Perceptions of Modernism Risk Theories and Their Impact on Social Security Administration

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ACKNOWLEDGEMENT

First of all, it would give me great pleasure to show my gratitude to my professor, for his propositions, remarks, understanding and patience. It would also be an honour to express gratitude to my parents, my mother, my father, my sister and my brother for their endless support in my life and allowing me to make all my decisions. I would also like to take the opportunity to show appreciation to my co-workers for their expert cooperation on every occasion. I would also like to be grateful to the Department, managers of the university, instructors and students who have supported me throughout this research.

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DECLARATION

I declare that the content presented in this thesis/dissertation is, in my understanding and opinion, original and has not been presented for scholarly assessment in the past, either completely or partly, for an academic degree at this educational institution or elsewhere. I would also like to admit that I have studied and understood the principles, prerequisites, processes and guidelines of the University regarding the higher academic degree research award and to my dissertation. I would also like to declare that I have abided by the University's principles, prerequisites, processes and guidelines.

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ABSTRACT

It is the idea of this study that in developing its enterprise risk management framework NSSA should consider risk perceptions of its employees, especially how employee background characteristics would influence this perception. The main objective of this study was therefore to find out if historical factors of NSSA employees explain the way they perceive risks and how this information could be used to develop effective risk management framework for the future.

This study identifies the current NSSA employee risk opinions and how it can be useful to develop effective future risk management frameworks. The historical background and risks perspectives are clearly identified and how strategic decisions on risk are being perceived. The study categorizes how risk from a modernistic view focuses on individuals; treats risk as externally originated, attempts to quantify risk, exclusion of business ethics and the isolation of actions on ground. Research shows that indeed background factors influence how people rate risks although some research found the correlation to be weak. Literature has shown that the risk management process would not be effective if perceptions of risks by employees are not accounted for. Research also revealed that risk is a multilevel problem operating in a complex environment which is very difficult to be fully quantified as opposed to the modernistic belief of quantifying risk. Literature has also discovered that including business ethics, socio-cultural views, behaviour and actions, risk control will be made easy to manage as a comprehensive set and improve the future perspective even though this will not completely eliminate risk.

Keywords: risk, risk management, employee perception of risk, organisational risk, mitigation of risk in organisations.

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1: INTRODUCTION1

1.1Background of the ...