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.