A New Language of Risk

Risk is woven into the very fabric of life, and although risk can never be completely mastered, it can be managed. Owing to its multifaceted nature, however, risk management as a discipline is somewhat fragmented. This title offers a solution to the problem of fragmentation in the application of risk management. A new model of risk is proposed, as well as a new working methodology for the implementation of an enterprise-wide approach to risk management. In Part Two, a model of risk is developed that is valid for all schools of risk management - pure risk, financial risk, corporate governance and risk-taking. The model of risk is built on 13 precepts, and each of these precepts is mandatory for risk to manifest itself. The model has been successfully tested using empirical research to understand whether the new model of risk can consistently explain the inherent dynamics of risk within scenarios representative of the four main schools of risk management. The tests concluded that the new model of risk is a valid representation of all kinds of risk. The new model also gives the 'enterprise-wide risk management' movement a theoretical and pragmatic basis from which to develop.

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