Risk Management: Insights from Different Settings

Preface
Reviewers
Acknowledgements
Contents
Contributors
Understanding Risk Debates Through Mary Douglas: Environment, Inequality, and COVID-19
	1 Introduction
	2 Douglas´s Theory
		2.1 The Foundations of Neo-Durkheimian Institutional Theory
		2.2 The Four Solidarities
		2.3 Risk and the Four Solidarities
		2.4 Cultural Dialogues
	3 Why Is It So Difficult to Manage Major Risks the World Faces?
		3.1 Introduction
		3.2 Risk and the Environment
		3.3 Risk and Inequality and Poverty
		3.4 Risk and COVID-19
	4 Conclusion
	References
Analysing Model Risks in Risk Aggregation of Non-financial Corporations
	1 Introduction
		1.1 Concept
	2 The Risk Aggregation Model
	3 Typology of Model Risk in Risk Aggregation
		3.1 Breaking Down the Risk Aggregation Process
		3.2 Model Input
		3.3 Model Design
		3.4 Model Implementation
		3.5 Model Application
	4 Dealing with Model Risk
	5 Conclusions
	References
The Interruptive Power of COVID-19 Under a Business Continuity Perspective
	1 Introduction
	2 Conceptual Setting: The Interruptive Power of COVID-19
		2.1 Business Interruption
		2.2 The COVID-19 Pandemic as an Interruptive Event: A Synopsis
	3 The COVID-19 Interruptions: A Revision of the Business Outlook
		3.1 Key Messages Behind the Results of the COVID-19 Business Impact Studies
		3.2 The Study of COVID-19 Business Interruptions in Poland: Text Mining Approach
	4 Concluding Remarks
	Appendices
		Appendix 1 Thesaurus and Parameters of Terms
		Appendix 2 Text Mining: Adopted Research Procedure
	References
Modelling the Risk and Reward Trade-off for SMEs: A Case Study
	1 Introduction: Risk and Decision-making
	2 The Risk and Reward Paradox
	3 Prior Literature
	4 The Principal-Agent Problem
	5 The Case
	6 Collecting and Synthesizing the Data
	7 Modelling the `Disconnect´ Between the Owners and Managers and Staff
	8 Results from the Ordered Logit Models
		8.1 Factor One: Staff Shortages
		8.2 Factor Two: Security Systems
		8.3 Factor Three: IT Security
		8.4 Factor Four: Stock Management System
		8.5 Factor Five: Supply Chain Management
	9 Conclusions
	Appendix
	References
The Relationship Between ERM and Performance Revisited: Empirical Evidence from SMEs
	1 Introduction
	2 Literature Review and Conceptual Model
		2.1 Characteristics of Owners and of SMEs with Respect to Risk-Taking Behaviour
		2.2 Organization of ERM and Performance Implications
	3 Research Methodology
	4 Data Analysis and Results
	5 Discussion and Conclusions
	References
Risk Management Implementation in SMEs Investigated Through a Lens of ERM Maturity Models
	1 Introduction
	2 Enterprise Risk Management
	3 Small- and Medium-Sized Enterprises
	4 Research Methodology
	5 Discussion of Results and Findings
		5.1 Enterprise Analysis
		5.2 Brustbauer-Linke Item Comparison
		5.3 Family Business Analysis
		5.4 Independent Board Analysis
		5.5 Industry Analysis
		5.6 Correlation Analysis
		5.7 Qualitative Comments by Respondents
	6 Limitations and Recommendations for Future Research
	7 Conclusions and Managerial Implications
	References
Drivers of ERM in SMEs: Which Corporate Governance Features Matter?
	1 Introduction
	2 Theoretical Background and Research Hypotheses
	3 Research Design
		3.1 Institutional Setting, Sample, and Data Collection
		3.2 Regression Model and Variables
	4 Results
		4.1 Descriptive Statistics
		4.2 Multivariate Analysis
	5 Additional Analysis
		5.1 ERM and the Overall Corporate Governance System
		5.2 Reverse Causality between Strategic Orientation and Enterprise Risk Management
		5.3 The Association Between Enterprise Risk Management and Performance
	6 Conclusions
	Appendix: Questionnaire on Risk Management in Small- and Medium-Sized Enterprises
	References
Insights from the Boardroom: Opening the `Black Box´ of Board Risk Oversight
	1 Introduction
	2 Literature Review
	3 Research Method
	4 Data Analysis and Findings
		4.1 Organising the Board for Risk Oversight
			4.1.1 Board Composition
			4.1.2 Risk Governance Structure
			4.1.3 Risk Reporting to the Board
		4.2 Opening the Black Box of Board Processes
			4.2.1 Board Effort Norms
			4.2.2 Use of Board Knowledge and Skills
			4.2.3 Cognitive Conflict and Board Culture
		4.3 Board Strategic Role Performance
			4.3.1 Embedding Risk in the Board´s Strategic Decision-Making
			4.3.2 Aligning Strategic Decisions with the Company´s Risk Appetite
	5 Discussion
		5.1 Board Structure and Board Processes as Cornerstones of Risk Oversight
		5.2 The Challenge of Integrating Risk and Strategy
		5.3 No One-Size-Fits-All Approach to Board Risk Oversight
	6 Conclusion
	References
Supervisory Pressure and Risk Management Systems: Empirical Evidence from the Banking Context
	1 Introduction
	2 Literature Review and Hypotheses Development
		2.1 Single Supervisory Mechanism and Risk Disclosure by Banks
		2.2 Strong Supervisory Pressure and Risk Disclosure by Banks
	3 Method
		3.1 Sample Selection
		3.2 Research Model
	4 Results
		4.1 Descriptives and Preliminary Tests
		4.2 Regression Results and Robustness Tests
	5 Discussion and Conclusions
	Appendices
		Appendix 1: Yearly ERM Index for Supervised Banks
		Appendix 2: Yearly ERM Index for Non-supervised Banks
	References
Setting up Risk Disclosure: Case-Study Insights from an Integrated Reporting Pioneer
	1 Introduction
	2 Background on Risk Disclosure Guidelines
	3 Literature Review
	4 Research Approach and Case-Study Company
	5 Setting up Risk Disclosures in Integrated Reports: Findings
		5.1 Disclosure on Risk Management Model
		5.2 Disclosure on Risk Management Processes
		5.3 Disclosure on Risks and Related Treatment Actions
	6 Concluding Remarks
	References
Integrated Report and Credit Risk: Empirical Evidence from a Mandatory Integrated Reporting Setting
	1 Introduction
	2 Theoretical Background and Hypothesis Development
	3 Research Design and Methodology
	4 Findings
	5 Additional Tests
	6 Discussion and Conclusions
	References
Lessons Learnt and Directions for Future Research on Risk and Risk Management in Diverse Settings