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The Evolution of the Role of Risk Communication in Effective Risk Management

Author

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  • Norma L. Nielson
  • Anne E. Kleffner
  • Ryan B. Lee

Abstract

Risk management has evolved significantly over the past decades causing dramatic changes in the communication channels required to effectively handle the ever‐changing risks a firm faces. The first generation of risk management dealt primarily with risks inside a company creating a need for internal risk communication. The second generation, which arose with the growth in third‐party liability claims, involved many more stakeholders external to the company and forced the risk management function to deal with communications to these external parties. The third generation, which began as an expansion of the external risks that firms are exposed to, involves the board and senior management in the risk communication function.

Suggested Citation

  • 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.
    • Handle: RePEc:bla:rmgtin:v:8:y:2005:i:2:p:279-289
    DOI: j.1540-6296.2005.00060.x
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    References listed on IDEAS

    as
    1. 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.
    2. Peter L Bernstein, 2000. "Risk Management, Financial Markets and Insurance: The Hidden Linkages," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 25(4), pages 629-636, October.
    3. 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.
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    Cited by:

    1. Brychko, Maryna & Semenog, Andrii, 2018. "Efficiency as a new ideology of trust-building corporate governance," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(4), pages 913-925, September.

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