european journal of social sciences issn: 1450-2267 - EuroJournals
european journal of social sciences issn: 1450-2267 - EuroJournals
european journal of social sciences issn: 1450-2267 - EuroJournals
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European Journal <strong>of</strong> Social Sciences – Volume 5, Number 3 (2007)<br />
ii. Establish <strong>of</strong> ERM Strategy; Establish <strong>of</strong> Substructure Requirements about ERM<br />
iii. Establish <strong>of</strong> ERM Function and Committee<br />
iv. Establish <strong>of</strong> ERM Information System and Determination <strong>of</strong> ERM Framework<br />
v. Data Flow and Feedback; Analysis <strong>of</strong> ERM implementation Performance<br />
vi. Provide continuity both ERM system and its improving; Restart to ERM process over<br />
loop to new and developing risk and environment<br />
The implementation <strong>of</strong> the ERM model is not a "one-size-fits-all" analysis. So, the model is<br />
tailored according to the qualifications and various parameters <strong>of</strong> the TAV Airports. All efforts<br />
achieved with coordinated studies with TAV airport managers as following steps:<br />
• Firstly, TAV Airport Holding Co. analyzed about ERM infrastructure and capabilities,<br />
objectives and wants related ERM.<br />
• The model tailored according to the determinations.<br />
• Basic ERM framework and process is prepared according to the general ERM context.<br />
• ERM model integrated with organizational ERM process.<br />
• Airport ERM organization model (AERM-OM) developed.<br />
• AERM Information Management System (AERM-IMS) developed.<br />
• AERM information flow system (AERM-IFS) developed.<br />
TAV has fully AERM concept substructure. ERM is critical objective to achievement to<br />
organizational objectives for TAV executive board and their managers. TAV is developing ERM<br />
policy, prosedures and implementation guide for create to common risk language and ERM<br />
terminology. They are considered following factors in this concept:<br />
1. Fundamental elements: ERM and planning<br />
2. Managerial support and leadership<br />
3. Risk ownership mechanism<br />
4. set-up, risk aggregation and reporting<br />
5. Assessment, confirmation and follow-up process<br />
TAV has ERM committee. Benefit-cost analysis is considered by TAV ERM committee.<br />
According to the TAV ERM philosophy “Every risk doesnt create value and every risk isnt worthy to<br />
managing”. ERM is managing <strong>of</strong> the true risks according to the TAV ERM approach. Critical factors<br />
are: value creation and opportunity in the risk. TAV ERM approach leads to the robust management <strong>of</strong><br />
risks throughout all phases <strong>of</strong> an enterprise’s activities. This results in benefits such as:<br />
• A clear understanding <strong>of</strong> the risks which could impact the enterprise and how these may<br />
be manifested<br />
• Robust and well implemented systems for managing the risks<br />
• Employees who integrate risk management into their normal activities<br />
• Demonstration <strong>of</strong> risk management performance to stakeholders<br />
• Confidence that the risk pr<strong>of</strong>ile is understood and being monitored in accordance with<br />
the enterprise’s risk management plan<br />
The TAV is consider that ERM is an integral part <strong>of</strong> good governance and management<br />
practice and is committed to its application at all management levels within a firm-wide framework.<br />
6. Application <strong>of</strong> the Proposed ANP Model to ERM Best Practice<br />
The ANP model that is presented in this research has been evaluated in an airport business, which was<br />
interested in the implementation <strong>of</strong> the ERM best practice. The analysis and the implementation <strong>of</strong> the<br />
ANP model are presented in the following six steps. The <strong>of</strong>fered ANP model in best ERM operator is<br />
given in Fig.-3.<br />
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