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2014 | OriginalPaper | Chapter

3. Necessity and Development of Risk Management

Authors : Roland Müller, Christopher Drax

Published in: Aviation Risk and Safety Management

Publisher: Springer International Publishing

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Abstract

Every company faces different types of risks. Unfortunately, risks are often detected too late, so neither sufficient time nor adequate measures are available to prevent damage resulting from the realization of the risk potential. To prevent this, farsighted management seeks to identify potential risks and, where possible, to minimize the most dangerous ones for the company through appropriate strategic and operational measures. Therefore, consciously or unconsciously, each organizational management applies Risk Management. In fact, Risk Management is an inalienable and indefeasible duty of the Board of Directors. The Swiss code of obligations specifies in Article 716a under no. 1 that the direction of the organization is necessarily assigned to the board.

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previous chapter Essential Basics and Limitations of Safety and Risk Management
next chapter Internal Control System (ICS)
Footnotes
1
Also Article 663b OR is added that according to No. 12.
 
2
AIRMIC, ALARM, and IRM (2002).
 
3
The Institute of Risk Management, Lloyd’s Avenue 6, London EC3N 3AX, www.​theirm.​org.
 
4
The association of Insurance and Risk Managers, Lloyd’s Avenue 6, London EC3N3AX, www.​airmic.​com.
 
5
The National Forum for Risk Management in the Public Sector, Queens Drive, Exmouth, Devon EX8 2AY, www.​alarm-uk.​com.
 
6
Speckbacher, Asel, and Posch (2010).
 
7
Ruefli, Collins, and Lacugna (1999).
 
8
Frigo and Anderson (2011).
 
9
Speckbacher et al. (2010).
 
10
Frigo and Anderson (2011).
 
11
Ford et al. (2003).
 
12
Speckbacher et al. (2010).
 
13
Frigo and Anderson (2011).
 
14
Speckbacher et al. (2010).
 
15
Frigo and Anderson (2011).
 
16
The Sarbanes-Oxley Act of 2002 (often shortened to SOX) is legislation enacted in the US in response to the high-profile Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise. The act is administered by the Securities and Exchange Commission (SEC), which sets deadlines for compliance and publishes rules on requirements.
 
17
Die Bundesbehörden der Schweizerischen Eidgenossenschaft (2013).
 
18
GLP (2008).
 
19
Kalia and Müller (2006), p. 39.
 
20
Haller (1999).
 
21
Kloman (1999).
 
22
Haller (1999).
 
23
Kloman (1999).
 
24
Haller (1999).
 
25
Kalia and Müller (2006), p. 39.
 
26
Kalia and Müller (2006), p. 40.
 
27
Kalia and Müller (2006), p. 40.
 
28
Häsch and Müller (2009).
 
29
Committee of Sponsoring Organizations of the Treadway Commission (2004).
 
30
Morris and Pinto (2010), p. 141.
 
31
Towards a Safer World (2012).
 
32
St-Germain, Aliu, Lachapelle, and Dewez (2012).
 
Literature
AIRMIC, ALARM, & IRM. (2002). A risk management standard. London.
Committee of Sponsoring Organizations of the Treadway Commission. (2004, September). Enterprise risk management - Integrated framework.
Ford, E. W., Duncan, W. L., Bedeian, A. G., Ginter, P. M., Rousculp, M. D., & Adams, A. M. (2003). Mitigating risks, visible hands, inevitable disasters, and soft variables: Management research that matters to managers. Academy of Management Executive, 17(1), 46–60.CrossRef
Frigo, M. L., & Anderson, R. J. (2011). Strategic risk management: A foundation for improving enterprise risk management and governance. The Journal of Corporate Accounting & Finance, 22(3), 81–88.CrossRef
Haller, M. (1999). The global development of risks—Consequences for integrated risk management. St. Gallen: Risk Management Foundation, I-VW HSG.
Häsch, N., & Müller, R. (2009). Risk management an Hochschulen. St. Gallen: Dike.
Kalia, V., & Müller, R. (2006). Risk management at board level. St. Gallen: Haupt.
Kloman, F. (1999). Risk management milestones: 1990–1999. Risk Management Reports, 26, 12.
Morris, P., & Pinto, J. K. (2010). The Wiley guide to project control. Hoboken: Wiley.
Ruefli, T. W., Collins, J. M., & Lacugna, J. R. (1999). Risk measures in strategic management research: Auld Lang Syne? Strategic Management Journal, 20(2), 167–194.CrossRef
Speckbacher, G., Asel, J. A., & Posch, A. (2010). Der Finanzbereich in Krisenzeiten: Vom Performance Management zum integrierten performance-risk management. Controlling & Management, 54(2), 60–67.
St-Germain, R., Aliu, F., Lachapelle, E., & Dewez, P. (2012, April 11). Whitepaper—Business continuity management systems. Montreal, QC, Canada: PECB - Professional Evaluation and Certification Board.
Metadata
Title
Necessity and Development of Risk Management
Authors
Roland Müller
Christopher Drax
Copyright Year
2014
Book
Aviation Risk and Safety Management

Print ISBN: 978-3-319-02779-1

Electronic ISBN: 978-3-319-02780-7

Copyright Year: 2014

DOI
https://doi.org/10.1007/978-3-319-02780-7_3

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