Advances in Consumer Research
Issue 2 : 731-745
Original Article
Integrated Risk Management Strategies for Research Centers
1
MS-EM, PM-PMI, LSS, Program Manager at Illinois Institute of Technology,Chicago, Illinois, United States of America
Abstract

This paper describes how risk management strategies have been incorporated into Research Centers and illustrates the specific role of Research Centers as a bridge between academia, industry and government. In this study, based on a review of the evolution of the practiceof risk management in Research Centers as facing practitioners, itproposes a robust framework that is adapted to Research Centerson the basis of an analysis of the evolution of their practicesto deal with multidisciplinary environment. The three core strategies it proposes include precautionary, risk informed, and discursive approaches that it elaborates upon through secondary data analysis, historic insight, and throughout. The paper also discusses how advanced risk management practices can be integrated to address problems resulting from deep uncertainties with the motive to enhance resilience within possible disruptions. These strategies are used in conjunction by Research Centers to enable their combination of innovation and risk mitigation for sustainable growth in line with the societal and scientific objects. The problem with this is that such complexity of research challenges needs a systematic, comprehensive and flexible framework for the management of such risk itself and this study brings out that this is significant.

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