4. Summarizing the Risk Management Competency Development Indicators to Themes

This chapter seeks to address the third objective. It examines the feasibility of meaningfully summarizing the 23 operationalized indicators into a few dimensions or factors, each of which comprises indicators which converge on a similar theme. The discussions in Chap. 2 suggest that some indicators are likely to be correlated because they are subtly but yet not totally similar; in fact, they are also subtly different. Hence, the indicators which closely correlate may be summarized into one factor or theme. Summarizing the 23 operationalized indicators into a few themes would in turn provide management an alternative way to facilitate a more manageable, flexible and focused approach to risk management competency development.

The remaining sections are organized as follows. Section 4.1 outlines the analytical technique used, namely, factor analysis. Section 4.2 outlines the process of summarizing the indicators into a few themes. Section 4.3 studies the feasibility of meaningfully interpreting each of these themes and Sect. 4.4 concludes.