Chapter 1: Risk Regulation and Business Organizations
The majority of businesses in the modern world are subject to what many experience as a bewildering array of regulatory and risk management pressures. Each of these pressures may be decisive to the running of a business, and most will be competing for organizational resources and for attention. The objective is to reduce the risks generated by contemporary business organizations, risks which may expose those within their confines, and also beyond, to harm. How well businesses cope with these various risk management pressures is not well understood but is the subject of increased public scrutiny. This is especially so following a series of spectacular failures in the financial sector which have emphasized the very real importance of organizational risk management systems and reminded us all of their vulnerability to failure. The objectives of this book are twofold. First, it investigates how business risk management practices may influence and be influenced by various sources of regulation. This includes those external to the business such as state regulators, trade associations, consultants, civil society organizations, insurance companies and consumers; and those internal to the business, for example, senior management, risk officers, colleagues and professional groups. Second, it examines the understandings of risk and risk regulation held by those in business organizations. This includes consideration of the tools and techniques, knowledge and expertise employed to manage risk within the organization. It also involves consideration of the pressures of compliance and non-compliance on managers and owners and how these relate to understandings of risk and...
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