Risk, Risk Management, and Risk Governance*

2014 ◽  
pp. 5-34
Author(s):  
Torben Juul Andersen ◽  
Maxine Garvey ◽  
Oliviero Roggi
Keyword(s):  
Risk Management ◽  
Risk Governance

scholarly journals Multi-Sectoral Reflections and Efforts in Strengthening Partnerships to Reduce Disaster Risk in Mexico: The First MuSe-IDRiM Conference

2020 ◽  
Vol 11 (5) ◽  
pp. 686-691
Author(s):  
Irasema Alcántara-Ayala ◽  
Daniel Rodríguez-Velázquez ◽  
Ricardo J. Garnica-Peña ◽  
Alejandra Maldonado-Martínez
Keyword(s):  
Public Policy ◽  
Risk Management ◽  
Science And Technology ◽  
Integrated Approach ◽  
Disaster Risk ◽  
Civil Society Organizations ◽  
Disaster Risk Management ◽  
Federal State ◽  
Risk Governance ◽  
Civil Protection

Abstract Notwithstanding the high societal impact of disasters in Mexico, there is a lack of integrated efforts to establish a sound policy for reducing disaster risk to counterbalance the existing concentrated endeavors in disaster management. In the face of such segmentation, the science and technology community has advocated for a change of perspective, from civil protection to integrated disaster risk management. The first Multi-Sectoral Conference towards Integrated Disaster Risk Management in Mexico: Building a National Public Policy (MuSe-IDRiM Conference) was held in Mexico City at National Autonomous University of Mexico, 21–24 October 2019. In support of the implementation of the Sendai Framework for Disaster Risk Reduction 2015–2030, the conference aimed at enhancing the dialogue between the science and technology community, citizens, civil society organizations, private and public sectors, and the federal, state, and municipal governments to foster the process of transforming the current National Civil Protection System into a national public policy oriented towards integrated disaster risk management (DRM). Barriers and challenges to the implementation of integrated DRM were identified. Implementation of integrated DRM challenges current socioeconomic structures and encourages all relevant stakeholders to think, decide, and act from a different perspective and within and across spatial, temporal, jurisdictional, and institutional scales. Understanding disaster risk from an integrated approach, learning skills that authorities have not learned or used, and hence, strengthening disaster risk governance are prerequisites to effectively manage disaster risk.

scholarly journals Risk governance: Experience of Islamic banks

2015 ◽  
Vol 5 (2) ◽  
pp. 31-40
Author(s):  
Mat Rahim Siti Rohaya ◽  
Fauziah Mahat
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Structural Equation ◽  
Committee Member ◽  
Bank Lending ◽  
Capital Adequacy ◽  
Risk Governance ◽  
Islamic Banks ◽  
Loan Loss ◽  
Cross Sectional

Risk governance has evolved tremendously in the banking industry. Risk governance recommends the imperative roles of Chief Risk Officer (CRO) to oversee risk. This study explores risk governance influence over the Islamic banks performances. Multivariate analysis techniques measure simultaneously via Structural Equation Modelling (SEM). This study employed cross-sectional sample of 200 Islamic banks across 21 countries for the year 2014. To examine risk governance and Islamic banks performance, the study captures seventeen variables developed from risk management and corporate governance (ROA, ROE, Profit Margin, CRO, Shariah committee member, CEO, board size, remuneration meeting, credit rating, external audit, accounting standard, loan loss provision, capital adequacy ratio, total deposit ratio, GDP, central bank lending rate and inflation). The simulation result reveals, risk governance act as mediating variables towards Islamic banks performance. This study has practical and significance contribution for Islamic banks to understand risk governance, aligning with the fundamental risk management and corporate governance.

scholarly journals Key Mechanisms of Risk Management in South Africa’s National Government Departments: The Public Sector Risk Management Framework and the King III Benchmark

2016 ◽  
Vol 14 (2-3) ◽  
Author(s):  
Tankiso Moloi
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
Data Extraction ◽  
Risk Process ◽  
National Government ◽  
Annual Reports ◽  
Risk Governance ◽  
Risk Disclosure ◽  
Poor Risk ◽  
Management Disclosures

Government provides essential services to the population and therefore, uncertainties that could hinder government’s objectives should be identified, mitigated/controlled and monitored. Using the content analysis for data extraction in the annual reports of national government departments (NGDs), this paper explored risk management practices in South Africa’s public service, with national government departments as a case in point. The findings are that in general, there are poor risk management practices in the NGDs as the majority of the observed categories were not disclosed in the NGDs annual reports.Since risk deals with the uncertainties on the objectives, it is concerning that NGDs have poor risk management practices, particularly because they are enablers (implementers) of government overarching strategy. As enablers of government strategy, it is recommended that NGDs view risk management as a process that enables them to identify threats which could hinder the attainment of their objectives, whilst also leveraging opportunities that may arise. It is further recommended that the risk process is viewed as a scenario or option analysis exercise that allows NGDs to properly plan, understand the intended outcomes and prepare responses to deal with any uncertainties. A summarised and harmonized risk governance requirement used for the purpose of exploring risk management disclosures has been suggested by this study and it could be used as a reference point of risk disclosure improvement by NGDs.

Making Risk Management Stick: Reflections on Risk Governance in Water Utilities

2013 ◽  
pp. 33-46 ◽  
Author(s):  
R. Allan ◽  
C. Mauelshagan ◽  
A. M. Luís ◽  
P. Jeffrey ◽  
Simon Pollard
Keyword(s):  
Risk Management ◽  
Water Utilities ◽  
Risk Governance

Risk Management and Risk Communication in the Case of Vector-Borne Disease

2021 ◽  
pp. 714-725
Author(s):  
Sekovska Blagica ◽  
Stefanovska Jovana
Keyword(s):  
Public Health ◽  
Risk Management ◽  
Public Awareness ◽  
Risk Governance ◽  
Vector Borne Diseases ◽  
Hemorrhagic Fevers ◽  
Health Concept ◽  
Vector Borne ◽  
The Republic ◽  
Health Model

Change in environmental and socio-economic, emerging zoonotic diseases will be an increasing challenge for public health in Europe and in Macedonia also. The risks and consequences triggered by vector-borne diseases (VBD) for public health in Macedonia are just starting to emerge in public awareness. This is clearly shown by recent events such as spread of hemorrhagic fevers in Europe. The term “public health” in the scope of this chapter suggests re-conceptualization of public health by adapting the risk governance framework developed by the International Risk Governance Council (IRGC) for this purpose. The IRGC approach is distinguished from more classical risk governance approaches, inter alia, by an explicit inclusion of a systematic concern assessment. However, unfortunately, not all countries are adapted on this innovative public health model. This chapter shows results of a risk management study based on interview in depth with the officials regard public health risk, in frame of one health concept in the Republic of Macedonia.

scholarly journals Knowledge is power – conceptualizing collaborative financial risk assessment

2019 ◽  
Vol 20 (3) ◽  
pp. 226-248 ◽  
Author(s):  
Thomas Michael Brunner-Kirchmair ◽  
Melanie Wiener
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Financial Risk ◽  
Risk Identification ◽  
Modern World ◽  
Risk Governance ◽  
Financial Risks ◽  
Financial Risk Management ◽  
Content Type ◽  
New Findings

Purpose Inspired by new findings on and perceptions of risk governance, such as the necessity of taking a broader perspective in coping with risks in companies and working together in interactive groups with various stakeholders to deal with complex risks in the modern world, the purpose of this paper is looking for new ways to deal with financial risks. Current methods dealing with those risks are confronted with the problems of being primarily based on past data and experience, neglecting the need for objectivity, focusing on the short-term future and disregarding the interconnectedness of different financial risk categories. Design/methodology/approach A literature review of risk governance, financial risk management and open foresight was executed to conceptualize solutions to the mentioned-above problems. Findings Collaborative financial risk assessment (CFRA) is a promising approach in financial risk governance with respect to overcoming said problems. It is a method of risk identification and assessment, which combines aspects of “open foresight” and the financial risk management and governance literature. CFRA is characterized as bringing together members of different companies in trying to detect weak signals and trends to gain knowledge about the future, which helps companies to reduce financial risks and increase the chance of gaining economic value. By overcoming organizational boundaries, individual companies may gain the knowledge they would probably not have without CFRA and achieve a competitive advantage. Research limitations/implications A conceptual paper like the one at hand wants empirical proof. Therefore, the authors developed a research agenda in the form of five propositions for further research. Originality/value This paper discusses the existing problems of financial risk identification and assessment methods. It contributes to the existing literature by proposing CFRA as a solution to those problems and adding a new perspective to financial risk governance.

Risk disclosure and risk governance characteristics: evidence from a developing economy

2020 ◽  
Vol 28 (4) ◽  
pp. 577-605 ◽  
Author(s):  
Shamsun Nahar ◽  
Mohammad Istiaq Azim ◽  
Md Moazzem Hossain
Keyword(s):  
Risk Management ◽  
Developed Countries ◽  
Business Environment ◽  
International Standards ◽  
Risk Governance ◽  
Developing Economy ◽  
Risk Disclosure ◽  
Content Type ◽  
Governance Practices ◽  
The Impact

Purpose The purpose of this paper is to explore to what extent risk disclosure is associated with banks’ governance characteristics. The research also focuses on how the business environment and culture may create a bank’s awareness of risk management and its disclosure. This study is conducted in a setting where banks are not mandated to follow international standards for their risk disclosures. Design/methodology/approach Using 300 bank-year observations comprising hand-collected private commercial bank data, the study uses regression analysis to investigate the influence of risk governance characteristics on risk disclosure. Findings This paper reports a positive relationship between risk disclosure and banks’ governance characteristics, such as the presence of various risk committees and a risk management unit. Practical implications Because studies are lacking on risk disclosure and risk governance conducted in developing countries, it is expected that this research will make a significant contribution to the literature and provide a foundation for further research in this field. Social implications This study complements the corporate governance literature, more specifically the risk governance literature, by incorporating agency theory, institutional theory and proprietary cost theory to provide robust evidence of the impact of risk governance practices in the context of a developing economy. Originality/value Previous studies on risk disclosure and governance determinants primarily involve developed countries. This paper’s contribution is to examine risk disclosure and risk governance characteristics in a developing country in which reporting according to international standards is effectively voluntary.

Vom Risk Management zur Risk Governance

2018 ◽  
Vol 62 (1) ◽  
pp. 34-40
Author(s):  
Christine Weigel ◽  
Martin R. W. Hiebl ◽  
Arnd Wiedemann
Keyword(s):  
Risk Management ◽  
Risk Governance

scholarly journals The role of traditional leadership in disaster management and disaster risk governance: A case of Ugu District Municipality by-laws

2019 ◽  
Vol 11 (1) ◽  
Author(s):  
Nonhlanhla A. Zamisa ◽  
Sybert Mutereko
Keyword(s):  
Risk Management ◽  
Risk Reduction ◽  
Disaster Management ◽  
Disaster Risk Reduction ◽  
Disaster Risk ◽  
Disaster Risk Management ◽  
Risk Governance ◽  
Traditional Leaders ◽  
Traditional Leadership

Section 151(2) of the Constitution empowers municipalities in South Africa to pass disaster management-related by-laws. Such by-laws should be specific on the role of traditional leaders, owing to their authority and proximity to the people coupled with their constitutional mandate to preserve customs and traditions. However, their role is often not maximised because of vague and inadequate policies. There has been little or no scholarly attention to the role of traditional leadership and the policy and legal framework that guide their participation in disaster risk management. Employing a comprehensive content analysis of Ugu District Municipality Disaster Management By-law, this article assesses the adequacy of these by-laws on disaster risk governance in the context of collaboration disaster risk reduction. While the Ugu District Municipality Disaster Management By-law provides for the participation of traditional leadership, this study reveals that it is fraught with ambiguities and seemingly vague clauses. For instance, although in Article 5.1.1 the word ‘authorities’ is used, it is not clear whether this refers to traditional leadership or other entities at the local level. In addition, the composition of the Disaster Management Advisory Forum in Ugu does not explicitly include AmaKhosi. While these results add to the rapidly expanding field of disaster risk management, they also suggest several courses of action for policymakers at local government. Such actions might include, but not limited to, a review of the by-laws to address the lack of collaborative essence relative to traditional leaders for optimal disaster risk reduction initiatives targeting traditional communities.

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