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Conceptualising social risk and business risk associated with private sector development projects

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  • Geordan Graetz
  • Daniel M. Franks

Abstract

There are various definitions of social risk. For some, social risk pertains to social protection, and risk-taking is thought to enhance human welfare. For others, social risk is contrasted with empirical risk, where the perception of risk by lay members of society differs from that of experts in any given field. More recently, social risk has come to be associated with the potential future negative social impacts of corporate activities and private sector development on individuals and groups. This paper theorises the relationships between social risk and business risk in the context of private sector developments. Many business leaders continue to conflate social risk with their existing understandings of business risk, with social risk understood to be the risk to the business arising from the actions of community stakeholders. Conceiving of social risk in this way has implications for the discrete identification, prevention and mitigation of social and business risks and impacts, and has ramifications for corporate risk management strategies, as well as companies’ relationships with community stakeholders.

Suggested Citation

  • Geordan Graetz & Daniel M. Franks, 2016. "Conceptualising social risk and business risk associated with private sector development projects," Journal of Risk Research, Taylor & Francis Journals, vol. 19(5), pages 581-601, May.
    • Handle: RePEc:taf:jriskr:v:19:y:2016:i:5:p:581-601
    DOI: 10.1080/13669877.2014.1003323
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    References listed on IDEAS

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    1. Paul Mosley & Robert Holzmann & Steen Jorgensen, 1999. "Social protection as social risk management: conceptual underpinnings for the social protection sector strategy paper," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(7), pages 1005-1027.
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    Cited by:

    1. Diego Suárez & José M. Díaz-Puente & Maddalena Bettoni, 2021. "Risks Identification and Management Related to Rural Innovation Projects through Social Networks Analysis: A Case Study in Spain," Land, MDPI, vol. 10(6), pages 1-23, June.
    2. Guoqing Zhao & Shaofeng Liu & Carmen Lopez & Yi Wang & Haiyan Lu & Jinhua Zhang, 2024. "Identification, establishment of connection, and clustering of social risks involved in the agri-food supply chains: a cross-country comparative study," Annals of Operations Research, Springer, vol. 338(2), pages 1241-1282, July.
    3. Leena Suopajärvi & Karin Beland Lindahl & Toni Eerola & Gregory Poelzer, 2023. "Social aspects of business risk in the mineral industry—political, reputational, and local acceptability risks facing mineral exploration and mining," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 36(2), pages 321-331, June.
    4. Sharma, Amit & Messerli, Hannah & Lin, Michael S., 2023. "Land use regulations and small tourism enterprises," Annals of Tourism Research, Elsevier, vol. 100(C).

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