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Government reforms have seen shifts from rules-based to principles-based risk regulatory governance. This paper examines the effects of principles-based risk regulatory reforms on public sector risk management (RM) and management control practices in public sector organizations (PSOs).

The principles-based regulation focuses on providing autonomy to PSOs while maintaining control over their actions without direct intervention. This resonates with Foucault's notion of how modern forms of governments operate. The research is informed by Foucault's concept of governmentality. The authors conducted a qualitative field study of an Australian PSO, gathering and analysing data from interviews, focus groups, and archival documents.

The findings show the capillary modes by which principles-based risk regulatory regime penetrates and works with management control practices in pursuit of regulatory goals within the PSO the authors studied. In addition, the authors find that the principles-based approach (focusing on autonomy) and rules-based approach (focusing on control) are not opposites in kind and effect but rather, autonomy should be understood as a central pillar of control. Furthermore, the findings show how cultural controls and formal controls are not in conflict but are interconnected in RM practices, with cultural controls providing control architecture for RM and formal control translating the control architecture into routines. Finally, the study provides insights into how enterprise risk management (ERM) provides capabilities for and routinizes RM practices in a PSO and the management control systems (MCS) that enabled this to occur.

The paper provides novel insights into how MCS are infiltrated, mobilized and deployed to enact principles-based risk regulatory reforms. These insights are useful for regulators, practitioners and researchers.

The main purpose of this study is twofold: first, to analyze how risk is considered and managed by entrepreneurial SMEs, where the original founder is still the entrepreneur running the business, and second to understand if risk management is integrated with decision making.

This research is based on a multiple case study. Three entrepreneurial SMEs based in the North-West of Italy were selected to obtain a heterogeneous sample. They operate in the manufacturing sector and they have different size and corporate ownership.

The risk management process cannot be always formalized but an unconscious risk analysis is always carried out. Risk is intertwined with decision and entrepreneurial orientation. Nowadays, rethinking risk management means enhancing and improving the decision-making process and integrating the phases of the two processes by introducing an alternative new model (RM-DM) that stands for “risk management-decision making”.

Conclusions can be generalized at a theoretical level even though this multiple case study represents a contingent analysis.

This research enhances the understanding of the potential benefits for entrepreneurial SME owners of a risk mind-set while making decisions. RM-DM model is an alternative tool to manage risks properly in SMEs, especially when a formalized process is not implemented, as it improves the way decisions are made and introduces a more reasoned approach to manage risks.

This empirical study introduces a unique model (RM-DM) that helps to rethink risk management in entrepreneurial SMEs, by integrating it with the decision making and by proposing an alternative tool to manage risks with a more structured approach.

This chapter aims to present the key issues and main aspects of risk management (RM), as they relate to tourism entrepreneurship, with a focus on the RM plan and the various strategies used in controlling risks.

Literature review was conducted and managerial issues and aspects regarding RM in tourism entrepreneurship were highlighted. These issues were illustrated by one example and two case studies from the business world.

This chapter suggests that every probable risk must have a pre-formulated plan to deal with its possible consequences. In the field of tourism entrepreneurship, the elimination of risk by putting safety measures in place is not simply achieved by taking precautions in a haphazard manner. Rather, these tasks require a proactive approach, an intricate and logical plan.

This chapter is explorative in nature, based on a literature review and case study analysis. It takes more entrepreneurial/practical than academic approach.

This chapter provides RM process as a generic framework for entrepreneurs/managers in the identification, analysis, assessment, treatment and monitoring of risk related to their business ventures. It also suggests the appropriate steps to follow to efficiently managing risks. Every tourism enterprise should have a strategy and an emergency/contingency plan to address risks.

This chapter outlines, in a comprehensive and practical way, a strategic approach to risk management for the tourism enterprises. It also highlights the importance and utility of planning and implementing of a suitable strategy to effectively address business-related risks.

This study aims to explore the formation of municipal risk management (RM) and the reasons for the differences of RM practices between the seven biggest cities in Finland.

The empirical data of this comparative qualitative case study comprises 33 interviews conducted with municipal managers. Supplementary material includes documentary material on municipal rules governing RM as well as annual reports and risk tools used in the municipalities.

This study found differences in cities with respect to when, how and why RM practices had evolved. The results indicate that differences in RM practices and development paths between cities are largely explained by the differences in the original reason to initiate RM, time span since its introduction, professional and educational backgrounds of risk managers, local risk events and accounting infrastructure such as RM tools developed in a city. These findings also suggest that even within the same municipality, different functions can be at different phases regarding RM.

This study reports on RM as a new form of accounting in the field of Finnish municipalities. This highlights how fairly uniform considerations at the field level lead to variation in the elaboration of RM practices at the municipal level. The study finds that different paths in the development of local RM involve iterative evolution between the phases of emergence, largely explained by contextual differences. This study contributes to understanding the emergence of new accounting forms in a municipal RM context.

The growing uncertainty in the world because of economic factors, political issues, natural disasters, global COVID-19 outbreak and technological advancements, make effective risk management (RM) an essential successful strategy for various industries, especially higher education (HE) industry to overcome uncertainties for success. The purpose of this systematic literature review (SLR) is to present a current overview of RM in HE from 2005 to 2021, with a focus on common risk management practised in HE industry, antecedents towards RM implementation and outcomes of RM.

The publication standard for this SLR was RepOrting Standards for Systematics Evidence Syntheses. Scopus, one of the most prominent scientific databases, was used to select articles. Only articles from the years 2005 to 2021 were studied. This study focussed on RM in the HE industry.

This review identified three main themes: common risk management practised in HE industry, antecedents towards RM implementation and outcomes of RM. An additional ten sub-themes were derived from the three main themes.

This paper systematically reviewed developments of RM research in HE from year 2005 to 2021, leads to a clearer understanding of RM issues in HE institutions. The findings allow interested parties to better understand RM and enables top management to create their own personalised list of drivers and implementation policies to respond to risks and uncertainties.

This paper aims to provide an update to the risk management literature, as it compiles a survey of 65 recent theoretical and empirical studies on the topic.

This is a survey paper that summarizes recent theoretical and empirical research regarding the relationship between risk management and firm value.

Recent empirical evidence provides support for theoretical propositions in the literature that risk management increases firm value and returns, while reducing return and cash flow volatility. The results are largely consistent with early findings, and there have been significant empirical advances that address concerns regarding the endogeneity of risk management practices relative to corporate financial decisions. The literature has become broader and deeper, as there are now studies with larger sample sizes across more industries and geographic areas.

Firms that use sound risk management practices obtain higher valuations, achieve better financial performance and experience diminished costs of financial distress. Recent research has emerged regarding enterprise risk management and its potential for value creation and risk reduction.

The paper provides a new compilation and synthesis of recent theoretical and empirical research in risk management that addresses many of the limitations of prior research.

The purpose of this paper is twofold: first to add to the debate on good governance and ethics of enterprise risk management (ERM) and second to describe an ethical maturity scale based on duty and responsibility for practical implementation to ensure better governance.

The methodology has centred on risk governance as a way for many organisations to improve their risk management (RM) practices from an ethical perspective based on responsibility and on fulfilling one's duty within the organisation.

While companies in Australia, for example, are more mature than those in Russia in terms of governance systems life cycle, there are a number of common international challenges in risk governance implementation. These relate to a link between risk framework, enterprise value model and strategic planning; to a definition of risk appetite, the embodiment of RM in organisational culture, internal audit and ERM function, the evolving role of a chief risk officer (CRO) and senior management buy‐in and sponsorship of the integrated ethical RM from a chief executive officer.

ERM – a way for many organisations to improve their RM practices – is a key component of the applied ethics of corporate governance. It has developed into a philosophy to assist organisations with the process of protecting shareholders' value while also increasing the bottom‐line profitability. Effective ERM is based on ethical risk governance. Internal audit needs to be involved in the process of integrating RM and compliance. It should maintain a degree of independence when assisting with ERM establishment. CRO is most effective when reporting to the board.

Global companies are becoming more accountable to multiple stakeholders. It is the adoption of an ethical code to arrest the lack of clarity of roles ascribed to the audit committee and risk committee and management's accountability or lack thereof that remains the challenge across different jurisdictions. In attempting to implement good governance and meet the challenges, the paper introduces an ethical maturity scale as an internal measure that could be embedded in an organisation's strategy.

Standard frameworks for project risk management (RM) are currently mostly focussed on single-firm organizations, whereas in practice, construction project RM involves multiple organizations. The purpose of this paper is to identify and systematically maps practical processes that bridge the gap between single-organizational RM standards and multi-organizational RM (MORM) needs.

This case study covers three large construction management (CM) projects in Finland. The 35 interviews with project owners, project management consultants, design groups, and contractors identify the participants’ positions on RM roles, integration within organizations, and further development requests.

Most (16 of 21) of the identified RM practices are multi-organizational; i.e. they involve two or more organizations. Compared to single-organizational standards, MORM practices involve less emphasis on detailed risk analysis processes but highlight both participant selection and managing collaborative performance.

The research results are attached to Finnish CM projects but may be applicable to other types of collaboration-based construction projects, such as alliances and public-private partnerships. The efficiency of the MORM model requires further evaluation in future research.

A model for MORM is a systematic presentation of the research results. The model provides guidance for efficiently setting up MORM processes and for refining multi-organizational research.

The multi-organizational interfaces of RM processes are mainly overlooked in the current literature, standards, and frameworks. This research provides a rare explication of parallel MORM processes.

This paper investigates the role of boundary objects and boundary work in the integration of risk management (RM) and performance management (PM) systems. In particular, the paper combines theoretical insights with an empirical focus to examine how shared contexts are created through the boundary work performed by key actors across knowledge boundaries.

The paper develops an exploratory qualitative case study from a local government context. The methodology is based on document analysis and semi-structured interviews.

Boundary objects can act as knowledge integration mechanisms, allowing key actors to understand the meanings and uses of RM and PM practices. The paper shows how collaborative versus competitive boundary work exerted by key actors can explain the creation of shared contexts leading to integration between RM and PM.

The results contribute to the debate about the integration of RM with other managerial systems. Differently from previous research, the integration theme is addressed in the present work by looking specifically to the integration between RM and PM. In doing so, the role of both boundary objects and the boundary work performed by relevant actors to demarcate their legitimacy and autonomy over preferred practices is portrayed.