A Conceptual Analysis of Current Trends in the Evolution of Risk Management Process
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Date
2011-06
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Mark
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Vysoké učení technické v Brně, Fakulta podnikatelská
Abstract
Purpose of the article The traditional idea of risk management is continually evolving as it enjoys
growing popularity in corporations. The paper reviews the risk management procedure within the
traditional concept and then identifies and discusses the main trends currently observed within the
organisation and implementation of this procedure.
Scientific aim The paper aims at identyfing and describing the currently observed trends in the evolution
of risk management process. To achieve this, it aims at comparative analysis of solutions within
traditional risk management concept and the ideas underpinning the current process of risk management
standardisation. It also aims at reviewing the validity of clasiffication of risk treatment techniques.
Methodology/methods The paper represents a conceptual analysis of the current state of affairs and
uses the method of comparative analysis and deduction based on the literature review and the lecture
of standardisation documents. As a viewpoint paper, it represents au-thor’s own ideas and findings.
Findings The two main trends of risk management evolution should be idetified. The first one is related
with strategic dimension of risk management as this procedure is often promoted as an integrated
concept. It springs from the regulations of standardisation procedures which aim at unifying
the terminology and set of activities from practitioners’ perspective. The second direction of risk
management concept evolution is observed within the development of risk financing techniques due
to the innovations observed within traditional risk retention and trasfer solutions, as a result of continuous
convergence of insurance and capital markets.
Conclusions (limits, implications etc) The risk management process is constantly evolving toward
the strategic dimension as the risk perception changes, concerning both the downside and upside of
risk. However, the standards follow similar sequence of activities as compared to the traditional concept
and just redefine the tasks perfomed in each step. The evident evolution is observed within risk
financing tools due to the implementation of innovative solutions.
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Citation
Trendy ekonomiky a managementu. 2011, V, č. 8, s. 156-168. ISSN 1802-8527.
http://www.fbm.vutbr.cz/cs/fakulta/vedecky-casopis/aktualni-cislo/1114-cislo8
http://www.fbm.vutbr.cz/cs/fakulta/vedecky-casopis/aktualni-cislo/1114-cislo8
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Peer-reviewed
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en
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© Vysoké učení technické v Brně, Fakulta podnikatelská