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.