Institut for Forretningsudvikling og Teknologi

A Risk Management Framework for Implementation of Emerging Technologies

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  • Jeppe Aistrup Christensen, Department of Business Development and Technology, Danmark
  • Kasper Søndergaard, Department of Business Development and Technology, Danmark
  • Lukasz Serwanski, Department of Business Development and Technology, Polen
  • Thomas Bjerre Bojsen, Department of Business Development and Technology, Danmark
  • Torben Tambo
With many industries facing disruption of existing business models, emerging technologies (ET) becomes a critical choice. This paper is presenting and discussing a risk management framework for ET based on Failure Mode Effect Analysis (FMEA) and ISO 31000:2018. This paper is based on (1) a literature review on FMEA and ISO 31000 particularly related to technologies in early stages of conceiving, design and appropriation, (2) a case study of ET and risk in heavy mechanical manufacturing, (3) a set of micro-cases from the industry. Two models are proposed. First, an overall model framework is defined connecting early stages of technology screening, scouting, foresighting to the ISO 31000 framework extending this with continuous improvement of the model and the handling of the ET elements. Second, FMEA is suggested extended with an uncertainty factor to be multiplied onto the risk priority number (RPN). The uncertainty factor is closely linked to the ISO 31000 framework in parameters like e.g. novelty of the ET, growth predictions, duration of the ET study, industrial impact, ambiguity of definitions. ET is inherently associated with risk but often not a managed risk, extending ET risk focus into FMEA and ISO 31000 is providing a clearer and more uniform RM throughout the innovation life cycle. The presented framework can support better decision making and adherence to standardized risk management in later stages of development and implementation of the ET. FMEA can connect ET to other risk management, risk mitigation and continuous improvement approaches such as design, project or production FMEA. Introducing a common language in early stages of innovation can “lower the barrier” for SME’s and organisations in emerging economies to access ET rightfully.
TitelProceedings of the 13th European Conference in Innovation and Entrepreneurship
Antal sider10
UdgivelsesstedAveiro, Portugal
ForlagAcademic Conferences and Publishing International
Udgivelsesår21 sep. 2018
ISBN (trykt)978-1911218975
StatusUdgivet - 21 sep. 2018

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