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Development paths of risk management: approaches, methods and fields of application

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  • Chiara Verbano
  • Karen Venturini

Abstract

In the most recent stage of development of modern society, the growing complexity and dynamism of the contexts firms operate in has led to a relentless increase in the level of risk in all areas of firms' management and activities. For this reason, the discipline and practice of risk management (RM) has taken hold more and more in very different sectors and contexts: from nuclear to supply chain to healthcare. The evolutionary path of RM has followed distinct paths of development that have adopted specific perspectives and, backed by different cultural matrices, led to unique approaches and methods. The aim of this paper is to provide a contribution to the identification and characterization of new paths of development based on a thorough analysis of the academic and managerial literature. This taxonomy can serve as an integrated reference to the RM discipline allowing those who deal with RM to identify and characterize the most suitable paths of development for a given context, within a comprehensive framework. This study can also promote a sort of 'cross fertilization' between experts in specific areas of RM as has been the case of clinical RM which draws from the experience gained in the field of complex engineering systems.

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  • Chiara Verbano & Karen Venturini, 2011. "Development paths of risk management: approaches, methods and fields of application," Journal of Risk Research, Taylor & Francis Journals, vol. 14(5), pages 519-550, May.
    • Handle: RePEc:taf:jriskr:v:14:y:2011:i:5:p:519-550
    DOI: 10.1080/13669877.2010.541562
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    References listed on IDEAS

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    1. Hood, Christopher & Rothstein, Henry & Baldwin, Robert, 2004. "The Government of Risk: Understanding Risk Regulation Regimes," OUP Catalogue, Oxford University Press, number 9780199270019.
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    2. Sidney Apaloo & Dzah Bright, 2022. "The Effect of Risk Management Practices on Performance of Small and Medium Scale Enterprises," Enterprise Risk Management, Macrothink Institute, vol. 7(1), pages 1-1, December.
    3. Elizabeth M. Pierce & James Goldstein, 2018. "ERM and strategic planning: a change in paradigm," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(1), pages 51-59, February.
    4. Amulya Gurtu & Jestin Johny, 2021. "Supply Chain Risk Management: Literature Review," Risks, MDPI, vol. 9(1), pages 1-16, January.
    5. Lam, C.Y. & Cruz, A.M., 2019. "Risk analysis for consumer-level utility gas and liquefied petroleum gas incidents using probabilistic network modeling: A case study of gas incidents in Japan," Reliability Engineering and System Safety, Elsevier, vol. 185(C), pages 198-212.
    6. Ferreira de Araújo Lima, Priscila & Crema, Maria & Verbano, Chiara, 2020. "Risk management in SMEs: A systematic literature review and future directions," European Management Journal, Elsevier, vol. 38(1), pages 78-94.
    7. Hatem Elleuch & Wafik Hachicha & Habib Chabchoub, 2014. "A combined approach for supply chain risk management: description and application to a real hospital pharmaceutical case study," Journal of Risk Research, Taylor & Francis Journals, vol. 17(5), pages 641-663, May.
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