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Integrated Risk Management and the Role of the Risk Manager

Author

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  • L. Lee Colquitt
  • Robert E. Hoyt
  • Ryan B. Lee

Abstract

ABSTRACT: Although the transferring of a firm's pure risk historically has been conducted through the insurance and reinsurance markets, risk managers of large corporations are reportedly becoming more sophisticated with regard to their risk financing strategies. This increased sophistication has come in the form of greater use of techniques such as captives, finite risk insurance, financial reinsurance, and risk retention groups. The purpose of this study is to assess the characteristics and extent of integrated risk management. Using survey data, we evaluate several aspects of risk management integration, including (1) the extent to which risk managers are involved in managing both pure and financial risks facing their firms, (2) the nonoperational types of risks handled by risk managers and the techniques being used to handle a broader set of risks, and (3) the effect that factors such as the size of the firm, the firm's industry, and the background and training of the risk manager has on participation in integrated risk management activities.

Suggested Citation

  • L. Lee Colquitt & Robert E. Hoyt & Ryan B. Lee, 1999. "Integrated Risk Management and the Role of the Risk Manager," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 2(3), pages 43-61, September.
    • Handle: RePEc:bla:rmgtin:v:2:y:1999:i:3:p:43-61
    DOI: j.1540-6296.1999.tb00003.x
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    File URL: https://doi.org/10.1111/j.1540-6296.1999.tb00003.x
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    References listed on IDEAS

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    1. L. Lee Colquitt & Robert E. Hoyt, 1996. "An Analysis of Futures and Options Use by Life Insurers," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 19(2), pages 149-162.
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    Cited by:

    1. Simon Gollisch & Barbara Hedderich & Ludwig Theuvsen, 2016. "Reference points and risky decision-making in agricultural trade firms: A case study in Germany," Department of Agricultural and Rural Development (DARE) Discussion Papers 260773, Georg-August-Universitaet Goettingen, Department of Agricultural Economics and Rural Development (DARE).
    2. J. Tim Query, 2000. "The Role Of The Risk Manager In A University Setting," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 3(2), pages 219-236, September.
    3. Chien-Ming Huang & Wei Yang & Ren-Qing Zeng, 2020. "Analysis on the Efficiency of Risk Management in the Chinese Listed Companies," Mathematics, MDPI, vol. 8(10), pages 1-13, October.
    4. Therese R. Viscelli & Mark S. Beasley & Dana R. Hermanson, 2016. "Research Insights About Risk Governance," SAGE Open, , vol. 6(4), pages 21582440166, November.
    5. André P. Liebenberg & Robert E. Hoyt, 2003. "The Determinants of Enterprise Risk Management: Evidence From the Appointment of Chief Risk Officers," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 6(1), pages 37-52, February.
    6. Lingyun Xiong & Lijuan Xiao & Min Bai & Yafeng Qin & Lijuan Yang, 2023. "The religion effect on corporate cash holding in China: Buddhism and Taoism," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4420-4457, October.
    7. Hung Ngoc Dang & Van Thi Thuy Vu & Xuan Thanh Ngo & Ha Thi Viet Hoang, 2021. "Impact of dividend policy on corporate value: Experiment in Vietnam," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5815-5825, October.
    8. Sara Faedfar & Mustafa Özyeşil & Mustafa Çıkrıkçı & Esin Benhür Aktürk, 2022. "Effective Risk Management and Sustainable Corporate Performance Integrating Innovation and Intellectual Capital: An Application on Istanbul Exchange Market," Sustainability, MDPI, vol. 14(18), pages 1-13, September.
    9. René-Pascal van den Boom, 2020. "Financial Risk Management in SMEs: A New Conceptual Framework," International Business Research, Canadian Center of Science and Education, vol. 13(10), pages 1-85, October.
    10. Evan M. Eastman & Jianren Xu, 2021. "Market reactions to enterprise risk management adoption, incorporation by rating agencies, and ORSA Act passage," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 24(2), pages 151-180, June.
    11. Ravi Kashyap, 2024. "The Concentration Risk Indicator: Raising the Bar for Financial Stability and Portfolio Performance Measurement," Papers 2408.07271, arXiv.org.
    12. Monda, Barbara & Giorgino, Marco & Modolin, Ileana, 2013. "Rationales for Corporate Risk Management - A Critical Literature Review," MPRA Paper 45420, University Library of Munich, Germany.
    13. Abdullah Mohammed Alzharani & Abdullah Mohammed Alzharani, 2015. "An Empirical Investigation Of Audit Committee Effectiveness And Risk Management: Evidence From Saudi Arabia," Accounting & Taxation, The Institute for Business and Finance Research, vol. 7(1), pages 39-49.
    14. Ishaya John Dabari & Siti Zabedah Saidin, 2015. "Determinants Influencing the Implementation of Enterprise Risk Management in the Nigerian Banking Sector," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 5(12), pages 740-754, December.
    15. Muhammed Altuntas & Thomas R. Berry-Stölzle & J. David Cummins, 2021. "Enterprise risk management and economies of scale and scope: evidence from the German insurance industry," Annals of Operations Research, Springer, vol. 299(1), pages 811-845, April.
    16. Puan Yatim, 2010. "Board structures and the establishment of a risk management committee by Malaysian listed firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 14(1), pages 17-36, February.
    17. Anne E. Kleffner & Ryan B. Lee & Bill McGannon, 2003. "The Effect of Corporate Governance on the Use of Enterprise Risk Management: Evidence From Canada," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 6(1), pages 53-73, February.
    18. Norma L. Nielson & Anne E. Kleffner & Ryan B. Lee, 2005. "The Evolution of the Role of Risk Communication in Effective Risk Management," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 8(2), pages 279-289, September.
    19. Rami Shaheen & Mehmet Ağa & Husam Rjoub & Ahmad Abualrub, 2020. "Investigation of the Pillars of Sustainability Risk Management as an Extension of Enterprise Risk Management on Palestinian Insurance Firms’ Profitability," Sustainability, MDPI, vol. 12(11), pages 1-20, June.
    20. Eckles, David L. & Hoyt, Robert E. & Miller, Steve M., 2014. "Reprint of: The impact of enterprise risk management on the marginal cost of reducing risk: Evidence from the insurance industry," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 409-423.
    21. Nadine Gatzert & Michael Martin, 2015. "Determinants and Value of Enterprise Risk Management: Empirical Evidence From the Literature," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 18(1), pages 29-53, March.
    22. Eckles, David L. & Hoyt, Robert E. & Miller, Steve M., 2014. "The impact of enterprise risk management on the marginal cost of reducing risk: Evidence from the insurance industry," Journal of Banking & Finance, Elsevier, vol. 43(C), pages 247-261.
    23. Gollisch, Simon & Hedderich, Barbara & Theuvsen, Ludwig, 2016. "Reference points and risky decision-making in agricultural trade firms: A case study in Germany," DARE Discussion Papers 1609, Georg-August University of Göttingen, Department of Agricultural Economics and Rural Development (DARE).
    24. Mónica Hernández-Madrigal & Cristina Aibar-Guzmán & Beatriz Aibar-Guzmán & Élfego Ramírez-Flores, 2020. "Are external pressures always behind ERM implementation? Evidence from Spanish listed firms," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 17(2), pages 86-100, September.
    25. Lewis, Yimai & Bozos, Konstantinos, 2019. "Mitigating post-acquisition risk: the interplay of cross-border uncertainties," Journal of World Business, Elsevier, vol. 54(5), pages 1-1.

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