 Related New Emerging Technological Risks in Socio-Technical Systems
AUTHORS:
Issa Diop, Georges Georges Abdul-Nour, Dragan Komljenovic
KEYWORDS:
Asset Management Strategy, Enterprise Risk Management, Occupational Safety and Health, Resilience, Industry 4.0, Risk-Informed Decision-Making, Functional Resonance Analysis Method, System-Theoretic Accident Model and Processes
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.12 No.7,
July
29,
2022
ABSTRACT: Suffice
to say that long-established businesses have their own challenges. Furthermore,
accurate systematic methods and tools for managing risks in the context of
industry 4.0 are lacking or less efficient, spreading unrealistic awareness of
risk (or situational awareness) in various domains where risk management is
needed. Conventional methods have their own limits and might not identify all
aspects that influence system safety. Once traditional industry challenges are
combined with emerging risks along with new systemic and organizational risks
as well as cognitive and motivational biases in human logic, there will be the necessity of building thorough Asset Management and Decision Support
approaches accounting both for conventional and emerging risk safety
management. Hence, innovative, and efficient approaches that can investigate
issues from a broad systemic perspective to support asset management
practitioners to deal with those threats associated with the complexity of
socio-technical systems are of interest. On these grounds, this paper focuses
on identifying and analyzing components of risk management approaches
especially for new emerging safety risks within industry 4.0 (emerging
technology-related risks), as well as the rising of extreme, rare, and
disruptive events, at a time of continued uncertainty in the global economy, in
conjunction with the highly insecure political situation caused by recent armed
conflicts (for e.g., Russia vs Ukraine), and the coronavirus disease pandemic
(COVID-19) that might create fatal disturbance of the performance of
organizations. We opt for the relatively new methods that have been developed based on system
theories, viz. the Functional Resonance Analysis
Method (FRAM), the System-Theoretic Accident Model and Processes (STAMP, System Theoretic Process
Analysis (STPA)) and the global risk-informed decision-making approach (RIDM)
in asset management as the best suited approach for this research. We first
discuss the benefits of these methods then outline the possibility of combining
them to conduct high-level risk management and decision-making framework.
Further research would validate their efficiency and practicality. Therefore,
future research initiatives will be devoted to conducting case studies in order to obtain more accurate data.