Standardization And Risk Governance

This multi-disciplinary book conceptualizes, maps, and analyses ongoing standardization processes of risk issues across various sectors, processes, and practices. Standards are not only technical specifications and guidelines to support efficient risk governance, but also contain social, political, economic, and organizational aspects. This book presents a variety of standardization processes and applications of standards that may influence our judgements of risk, the organizing of risk governance, and, accordingly, our behaviour. Standardization and standards can impact risk governance in different ways. The most important lessons drawn from the present volume can be summarized in three areas: (1) how standardization might impact on power relations and interests; (2) how standardization may change flexibility in decision-making, communication, and cooperation; and (3) how standardization could (re)direct attention and risk perception. The volume’s aim is to present an analysis of standardization processes and how it affects our thinking about risk, how we organize risk governance, and how standardization may influence risk management. In so doing, it contributes to a more informed discourse regarding the use of standards and standardization in contemporary risk management. Standardization and Risk Governance will be of great interest to students of risk, standardization, global governance, and critical security studies.

This is an update and expansion upon PMI's popular reference, The Practice Standard for Project Risk Management. Risk Management addresses the fact that certain events or conditions may occur with impacts on project, program, and portfolio objectives. This standard will: identify the core principles for risk management; describe the fundamentals of risk management and the environment within which it is carried out; define the risk management life cycle; and apply risk management principles to the portfolio, program, and project domains within the context of an enterprise risk management approach It is primarily written for portfolio, program, and project managers, but is a useful tool for leaders and business consumers of risk management, and other stakeholders.

Biases, blind spots and bonuses (or incentives more broadly) have led to numerous risk management disasters. Risk governance is a potential solution to these problems yet is not always as effective as we would like it to be. One reason for that is the current dearth of risk governance expertise. This book seeks to address this issue, providing: Understanding of the fundamental forces that cause disasters: the biases, blind spots and bonuses. This understanding is drawn from the disciplines of economics/finance and psychology; Explanation of the structures of risk governance and common challenges experienced in their use e.g. board risk committee, risk/compliance function, assurance function, risk appetite statement, risk disclosures; Thorough investigation of risk culture and its importance in risk governance, including the assessment of risk culture; Understanding of the mechanisms of executive compensation and how they link to risk management – one of the most difficult challenges confronting both risk and remuneration committees; Explanation of the risk management process (based on international standards ISO31000), including practical guidance on risk communication, analysis and treatment; Guidance on the management of strategic risk, emphasising the importance of scenario analysis; Application of these principles to cyber risk, climate risk – two pervasive risks affecting almost every organisation; Numerous case studies and examples drawn from various industries around the world; and Discussion of what has been learned about risk governance from the COVID-19 experience. The book is an essential guide for postgraduate students; participants in professional education programs in governance and risk management; directors; senior executives; risk, compliance and assurance professionals as well as conduct and prudential regulators worldwide.

The establishment of the International Risk Governance Council (IRGC) was the direct result of widespread concern that the complexity and interdependence of health, environmental, and technological risks facing the world was making the development and implementation of adequate risk governance strategies ever more difficult. This volume details the IRGC developed and proposed framework for risk governance and covers how it was peer reviewed as well as tested

· Brings together diverse country environments in a common analytical framework.

Risk is a popular topic in many sciences - in natural, medical, statistical, engineering, social, economic and legal disciplines. Yet, no single discipline can grasp the full meaning of risk. Investigating risk requires a multidisciplinary approach. The authors, coming from two very different disciplinary traditions, meet this challenge by building bridges between the engineering, the statistical and the social science perspectives. The book provides a comprehensive, accessible and concise guide to risk assessment, management and governance. A basic pillar for the book is the risk governance framework proposed by the International Risk Governance Council (IRGC). This framework offers a comprehensive means of integrating risk identification, assessment, management and communication. The authors develop and explain new insights and add substance to the various elements of the framework. The theoretical analysis is illustrated by several examples from different areas of applications.

This book provides evidence on the relevance of environmental and social factors in decision making. It discusses the Gold Standard Frameworks for integrating extra-financial risks into the philosophy, culture, strategies, products and value chain management procedures of investment and banking and highlights the current emergence of global administrative law. New emerging topics like positive impact investing and finance, climate friendly markets, human rights, the enhanced role of fiduciary duties and shared values are approached with a lot of examples for practical application. Steps towards a new banking culture, a new climate for double loop learning and sustainable financial innovation are outlined and the additional benefits of robust stakeholder engagement explained. The anthology paves the way from robust impact and risk management to positive impact creation and a new investment culture. As well, challenges for the implementation and ways to overcome them are broadly discussed. The book is rooted in the fact that institutions and investors which fail to professionally integrate the management of extra-financial risk into their whole lending and investment chain and fail to move to positive impact creation may well loose positions and mandates and finally the trust of their clients, partners and stakeholders. The contributing authors of this anthology are internationally renowned experts in the field of ESG and impact investing. The compendium brings together practitioners and academics to allow a confluence of thoughts, concepts and viewpoints. This huge variety of perspectives and approaches makes this volume a comprehensive compendium on responsible investment and banking.

The organizations, of any type and size, conducting their activities are faced to uncertainties, due, mainly, to the factors and influences that reside in the external as well as in the internal context. The uncertainties, therefore, are sources of risks, which have an effect on the achievement of the objectives and the impact could be significant to the business. The organizations to deal with this situation try in any case to manage the risks by implementing approaches more or less known, sometimes in effective manner and sometimes not and often they rely on the technological solutions. To address risks in systematic, effective and efficient manner, the International Organization for Standardization (ISO) has issued a set of standards for the risk. Among them, the main standard for the risk management is the ISO 31000. The ISO 31000 Risk Management - Principles and guidelines is applicable to all types of organizations and to any size and type of goods. The ISO 31000 as a guideline provides a framework for risk management giving quick instructions without examining in detail the concepts and without providing operational support for the effective implementation of methodology proposed. With a wide and significant lived experience in this field, the author proposes to managers, security managers and all those who want or are forced to make decisions in the presence of uncertainty, a practical method for risk management, also through practical case study. The author does not limit to generic interpretations, but develops approaches in detail through matrices and calculations of real risks and refers to case studies bringing examples in order to guide those involved in managing any form of risk in a systematic, transparent and credible and in any scope and context. The book provides an introduction to risk management, to risk governance and to the risk management process; provides an introduction on the concept of risk, risk factors, the level of risk and correlation between the elements involved in risk analysis. It illustrates also the importance of risk management in decision-making, the awareness to the risk management and the benefits that may obtained from risk management. The author has paid special attention to the process of developing risk management flow and detailing all activities: establishing the context and the scope, risk assessment (identification, analysis and risk assessment), treatment plan with countermeasures to implement in order to reduce the risks, calculation of the residual risks, acceptance of the residual risks proposed, implementation of the countermeasures and monitoring and review. The risk management process here developed is supported by a practical case study example useful to learn and to apply the methodology in all the contexts of the life of the organizations, but also in the activities of life.