The Evolution of Risk Management

• Autorzy: Sylwia Przetacznik

Warianty tytułu

Ewolucja zarządzania ryzykiem

• Języki publikacji: EN

Abstrakty

EN

The aim of this paper is to present the evolution of approaches to-wards risk management, starting from the beginnings of this field and ending with modern times. The article provides an overview on the applied approaches towards risk management. It allows to understand the basics of contemporary risk management concepts in enterprises and can provide guidance for further research on risk. The author analyzes in detail the change in approaches towards risk management over the years, focusing in particular on traditional, silo risk management and on the most modern concept-ERM, currently considered the most mature and the most perfect, proactive approach towards risk management in an enterprise. Silo risk management treats individual risks independently and focuses on minimizing risk exposure, while the essence of ERM is the integrated management of all risks to which the organization is exposed and the inclusion of risk management in the organization's strategy. (original abstract)

Celem artykułu jest przedstawienie ewolucji podejść do zarządzania ryzykiem, począwszy od początków tej dziedziny, a skończywszy na czasach współczesnych. Artykuł zawiera przegląd stosowanych podejść do zarządzania ryzykiem. Pozwala zrozumieć podstawy współczesnych koncepcji zarządzania ryzykiem w przedsiębiorstwach i może stanowić wskazówkę do dalszych badań nad ryzykiem. Autorka szczegółowo analizuje zmiany w podejściu do zarządzania ryzykiem na przestrzeni lat, skupiając się w szczególności na tradycyjnym, silosowym zarządzaniu ryzykiem oraz na najnowocześniejszej koncepcji - ERM, uważanej obecnie za najbardziej dojrzałe i najdoskonalsze, proaktywne podejście do zarządzania ryzykiem w przedsiębiorstwie. Zarządzanie ryzykiem silosowym traktuje poszczególne ryzyka niezależnie i koncentruje się na minimalizacji ekspozycji na ryzyko, natomiast istotą ERM jest zintegrowane zarządzanie wszystkimi ryzykami, na które narażona jest organizacja, oraz włączenie zarządzania ryzykiem w strategię organizacji. (abstrakt oryginalny)

Słowa kluczowe

EN

Risk management; History; Evolution of management

PL

Zarządzanie ryzykiem; Historia; Ewolucja zarządzania

• Czasopismo: Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie
• Rocznik: 2022
• Tom: 53
• Numer: nr 1-2
• Strony: 95--107

Twórcy

autor

Sylwia Przetacznik

• AGH University of Science and Technology

Bibliografia

• Adamska, A. (2009). Ryzyko w działalności przedsiębiorstwa - podstawowe zagadnienia. In: A. Fierla (ed.). Ryzyko w działalności przedsiębiorstw. Wybrane aspekty (pp. 11-21). Warszawa: Szkoła Główna Handlowa, ISBN 978-83-7378-449-9.
• AS/NZS 4360:1995. (1995). Australian/New Zeland Standard Risk management, Committee OB/7.
• Basel Committee on Banking Supervision. (2004). International convergence of capital measurement and capital standards: A revised framework.
• Basel Committee on Banking Supervision. (2010).
• Basel III: A global regulatory framework for more resilient banks and banking systems.
• Beasley, M. S., Frigo, M. L. (2010). ERM and its role in strategic planning and strategy execution. In: J. Fraser, B. J. Simkins (eds.). Enterprise Risk Management: Today's leading research and best practices for tomorrow's executives (pp. 31-50). Hoboken: John Wiley & Sons, ISBN 9781118267080.
• Bernstein, P. L. (1996). Against the gods: The remarkable story of risk. New York: John Wiley & Sons. ISBN 9780471295631.
• Bohnert, A., Gatzert, N., Hoyt, R. E. (2018). The drivers and value of enterprise risk management: evidence from ERM ratings. The European Journal of Finance, 25, 1-22. DOI: 10.1080/1351847X.2018.1514314.
• Bohnert, A., Gatzert, N., Hoyt, R. E., Lechner, P. (2017). The relationship between enterprise risk management, value and firm characteristics based on the literature. Zeitschrift für die gesamte Versicherungswis-senschaft, 106,311-324. DOI: 10.1007/s12297-017-0382-1.
• Bromiley, P., McShane, M., Nair, A., Rustambekov, E. (2015). Enterprise Risk Management: Review, critique, and research directions. Long Range Planning, 48, 265-276. DOI: 10.1016/j.lrp.2014.07.005.
• Chapman, C. (2003). Bringing ERM into focus. The Internal Auditor, 60, 30-35.Corning, P. A. (1998). The synergism hypothesis: On the concept of synergy and its role in the evolution of complex systems. Journal of Social and Evolutionary Systems, 21(2), 133-172. DOI: 10.1016/S1061-7361(00)80003-X.
• COSO The Committee of Sponsoring Organizations of the Treadway Commission. (2004). Enterprise Risk Management - integrated framework: Executive summary, Lake Mary.
• COSO The Committee of Sponsoring Organizations of the Treadway Commission. (2017). Enterprise Risk Management: Aligning risk with strategy and performance, Lake Mary.
• Decker, A., Galer, D. (2013). Enterprise Risk Management - straight to the point: An implementation guide function by function. Middletown: ERMSTTP.
• Dionne, G. (2013). Risk Management: History, definition and critique. Risk Management and Insurance Review, 16(2), 147-166. DOI: 10.1111/rmir.12016.
• Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013.
• Dodd-Frank Wall Street Reform and Consumer Protection Act, 2010. Public Law no. 111-203, 124 Stat. 1376.
• Driscoll, M., Walker, P., Torok, R. (2011). The strategic advantage of ERM. Risk Management, 58(9), 26-27.
• Eckles, D. L., Hoyt, R. E., Miller, S. M. (2014). The impact of enterprise risk management on the marginal cost of reducing risk: Evidence from the insurance industry. Journal of Banking and Finance, 43, 247-261. DOI: 10.1016/j.jbankfin.2014.02.007.
• Ehrlich, I., Becker, G. S. (1972). Market insurance, self-insurance, and self-protection. The Journal of Political Economy, 80(4),623-648. DOI: 10.1086/259916.
• Elahi, E. (2013). Risk management: The next source of competitive advantage. Foresight, 15(2), 117-131.
• FERMA Federation of European Risk Management Associations. (2003). Standard zarządzania ryzykiem, Brussels.
• Florio, C., Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case. The British Accounting Review, 49. DOI: 10.1016/j.bar.2016.08.003.
• Fraser, J. R. S., Simkins, B. J. (2016). The challenges of and solutions for implementing enterprise risk management. Business Horizons, 59, 689-698. DOI: 10.1016/j.bushor.2016.06.007.
• Frigo, M. L., Anderson, R. J. (2011). Strategic Risk Management: A Foundation for Improving Enterprise Risk Management and Governance. The Journal of Corporate Accounting & Finance, 22(3), 81-88. DOI: 10.1002/jcaf.20677
• Gorzeń-Mitka, I. (2011). Dojrzałość Enterprise Risk Management - wzorce i praktyka. Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 38, 659-667.
• The Group of Thirty. (1994). Derivatives: Practices and principles. Followup surveys of industry practice. Washington.
• Hamel, G., Valikangas, L. (2003). The quest for resilience. Harvard Business Review, 81(9), 52-63.
• Hampton, J. (2009). Fundamentals of Enterprise Risk Management: How top companies assess risk, manage exposure, and seize opportunity. New York: AMACOM.
• Hanggraeni, D., Ślusarczyk, B., Sulung, L., Subroto, A. (2019). The impact of internal, external and Enterprise Risk Management on the performance of micro, small and medium enterprises. Sustainability, 11(7), 1-17. DOI: 10.3390/su11072172.
• Hoyt, R. E., Liebenberg, A. P. (2011). The value of Enterprise Risk Management. Journal of Risk & Insurance, 78(4), 795-822. DOI: 10.1111/j.1539-6975.2011.01413.x.
• Hunziker, S. (2019). Enterprise Risk Management. Modern approaches to balancing risk and reward. Wiesbaden: Springer Gabler. ISBN 9783658253578.
• ISO 31000:2009. (2009). Risk management - guidelines, International Organization for Standardization, Geneva.
• ISO 31000:2018. (2018). Risk management - principles and guidelines, International Organization for Standardization, Geneva.
• Jajuga, K. (2015). Zarządzanie ryzykiem. Warszawa: Wydawnictwo Naukowe PWN. ISBN 9788301200541.
• Kakiya, G., Mose, J., Rono, L. (2019). Enterprise Risk Management Practices and Organizational Performance: Does intellectual capital make a difference?. Expert Journal of Finance, 7, 39-48.
• Kloman, H. F. (1992). Rethinking risk management. The Geneva Papers on Risk and Insurance-Issues and Practice, 17(3), 299-313.
• Kloman, H. F. (2010). A brief history of risk management. In: J. Fraser, B. J. Simkins (eds.). Enterprise Risk Management: Today's leading research and best practices for tomorrow's executives (pp. 19-30). Hoboken: John Wiley & Sons.
• Krysiak, Z. (2011). Silna kultura zarządzania ryzykiem jako cecha nowoczesnych organizacji. E-mentor, 2(39), 24-32.
• Lam, J. (2014). Enterprise Risk Management: From incentives to controls. Second edition. Hoboken: John Wiley & Sons, ISBN 978-1118413616.
• Lam, J. (2016). Next Frontier: Performance-based continuous ERM. Workivia, https://www.workiva.com/resources/next-frontier-performance-based-continuous-erm.
• Lechner, P., Gatzert, N. (2018). Determinants and value of Enterprise Risk Management: empirical evidence from Germany. The European Journal of Finance, 10(24), 867-887. DOI: 10.1080/1351847X.2017.1347100.
• Lee, L. S., Green, E. (2015). Systems thinking and its implications in Enterprise Risk Management. Journal of Information Systems, 29(2), 195-210. DOI: 10.22051/IJAR.2017.13659.1251.
• Malinowska, U. (2011). Charakterystyka kluczowych koncepcji zarządzania ryzykiem w przedsiębiorstwie. In: S. Kasiewicz (ed.). Zarządzanie zintegrowanym ryzykiem przedsiębiorstwa w Polsce (pp. 63-78). Warszawa: Wolters Kluwer Polska, ISBN 9788326410314.
• McShane, M. (2018). Enterprise risk management: History and a design-science proposal. The Journal of Risk Finance, 19, 137-153. DOI: 10.1108/JRF-03-2017-0048.
• Mehr, R. I., Hedges, B. A. (1963). Risk management in the business enterprise. Homewood: R. D. Irwin, ISBN 9781258452483.
• Polska Izba Ubezpieczeń. (2017). Historia ubezpieczeń [online, accessed: 2022-06-18]. Retrieved from: https://piu.org.pl/public/upload/ibrowser/historia_ubezpieczen_-_na_swiecie_i_w_polsce.pdf.
• Przetacznik, S. (2018). From silo approach to risk portfolio management - a new way of analyzing risk in an enterprise. Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie, 3, 251-262. DOI: 10.5604/ 01.3001.0013.0065.
• Przetacznik, S. (2022). Key success factors of Enterprise Risk Management systems: ListedPolish companies. Central European Management Journal, 30(1), 91-114. DOI: 10.7206/cemj.2658-0845.71.
• Rebelo, M. F., Silva, R., Santos, G. (2017). The integration of standardized management systems: Managing business risk. International Journal of Quality & Reliability Management, 34(3), 395-405. DOI: 10.1016/j.promfg.2017.09.168.
• Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013.
• Ross, J. F. (2004). Pascal's legacy. EMBO Reports, 5, 7-10.
• Saeidi, P., Saeidi, S. P., Gutierrez, L., Streimikiene, D., Alrasheedi, M., Saeidi, S. P., Mardani, A. (2021). The influence of enterprise risk management on firm performance with the moderating effect of intellectual capital dimensions. Economic Research - Ekonomska Istraživanja, 34(1), 122-151. DOI: 10.1080/1331677X.2020.1776140.
• Saeidi, P., Saeidi, S. P., Sofian, S., Saeidi, S. P., Nilashi, M., Mardani, A. (2019). The impact of enterprise risk management on competitive advantage by moderating role of information technology. Computer Stan-dards & Interfaces, 63, 67-82. DOI: 10.1016/j.csi.2018.11.09.
• Sarbanes-Oxley Act of 2002. (2002). Corporate Fraud Accountability Act of 2002, Public Law 107-204, 116 stat. 745.
• Schiller, F., Prpich, G. (2014). Learning to organise risk management in organisations: What future for enterprise risk management?. Journal of Risk Research, 17(8), 999-1017. DOI: 10.1080/13669877.2013.841725.
• Segal, S. (2011). Corporate value of Enterprise Risk Management: The next step in business management. Hoboken: John Wiley & Sons. ISBN 9780470882542.
• Sharman, R. (2002). Enterprise Risk Management - the KPMG approach. The British Journal of Administrative Management, May/June 2002, 26-28.
• Silva, J. R., da Silva, A. F., Chan, B.L. (2019). Enterprise Risk Management and firm value: Evidence from Brazil. Emerging Markets Finance and Trade, 3(55), 687-703. DOI: 10.1080/1540496X.2018.1460723.
• Sprčić, D. M., Kožul, A., Pecina, E. 2015, State and perspectives of enterprise risk management system development - the case of Croatian companies, Procedia Economics and Finance, 30, 768-779.
• Staniec, I., Klimczak, K. (2008). Panorama ryzyka. In: I. Staniec, J. Zawiła-Niedźwiedzki (eds.). Zarządzanie ryzykiem operacyjnym (pp. 11-34). Warszawa: C.H. Beck. ISBN 9788325502690.
• Stulz, R. (2008). Risk management failures: What are they and how do they happen?. Journal of Applied Corporate Finance, 20(4), 35-48. DOI: 10.1111/j.1745-6622.2008.00202.x.
• Tan C., Lee S. Z. (2022). Adoption of enterprise risk management (ERM) in small and mediumsized enterprises: Evidence from Malaysia. Journal of Accounting & Organizational Change, 18(1), 100-131.
• Ul Hameed, W., Waseem, M., Sabir, S. A., Dahri, A. S. (2020). Effect of Enterprise Risk Management system and implementation problem on financial performance: An empirical evidence from Malaysian listed firms. Abasyn University Journal of Social Sciences, 1(13), 12-24. DOI: 10.34091/AJSS.13.1.02.
• Yang, S., Ishtiaq, M., Anwar, M. (2018). Enterprise Risk Management practices and firm performance: The mediating role of competitive advantage and the moderating role of financial literacy. Journal of Risk and Financial Management, 3(11). DOI: 10.3390/jrfm11030035.

Identyfikatory

DOI

10.25944/znmwse.2022.01-2.95107