Does the Fintech Industry Need a New Risk Management Philosophy? A Sequential Blockchain-based Typology for Virtual Currencies and E-Money Services in Luxembourg

2016 ◽  
Author(s):  
Marc Pilkington
Keyword(s):  
Risk Management ◽  
Management Philosophy

The Role of Construal Alignment in Enterprise Risk Management

2021 ◽  
Author(s):  
Xin Liu ◽  
Bernard Wong-On-Wing
Keyword(s):  
Risk Management ◽  
Mental Representations ◽  
Construal Level Theory ◽  
Enterprise Risk Management ◽  
Risk Indicators ◽  
Management Philosophy ◽  
Enterprise Risk ◽  
Risk Appetite ◽  
Safety Case

According to the Committee of Sponsoring Organizations (COSO 2017), two important elements of an organization’s enterprise risk management (ERM) framework are its risk management philosophy, and its risk appetite and tolerance. Based on Construal Level Theory (CLT), we posit that the effectiveness of ERM depends on the extent of alignment (non-fit or fit) between mental representations (high versus low construal) of those two ERM elements. We test our hypothesis across two risk cases: safety and confidentiality. Results of our experiment suggest that employees are more proactive when there is a construal fit between the emphasis placed on a firm’s risk management philosophy and its expression of the key risk indicators (KRIs). This benefit is observed in the confidentiality case, but not in the safety case. Implications are discussed.

scholarly journals The Role of Enterprise Risk Management in Sustainable Decision-Making: A Cross-Cultural Comparison

2019 ◽  
Vol 11 (10) ◽  
pp. 2939 ◽  
Author(s):  
Xin Liu
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Regulatory Focus ◽  
Interactive Effect ◽  
Enterprise Risk Management ◽  
Prevention Focus ◽  
Management Philosophy ◽  
Cross Cultural Comparison ◽  
Enterprise Risk

The goal of this paper is to examine how cultural differences moderate the effectiveness of an organization’s enterprise risk management (ERM) program in sustainable decision-making. Using an experimental design, this study found that Chinese participants, characterized by a stronger prevention focus, were more proactive in mitigating environmental, social and governance (ESG)-related risks under a loss-framed risk management philosophy, whereas American participants, characterized by a stronger promotion focus, were more proactive in mitigating ESG-related risks under a gain-framed risk management philosophy. This interactive effect of matching the risk management philosophy frame to the participants’ regulatory focus was mediated by their perceived processing fluency. The implications for the literature and practice are discussed.

scholarly journals Developing Tolerable Risk Criteria for Gas Transmission Pipelines

2000 ◽  
Author(s):  
Jose L. Martinez ◽  
Enrique Rodriguez
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Natural Gas ◽  
Management Team ◽  
Analysis Tool ◽  
Management Philosophy ◽  
Risk Criteria ◽  
Tolerable Risk ◽  
Assessment Approach ◽  
Comprehensive Study

After completing an extensive risk assessment stage, PGPB’s Risk Management Team was ready to move towards Risk Management philosophy. Comparing PEMEX’s algorithm with the typical values of the industry enabled the risk assessment approach adopted in PGPB. As a result of a comprehensive study that gathered several of the users of the same analysis tool, an optimised and normalised algorithm was obtained to support the risk assessment programme and comply with the company’s policies. The risk assessment stage included more than 1,700 kilometres of LPG pipelines and 3,500 kilometres of natural gas. This stage was granted as final until consistent risk values were achieved in every segment section. To move into the Risk Management stage a comprehensive study was performed to define tolerable risk criteria for PGPB pipeline network.

Quality and Risk Management in the IVF Laboratory

2004 ◽  
Author(s):  
David Mortimer ◽  
Sharon T. Mortimer
Keyword(s):  
Risk Management
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