Implementing an Operational Risk Management Framework: Psycho-Social Factors in Tanzania

Abstract

This qualitative study explored the psychosocial factors that affect the implementation of an operational risk management framework in a financial institution in Tanzania. A purposive sample of 39 participants from three financial institutions was interviewed using semistructured interviews. The data were analysed by means of qualitative content analysis and the open coding procedure of grounded theory was used to identify the highlighted themes. Findings suggest that there is a movement in Tanzania towards acknowledging the value of regulatory operational risk management practices, policies and procedures. Organisations that acquire cross-border interests should take cognisance of the psychosocial factors that affect the implementation of an operational risk management framework in order to address similar challenges.