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Conceptualizing risk and social innovation: An integrated framework for risk governance

Author

Listed:
  • Stephen P. Osborne

    (International Public Management, University of Edinburgh Business School, Scotland)

  • Sarah-Sophie Flemig

    (University of Edinburgh Business School, Scotland)

Abstract

Public policy seeks innovation as a solution to society’s big problems, yet it almost always fails to address one key component of innovation: risk. Furthermore, risk management in public policy predominately focuses on the minimization or even avoidance of risk, no matter its nature. This article focuses on the nexus between risk and social innovation specifically in public policy. It acknowledges the special context of decision-making in public policy and proposes two differentiations that are necessary for a holistic model of risk management in public policy innovation: Firstly, the differentiation between cases of risk and uncertainty; and, secondly, between hard and soft risk management approaches. Concluding, the paper presents a framework that can inform public policy makers and practitioners alike regarding risk management and its effect on social innovation.

Suggested Citation

  • Stephen P. Osborne & Sarah-Sophie Flemig, 2015. "Conceptualizing risk and social innovation: An integrated framework for risk governance," Society and Economy, Akadémiai Kiadó, Hungary, vol. 37(2), pages 165-182, June.
    • Handle: RePEc:aka:soceco:v:37:y:2015:i:2:p:165-182
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    More about this item

    Keywords

    risk management; public policy; innovation;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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