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To forestall future financial crises, risk governance has been embraced as a line of defense. Therefore, this paper seeks to synthesize the risk governance literature, identifying gaps, and suggesting direction for future research, through a systematic literature review (SLR). Analyzing 151 papers from the Scopus and Web of Science databases, this...
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The study of organizational resilience has gained considerable attention in the past two decades owing to the dynamic nature of the business landscape. Researchers converge on the need for organizations to build resilience capacities that enable them to anticipate, cope with and recover from unexpected events and adversities. Resilience has been un...
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... There are several studies implementing risk management tools and programmes focused on corporate governance, but not for this specific sector. Although it has been found that this field of risk governance is steadily growing in research, and many research opportunities are evident (Addae et al., 2023). ...
There are few studies on risk governance in medium-sized companies in the textile/clothing industry because it corresponds to an emerging field in which research is evolving. This is why it becomes a relevant field of study, to continue strengthening the development of these elements of risk management, to create and add value in the management of organisations from this field. In addition, medium-sized companies may have fewer resources to devote to analysis, planning and implementation of the topic than large companies. For this reason, the objective of this study is to analyse the risk governance in this type of company, to identify the guidelines and directives that govern it, describe the relationship between risk governance and corporate governance and, finally, refer to practices of risk culture, accountability and communication implemented under this conception. The study was developed using a methodology with a qualitative approach and descriptive scope. Semi-structured interviews with eight companies and one expert were used as an instrument for collecting information. The main findings of the research highlight that the companies that participated in the study are aware of the importance of structuring risk governance. However, most of the companies interviewed apply it empirically but are interested in working on its development. The need to formalise risk management processes and to consider the appropriate distribution of decision-making according to organisational structure and available resources is evident for medium-sized companies, particularly in the textile/clothing sector, however, this is a suggestion that could serve both nationally in Colombia and internationally and could favour the expected results in all sectors of the global economy.
... The accuracy of the risk assessment and prompt disclosure by the RMC are also essential to a board's ability to conduct effective risk oversight. Therefore, strengthening risk governance is the most recommended course of action, especially following the 2008 worldwide economic meltdown (Addae et al., 2023). ...
The main aim of this paper is to examine the determinants that contribute to the establishment of a risk management committee (RMC) in a firm. Unlike previous studies, this paper investigates the types of ownership structure, comprising family, institutional, government, managerial, and foreign ownership, as the factor that leads to the establishment of an RMC. This is based on the observation of 2,173 non-financial public listed firms from 2015 until 2017 in the Malaysian business market. By using logistic regression, the results depict that government and foreign ownership are significantly and positively related to the establishment of an RMC. In contrast, the establishment of an RMC in family and managerial ownership firms shows a negatively significant effect. The results indicate that family and managerial ownership have less of an agency problem in the firm, thus requiring less monitoring as compared to other types of ownership, which require more monitoring, especially in terms of managing risks, which affirm the argument of the agency theory. As a result, this study provides empirical evidence on the determinants of the establishment of RMCs and informs regulators and policymakers about the potential requirement for RMC establishment in Malaysian non-financial publicly traded firms.
