Managing the Current Risks of Companies

2022 ◽  
pp. 250-269
Author(s):  
Feride Bakar Türegün ◽  
Adnan Gerçek
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Management Practice ◽  
Management Process ◽  
Legal Regulations ◽  
Control Framework ◽  
Risk Management Process ◽  
Management Experience ◽  
Increasing Risk ◽  
Risk Categories

The taxation power of governments affects companies' business activities. For this reason, the legal limit of tax law must be known by taxpayers. Uncertainty, frequent changes, and interpretation differences in the tax field and reporting reveal tax risks. Today, companies, especially large ones, accept tax risk as a part of the risk management process. Focusing on tax risk management, this chapter presents the discussions on various definitions of tax risk and on the tax risk categories, factors that affect tax risk. The applicability of tax risk management is evaluated from the following perspectives in the chapter: empirical analyses conducted in different countries, tax control framework, and tax risk management practice in various countries. As a result, tax risks are manageable with the support of cooperative compliance models of revenue administrations in countries, the necessity of corporate governance principles, the situation of legal regulations, and the increasing risk management experience of especially large companies.

scholarly journals Development and Reliability Review of an Assessment Tool to Measure Competency in the Seven Elements of the Risk Management Process: Part One—The RISKometric

Safety ◽  
2020 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Garry Marling ◽  
Tim Horberry ◽  
Jill Harris
Keyword(s):  
Risk Management ◽  
Assessment Tool ◽  
Management Practice ◽  
Health And Safety ◽  
Future Research ◽  
Management Process ◽  
Risk Management Process ◽  
Work Health ◽  
Risk Scenario ◽  
The Individual

Ineffective and inefficient workforce involvement can negatively impact risk management practice for work health and safety (WHS) issues. Often the risk management process is undertaken by a single person, or by teams without a facilitator and without regard to the participants’ levels of competency in the risk management process. This study aimed to develop a tool to assess the competence of individuals in different elements of the risk management process and then review its reliability. This tool, termed the RISKometric, incorporated a 360° performance review method whereby peers upline and downline colleagues and the individual themselves gave competence ratings. The RISKometric was tested using 26 participants. Results showed that a significant positive relationship existed between the feedback given by peers and downline colleagues. Initial results gained from using the tool suggest it is able to discriminate the competence of participants, in each of the elements of risk management, through the opinions of self and others. In future research, we test assumptions through a further two studies. Firstly, that individuals’ RISKometric results are comparable with their performance in a risk scenario exercise; so, providing validity for the tool. Secondly, that a collectively-optimised team (formed using the Riskometric) can perform a risk assessment exercise better than marginally- or sub-optimised teams.

scholarly journals RISK MANAGEMENT IN INSURRENCE COMPANIES

2019 ◽  
Vol 31 (5) ◽  
pp. 1403-1408
Author(s):  
Zoran Vuković ◽  
Edita Dautović ◽  
Selma Hurić
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Global Economy ◽  
Acceptable Level ◽  
Insurance Companies ◽  
Management Process ◽  
Aggregate Risk ◽  
Risk Management Process ◽  
Flu Virus ◽  
Insurance Business

Risk is in the essence of insurance business. However, insurance companies are faced not only with risks they accept from their policyholders as institutionalized risk pools, but also with many other risks that are familiar by other finacial institutions too. Besides that, insurance companies are faced not only with numerous new and emerging risks, such as burd flu virus, risks associated with new ifnromation and telecommunication technologies, rissk associated with corporate governance crisis, and so on, but also with changed appearance of “old’ risks such as hurricanes and terrorism. They must manage all risks in holisticaly in order to reduce aggregate risk they are faced with to the most acceptable level. Comprehensive risk management process, in ever increased complexity of the global economy, is the challenge for modern insurance companies. If they are able to cope with it effectively, able to manage all risks in an adequate manner, they can achieve greater risk resilience and with it, greater readiness to shakes of unexpected risk realisations.

Customisable framework for project risk management

2017 ◽  
Vol 17 (1) ◽  
pp. 68-89 ◽  
Author(s):  
Jennifer Firmenich
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
New Institutional Economics ◽  
Future Research ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Content Type ◽  
Risk Management Process ◽  
Management Concepts

Purpose The purpose of this paper is to emphasise on the need for efficient and effective project risk management practices and to support project managers in increasing the cost certainty of projects by proposing a new framework for project risk management. Design/methodology/approach The author adopts a “constructivist” methodology, drawing on practices common in construction management sciences and new institutional economics. Findings The author presents a holistic and customisable project risk management framework that is grounded in both practice and academia. The framework is holistic because, amongst others, all steps of the typical risk management process are addressed. The framework is customisable, because it allows for alternative ways of implementing the project risk management steps depending on the project-specific circumstances. Research limitations/implications The framework does not address the potential unwillingness of the project players to set up a project risk management process, at all. The proposed framework has not yet been tested empirically. Future research will seek to validate the framework. Originality/value The framework is designed to account for the difficult circumstances of a complex construction project. It is intended to support decision makers in customising a practical yet comprehensive project risk management concept to the characteristics of the unique project. Although many other project risk management concepts are designed based on the assumption that actors are perfectly rational and informed, this framework’s design is based on the opposite assumption. The framework is dynamic and should adapt over time.

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