{"id":{"repo_id":"uwtsd","oai_identifier":"oai:repository.uwtsd.ac.uk:4101"},"canonical_url":"https://search.dev.ndltd.org/etd/uwtsd/oai:repository.uwtsd.ac.uk:4101","repository":{"repo_id":"uwtsd","name":"University of Wales Trinity Saint David","base_url":"https://repository.uwtsd.ac.uk/cgi/oai2"},"display":{"title":"Exploring Risk-Based Decision-Making Practices in Malaysian Oil and Gas Companies: A Qualitative Study on Key Implementation Elements for Business Value Creation","abstract":"The volatile market and rapid technological advancement have caused Malaysian businesses to face high uncertainty, particularly in the oil and gas industry due to fluctuations in commodity prices, regulatory changes, and environmental pressures. This sector significantly contributes to the Malaysian economy, making up an average of 25% of national revenue over the past decade. This research aims to investigate risk-based decision-making framework key elements, its implications to the organisation business value creation and other determinant factors or emergent that contribute to greater business value creation in selected Malaysian oil and gas companies. Qualitative case study and grounded theory approaches were used, involving fourteen semi-structured case study interviews and two focus groups with ten participants, all business and risk managers who are involved in decision-making process and experienced selected through purposive sampling method. The findings provided sufficient data to identify risk governance, integration of risk assessment in decision making and involvement of relevant parties as key elements for effective implementation of risk-based decision-making framework. Findings also highlighted several positive implications of effective implementation, and enablers for better framework deployment. Risk-Based Decision-Making Framework – Value Creation Approach has been developed with the aims to integrate risk management into business decisions, enhancing informed decision-making by top management and boards to overcome the challenges faced by oil and gas companies in high risk and volatile market. Besides enterprise risk management, guided by international standards such as ISO 31000 and COSO, the framework is underpinned by Agency Theory, Stakeholder Theory, Rappaport Value Management System, and Decision-Making Models. Designed to be robust, comprehensive, and integrated, the framework aims to pivot business processes to meet enterprise objectives. This will benefit not only the Malaysian oil and gas industry but also other industries by preparing them for volatile market situations based on their capabilities and capacities.","abstract_html":"The volatile market and rapid technological advancement have caused Malaysian businesses to face high uncertainty, particularly in the oil and gas industry due to fluctuations in commodity prices, regulatory changes, and environmental pressures. This sector significantly contributes to the Malaysian economy, making up an average of 25% of national revenue over the past decade. This research aims to investigate risk-based decision-making framework key elements, its implications to the organisation business value creation and other determinant factors or emergent that contribute to greater business value creation in selected Malaysian oil and gas companies. Qualitative case study and grounded theory approaches were used, involving fourteen semi-structured case study interviews and two focus groups with ten participants, all business and risk managers who are involved in decision-making process and experienced selected through purposive sampling method. The findings provided sufficient data to identify risk governance, integration of risk assessment in decision making and involvement of relevant parties as key elements for effective implementation of risk-based decision-making framework. Findings also highlighted several positive implications of effective implementation, and enablers for better framework deployment. Risk-Based Decision-Making Framework – Value Creation Approach has been developed with the aims to integrate risk management into business decisions, enhancing informed decision-making by top management and boards to overcome the challenges faced by oil and gas companies in high risk and volatile market. Besides enterprise risk management, guided by international standards such as ISO 31000 and COSO, the framework is underpinned by Agency Theory, Stakeholder Theory, Rappaport Value Management System, and Decision-Making Models. Designed to be robust, comprehensive, and integrated, the framework aims to pivot business processes to meet enterprise objectives. 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This sector significantly contributes to the Malaysian economy, making up an average of 25% of national revenue over the past decade. This research aims to investigate risk-based decision-making framework key elements, its implications to the organisation business value creation and other determinant factors or emergent that contribute to greater business value creation in selected Malaysian oil and gas companies. Qualitative case study and grounded theory approaches were used, involving fourteen semi-structured case study interviews and two focus groups with ten participants, all business and risk managers who are involved in decision-making process and experienced selected through purposive sampling method. The findings provided sufficient data to identify risk governance, integration of risk assessment in decision making and involvement of relevant parties as key elements for effective implementation of risk-based decision-making framework. Findings also highlighted several positive implications of effective implementation, and enablers for better framework deployment. Risk-Based Decision-Making Framework – Value Creation Approach has been developed with the aims to integrate risk management into business decisions, enhancing informed decision-making by top management and boards to overcome the challenges faced by oil and gas companies in high risk and volatile market. Besides enterprise risk management, guided by international standards such as ISO 31000 and COSO, the framework is underpinned by Agency Theory, Stakeholder Theory, Rappaport Value Management System, and Decision-Making Models. Designed to be robust, comprehensive, and integrated, the framework aims to pivot business processes to meet enterprise objectives. 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