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The Standardization of Risk Management Practices at the International Level

Author

Listed:
  • Belascu Lucian

    (Lucian Blaga University of Sibiu, Romania)

  • Horobet Alexandra

    (Bucharest University of Economic Studies, Romania)

Abstract

The last decades have seen an increase in concerns regarding risk management (RM), leading to a number of internationally recognized and applied standards. The aim of this paper is to provide a critical overview of the most widely used risk management standards and frameworks promoted at the international level, focusing on their different approaches and potential implications. Although the RM principles enforced by various standards are supporting better RM strategies, we argue that RM in an organization should be developed beyond a rules-based approach and by taking into account the organization’s specificities and objectives, making RM a key component of an organization’s culture.

Suggested Citation

  • Belascu Lucian & Horobet Alexandra, 2015. "The Standardization of Risk Management Practices at the International Level," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 6-11, May.
    • Handle: RePEc:ovi:oviste:v:xv:y:2015:i:1:p:6-11
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    More about this item

    Keywords

    risk management; standards; ISO; business strategy;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

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