Lessons in the management of 'People Risk': A multi-disciplinary approach

Research on 'key employees' and their effects on the firm is found across many academic disciplines, but remains fragmented and intellectually diffused, especially when discussing it within an industry specific management and mitigation research context. The consideration of people as an underlying cause of risk (now termed 'people risk') is deeply rooted in people being the most important asset in the firm. However, in particular industries failures by 'key employees' (pilots, air traffic controllers, financial market traders, surgeons) can have catastrophic economic, societal, and environmental consequences, thus creating a situation where employees can also be the most volatile liability in the firm.

The seminar programme will be organised by an informal network set up in November 2013 and will create a space in which to explore and address the challenges of generating innovative research in an area in which silo-mentalities are the norm. It is envisaged that this will lead to intellectually stimulating debates with applied benefits for multiple stakeholders within the seminar series. This will hopefully breakdown at least some of the associated physical and mental barriers involved in researching 'people risk' and its effects on industries, as many of those disciplines involved in the seminar series would rarely get the opportunity to share ideas outside of their key discipline (Human Resource Management, Management, Behavioural Finance, Behavioural Economics, Risk Management, Accounting, Psychology, Organisational Behaviour) or industry in an informal setting. The collaborators on this proposal are also mindful of the need for a national network through which to establish formal links so as to provide a benchmark and basis for similar networks to be created in other countries. With this in mind the organisers believe that by physically taking the seminar series outside the UK they can prove the value and importance of such a network, so as to stimulate international co-operation in the future.

The seminar programme comprises of six meetings over two years, with seminars consisting of 4-6 speakers per seminar. The series will produce academic publications and practitioner relevant briefing notes, with a specific web portal and social media dedicated to the seminar series. The seminars will be as follows:

1. Existing knowledge, contested approaches and future developments
Nov 2013, Nottingham (University of Nottingham)
Aims to map the terrain of existing research across different disciplines, identify consensus and conceptual tensions whilst building on an academic agenda for cross disciplinary research.

2. The place of 'Key employees' in health and aviation: theory and practice
Feb 2014, Glasgow (Glasgow Caledonian University)
Aims to examine the challenges for research and practice in 'people risk' within the domains of aviation and the health sector.

3. Financial services, financial markets and 'people risk' regulation
Jul 2014, Dublin (Trinity College, Republic of Ireland)
Aims to critically analyse the internal and external controls frameworks in the financial services environment.

4. The role of 'people risk' measurement: applied behavioural economics & HRM
Sept 2014, Berlin (WZB University, Germany)
Aims to examine the potential for engagement from human resource management research and applied behavioural economics as controls and measures of 'people risk' within the firm.

5.Human factors & best practice: Cross-fertlisation in research & industry
Feb 2015, Nottingham (University of Nottingham)
Aims to examine the theoretical underpinnings of human factors analysis and its reserach applications to the marine and rail industries.

6.Strategies for advocacy, knowledge transfer and tangible research networking
Aug 2015, Nis (University of Nis, Serbia)
Aims to explore the barriers to awareness of, and mobilisation of, cross-disciplinary 'people risk' research

The fragmented nature of research and output in the area of 'people risk' has led to a silo based mentality to its management, this is reflected not only in academic research clusters but also within private bodies, organisations and regulators which suggest a lack of collective visibility and voice. The potential benefits of gathering multiple stakeholders across various backgrounds with the common theme of 'people risk' research in a seminar series will have synergistic academic, economic and societal impacts far beyond anything that exists for this purpose already. Moreover, the research interests and needs of discipline-based researchers, organisations, practitioners and relevant policy communities can be vastly different. The topics, participants and outputs of the seminar programme are designed to counter this fragmentation and better integrate knowledge and advocacy.

With this in mind the following constituencies will benefit:
1. UK national and local government agencies, including health, financial services, maritime, aviation, automotive:
The seminar series will enhance national government agencies such as National Rail, National Air Traffic Services, National Health Service and Financial Services Authority (all of which have expressed interest in participating), in the field through greater awareness of opportunities for cross-pollination of mitigation strategies and policies for 'people risk' which the seminar series will foster. The seminar series will also create a point of reference for research expertise in the area for UK non-academic government parties so as to influence evidence based policy making.

2. International agencies such as the US Department of Transport, European Central Bank, European Maritime Safety Agency, Bank for International Settlements, European Railway Agency
Given the international scope and nature of many of the industries detailed in the seminar series greater integration of knowledge and practice can have far reaching implications beyond UK national borders. Furthermore, the international locations involved in the seminar series itself will also support cross-border support for research and collaborations in policy development.

3. Industry practitioners
A process of reflective practice is common amongst practitioners of risk management, regardless of industry. Formal sources of knowledge on good practice is again diffuse, as such research on practices, processes and contexts can improve potential impacts by prompting reflective practice. This will have far reaching economic and societal impacts, for example had the lessons learnt from the internal failures of control in the UBS $2bn rogue trading incident been reflectively implemented in maritime policy could the Costa Concordia naval accident been averted. It is these questions that the seminar series seeks to explore, which has seen practitioner based agencies such as the Institute of Risk Management and the Chartered Institute of Securities and Investment support the seminar series concept wholeheartedly.

4. Funders of risk management research
Funding agencies will be able to access greater guidance on criteria of good practice by which to assess applications both from outputs of the seminar series and through the existence of a national network, particularly as the embryonic nature of this area of risk management research is set to grow considerably in the near future.

The following Learned Societies have been identified as collaborators/supporters of the programme, and each will be presented with progress and outcomes of the seminar series:
British Academy
Institute of Chartered Accountants England and Wales (& Scotland)
British Psychological Society
National Institute for Health Research
Marie Curie Actions Programme
Health Foundation
The Leverhulme Trust
Association of Medical Research Charities
Lighthill Risk Network

To name but a few