Search results

1 – 10 of over 8000
Book part
Publication date: 4 May 2021

Anita Meidell and Kjell Ove Røsok

Since the mid-1990s, enterprise risk management (ERM) has proliferated in both the private and public sector as a holistic, enterprise-wide approach to risk management. In this…

Abstract

Since the mid-1990s, enterprise risk management (ERM) has proliferated in both the private and public sector as a holistic, enterprise-wide approach to risk management. In this chapter, we begin by exploring the economic, regulatory and professional context of ERM practices in Norway. To gain an understanding of the current state of ERM practices among Norwegian entities, we have conducted a survey among members of the Institute of Internal Auditors (IIA) Norway. Based on the survey data, we go on to analyse the perceived maturity of risk management practices of the surveyed organizations, as well as their integration of risk management with governance mechanisms and accounting practices. Four main findings emerged from the survey. We firstly observed that a majority of the respondents perceived that they had implemented ERM. Secondly, the average maturity of risk management practice is at a medium level, with ambitions to improve it further in the future. We further observed that a majority of the organizations have established risk management governance structures regarding the roles of risk management. However, there is still work to be done in relation to risk management functions in order for them to gain more attention and influence in the organizations. Finally, we find that risk management is more integrated with reporting processes than with strategic and performance planning processes, suggesting a more reactive than proactive approach to managing risks.

Details

Enterprise Risk Management in Europe
Type: Book
ISBN: 978-1-83867-245-4

Keywords

Book part
Publication date: 4 May 2021

Cláudia Pinto, Graça Azevedo and Jonas Oliveira

The present chapter tries to assess the state of art of enterprise risk management (ERM) among Portuguese non-financial companies regarding two main aspects: the ERM background in…

Abstract

The present chapter tries to assess the state of art of enterprise risk management (ERM) among Portuguese non-financial companies regarding two main aspects: the ERM background in Portugal and the level of disclosure of ERM practices by non-financial listed companies. Since the analysis of disclosures is useful to understand the level of evolution and adoption of ERM framework we tried to assess the ERM practices disclosed by 26 Portuguese non-financial listed companies at the Euronext Lisbon Stock Exchange regulated market, during the period of 2006–2016. Main findings indicate that regulation on ERM in Portugal emanates from three main Codes (The Portuguese Companies Code, The Stock Exchange Code, and The Corporate Governance Code). The ERM professionalization in Portugal is its infancy and has been promoted mainly by the Institute of Portuguese Internal Auditors. Moreover, research on topics such as risk reporting and risk management/ERM is very scarce. Overall, findings of prior literature are consistent with results from our exploratory study. We conclude that Portuguese non-financial listed companies still disclose very little information on ERM activities. However, over the period of analysis, the disclosure practices evolved positively. Findings show that ERM disclosure can still be extensively improved in the future.

Details

Enterprise Risk Management in Europe
Type: Book
ISBN: 978-1-83867-245-4

Keywords

Book part
Publication date: 4 April 2022

Peter C. Young

This book is about risk management in the public sector, in general, and particularly risk management in public sector organisations. Risk management in the public sector is a…

Abstract

This book is about risk management in the public sector, in general, and particularly risk management in public sector organisations. Risk management in the public sector is a much broader topic than risk management in public sector organisations because it touches on many issues of a public nature that are not the direct or sole responsibility of any specific public organisation. Sometimes a public organisation must deal directly with such risks, but often laws and regulations can adequately address broader public risk issues, governments can participate indirectly and behind the scenes, or participation can be in collaboration with private and non-profit organisations. In some cases, government organisations play no role at all.

This chapter focusses on an important contextual issue; the environment in which risk management is practised in the public sector and in which public risks arise. In much of this book, the unique or unusual attributes of the public sector are shown to profoundly affect risk and the forms and functions of risk management. This chapter introduces some of these attributes and highlights their likely impact on risk management. The public environment is one with movable boundaries, and it essentially encompasses any action or object that a society considers public. Over time, attitudes can change about publicness, but a key point is that while government entities occupy part of the public environment, they are not its only inhabitants.

Details

Public Sector Leadership in Assessing and Addressing Risk
Type: Book
ISBN: 978-1-80117-947-8

Keywords

Book part
Publication date: 4 May 2021

Raffaela Casciello, Manuel Giralt Herrero, Catherina Di Paolantonio Martorell and Diego Alcoceba Álvarez

The aim of this study is to investigate whether and how Spanish listed companies adopt formalized and integrated models of risk management during the period 2016–2018 and disclose…

Abstract

The aim of this study is to investigate whether and how Spanish listed companies adopt formalized and integrated models of risk management during the period 2016–2018 and disclose them inside annual reports. Such investigation rebuilds the international regulatory and self-regulatory framework about risk management and examines the pressures and constraints influencing the adoption and implementation of ERM model in Spain. Indeed, the instability and uncertainty of the global macroeconomic context and the new threats to the corporate profitability and survival are now contributing to the development of a new dimension of risk management system more updated, dynamic and integrated. The results of the content analysis on ERM disclosure in annual reports show that Spanish listed companies are not equipped with structured and integrated risk management systems and their risk management approach is not aligned with any ERM framework. Notwithstanding, the Spanish companies are taking remarkable steps to strengthen the risk management systems towards a higher level of integration and systematization.

Abstract

Details

Integrating Performance Management and Enterprise Risk Management Systems
Type: Book
ISBN: 978-1-80117-151-9

Book part
Publication date: 2 March 2020

Maurice Roussety, Lorelle Frazer, Scott Weaven and Park Thaichon

Franchising manifests a bundle of risks created by the delegation of functions as both franchisor and franchisee exploit their respective comparative advantage. The galvanization…

Abstract

Franchising manifests a bundle of risks created by the delegation of functions as both franchisor and franchisee exploit their respective comparative advantage. The galvanization of this advantage is governed by the franchise agreement and optimized by the effectiveness of the governance structure. This chapter considers the concept of risk and discusses its implications in valuing franchisee-operated businesses. It examines how risks arise, where they congregate and synthesizes the specific franchising issues relating to risk-adjusted cashflows, risk analysis, risk mitigation, and risk pricing. The authors propose that risks in franchising are multi-layered and hierarchical. Consequently, this relationship is represented in a Franchise Risk Ecology (FRE) comprising risks inherent in the market, the franchisor, the system, the industry, and within the franchisee-operated business.

Book part
Publication date: 4 April 2022

Peter C. Young

Understanding the context of any subject is crucial and this is certainly true of risk management in the public sector. Undoubtedly, what we face today is the highly…

Abstract

Understanding the context of any subject is crucial and this is certainly true of risk management in the public sector. Undoubtedly, what we face today is the highly path-dependent result of what has happened in the past. And, what happens today in a local government, for example, is very much influenced by the wider current situation that surrounds it. Further, it must be said that even the future can be part of the present context (climate change would be a stark example of this).

Described in this way, it seems a daunting challenge to understand past, present, and future – and, indeed, it verges on the impossible. The remaining chapters of this book revisit the context through the lens of the various components of risk management (assessment, analysis, forecasting, and more) and by looking at the present and future through the concepts and principles used by risk managers. Here, in Chapter Three, the issue of context is first considered by examining the relationship between past and present with specific reference to risk management as a management practice. Thus, the chapter does not specifically address how uncertainty is assessed, or how insurance is used, or even how a risk management programme operates – these are topics for later chapters. Rather, the history of risk management is presented as a narrative that seeks to explain how risk management has evolved into what it is today.

Finally, the chapter leads into the present by providing an overview of the current public environment in Europe. This allows the book to develop both a history of how risk management became what it is today, and to understand the key risks and uncertainties that define the current context. Chapter Four presents the administrative nature of today’s practices and offers some speculation about alternative ways of thinking about risk management practices now and in the future.

Abstract

Details

Ethical AI Surveillance in the Workplace
Type: Book
ISBN: 978-1-83753-772-3

Abstract

Details

Transforming Information Security
Type: Book
ISBN: 978-1-83909-928-1

Abstract

Details

SDG17: Partnerships for the Goals: Strengthening Implementation Through Global Cooperation
Type: Book
ISBN: 978-1-78769-315-9

1 – 10 of over 8000