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The Standardization of Risk Management Practices at the International Level

Lucian Belascu and Horobet Alexandra ()
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Horobet Alexandra: Bucharest University of Economic Studies, Romania

Ovidius University Annals, Economic Sciences Series, 2015, vol. XV, issue 1, 6-11

Abstract: The last decades have seen an increase in concerns regarding risk management (RM), leading to a number of internationally recognized and applied standards. The aim of this paper is to provide a critical overview of the most widely used risk management standards and frameworks promoted at the international level, focusing on their different approaches and potential implications. Although the RM principles enforced by various standards are supporting better RM strategies, we argue that RM in an organization should be developed beyond a rules-based approach and by taking into account the organization’s specificities and objectives, making RM a key component of an organization’s culture.

Keywords: risk management; standards; ISO; business strategy (search for similar items in EconPapers)
JEL-codes: D80 G32 L21 (search for similar items in EconPapers)
Date: 2015
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