THE DEVELOPMENT OF REGIONAL RISK MANAGEMENT IN ACCORDING TO INTERNATIONAL STANDARDS OF CUSTOMS CONTROL

This chapter develops a framework to analyse the factors influencing central counterparties' (CCPs') risk controls and the role of regulation. The framework illustrates the importance of sound regulation of CCPs and helps to explain why different CCPs may make different risk management choices. Key factors include ownership, governance and the profile and preferences of participants. International standards for the design and operation of CCPs and other financial market infrastructures (FMIs) are reflected in the Principles for Financial Market Infrastructures (PFMIs). Modelling key elements of these standards, the chapter demonstrates the importance of a flexible regulatory framework that achieves the desired level of stability while allowing the mix of risk controls applied by each CCP to vary according to its particular incentives and operating environment. The chapter goes on to discuss the emerging trends towards competition and interoperability between CCPs and cross-border provision of clearing services, and consider the implications for CCPs' risk management choices.

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

International Journal of Accounting and Information Management ◽

10.1108/ijaim-07-2019-0083 ◽

2020 ◽

Vol 28 (4) ◽

pp. 577-605 ◽

Cited By ~ 1

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.

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Occupational and environmental safety standards in nanotechnology: International Organization for Standardization, Latin America and beyond

The Economic and Labour Relations Review ◽

10.1177/1035304617719802 ◽

2017 ◽

Vol 28 (4) ◽

pp. 538-554 ◽

Cited By ~ 1

Author(s):

Guillermo Foladori

Keyword(s):

Risk Management ◽

Latin America ◽

Self Regulation ◽

Environmental Safety ◽

Occupational Risk ◽

International Standards ◽

Working Environment ◽

Iso Standards ◽

Safety Standards ◽

Management Standards

In the absence of government safety regulation in the field of nanotechnology, ISO standards are being used as the basis for establishing technical and management guidelines at an international level. There are more than 50 current ISO standards on nanotechnology. Some of these relate to the working environment and occupational risk management. In Latin America, entities that are members of ISO are enunciating national versions of the international standards. In this article, this context is analysed critically, starting from the Mexican standard on occupational risk management in the working environment. Even though risk management standards may guarantee better and safer working conditions, in the field of nanotechnology, they simultaneously unlock detrimental implications for workers and society. Reliance on such private and voluntary forms of industry self-regulation is identified as a by-product of global neoliberalism.

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The theory of Emotional Intelligence as the Basis of Risk Management

Scientific Research of Faculty of Economics. Electronic Journal ◽

10.38050/2078-3809-2017-9-3-46-67 ◽

2017 ◽

Vol 9 (3) ◽

pp. 46-67

Author(s):

Ksenia Pyatakova

Keyword(s):

Risk Management ◽

Emotional Intelligence ◽

Cultural Values ◽

International Standards ◽

Governance System ◽

Internal Factors ◽

Promising Tool ◽

Perceptions And Attitudes ◽

Risk Management Process ◽

Corporate Governance System

Regardless of the type and size of the organization, they are confronted with both external and internal factors as well as impacts which create uncertainty in regards to achieving certain goals. The risk management of the company is determined by both how well risks are perceived and the intra-organizational interaction of workers under the influence of cultural values that may affect perceptions and attitudes towards risk management. Being an important element of the corporate governance system of any company, effective risk management allows for the acceleration of the decision-making process. The growth of competition during the unstable economic situation in the world takes a special character, which forces the company to look for new opportunities to optimize the risk management process and to offer its own ways of improving the performance of the company. Emotional intelligence can become a promising tool for developing a risk culture, primarily in those areas of business where the human factor plays a great role. The application of international standards and best practices in light of emotional intelligence will increase the company's stability in the market and achieve its goals.

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Norms and international standards related to reduce risk management: A literature review

Risk Governance and Control Financial Markets & Institutions ◽

10.22495/rgcv1i3art6 ◽

2011 ◽

Vol 1 (3) ◽

pp. 58-73 ◽

Cited By ~ 1

Author(s):

César Fuentes ◽

Edmundo R. Lizarzaburu ◽

Edgar Vivanco

Keyword(s):

At Risk ◽

Risk Management ◽

Project Management ◽

Literature Review ◽

International Standards ◽

Current Work ◽

Reduce Risk ◽

Rules And Standards

The current work aims to develop a revision of the literature within the main concepts in the international rules and standards related to risk management in companies. By this way, there will be an analysis of issues such as the COSO - ERM model, an introduction to the ISO 27000 and 31000 standards; and the Project Management according to PMI targeted at risk management.

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Regulation and Risk Assessment of Payment Systems

Management Science ◽

10.26794/2304-022x-2019-9-3-40-55 ◽

2019 ◽

Vol 9 (3) ◽

pp. 40-55

Author(s):

A. V. Larionov ◽

E. S. Salina

Keyword(s):

Risk Assessment ◽

Risk Management ◽

Risk Analysis ◽

Management System ◽

Payment System ◽

International Standards ◽

Management Systems ◽

Practical Implementation ◽

Payment Systems ◽

Risk Management System

The study reveals features of the risk management in the payment system, taking into account the requirements of the Bank of Russia. Particular emphasis is placed on the implementation of practical aspects of organizing risk management systems in conformity with Bank of Russia Regulation No. 607-P dated 03.10.2017 “On requirements for the procedure for ensuring the smooth functioning of the payment system, indicators of the smooth functioning of the payment system and methods of risk analysis in the payment system including risk profiles”. The research uses international standards and approaches to the practical construction of risk management systems. The research suggests methodological recommendations for the construction of a comprehensive risk management system in the payment system. The results of the study can be used in the practical implementation of the Bank of Russia’s approaches to ensuring the smooth functioning of payment systems.

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Comparison of Indonesian Banking Regulation for Integrated Governance, Risk Management, Compliance with Its ISO Counterparts

RSF Conference Series: Business, Management and Social Sciences ◽

10.31098/bmss.v1i5.455 ◽

2021 ◽

Vol 1 (5) ◽

pp. 84-96

Author(s):

Nitha Pricillia

Keyword(s):

Risk Management ◽

Financial Services ◽

Banking Industry ◽

Banking Regulation ◽

International Standards ◽

Iso Standards ◽

Banking Regulations ◽

Iso 31000 ◽

Governance Risk

The research is aiming at obtaining understanding and assurance whether the regulation of Indonesia Financial Services Authority (orOtoritas Jasa Keuangan/OJK) for banking industry on Governance, Risk Management, and Compliance (GRC) in Indonesia are compatible with the requirements and suggested practices of ISO 37000/DIS on Governance, ISO 31000:2018 Risk Management, and ISO 37301: Compliance Management as international standards for Governance, Risk, and Compliance (GRC). The regulatory requirements as set forth by Indonesian FSA to banking industry for integrated GRC have all been compatible with all the elements of ISO 37000, ISO 31000:2018, and ISO 37301. This study utilizes a comparative study method, which is conducted by assessing the similarities and differences between two standards or regulations, or in this study, between Indonesia Financial Services Authority Regulation, or Peraturan Otoritas Jasa Keuangan (POJK) on Governance, Risk Management and Compliance (GRC), with their ISO Standards counterparts. The result is expected to show the degree of fitness of Indonesian banking regulations with these ISO standards. There is only a very small number of studies have been done in the light of calibrating the Indonesian banking regulation in Governance, Risk Management and Compliance (GRC) with their ISO counterparts. Therefore, the result of this paper could be used as generic inputs and considerations for banks which have initiated their integrated GRC practices, and/or just recently commenced, and/or improving their practices more effectively. Whereas the study provides general understanding and assurance of the compatibility, it is not supported yet by empirical evidence of how banks practically exercise the implementation of integrated GRC based on ISO 37000, ISO 31000, and ISO 37301 and how do they conduct calibration efforts to its efficacy. Therefore, it is recommended to conduct such empirical case study in several banks in Indonesia as further study. Further, a field study such as interviews and surveys with Indonesian banking professionals could also be performed to provide additional perspectives on how integrated GRC is implemented in Indonesian banking.

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