Corporate risk philosophy for improved risk management |
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| Institution: | 1. Price College of Business, University of Oklahoma, Norman, OK 73069, United States;2. Goizueta Business School, Emory University, Atlanta, GA 30322-2710, United States;1. Department of Decision Sciences, School of Business, Macau University of Science and Technology, Macau;2. Business Division, Institute of Textiles and Clothing, The Hong Kong Polytechnic University, Hong Kong;3. Department of Logistics and Maritime Study, Faculty of Business, The Hong Kong Polytechnic University, Hong Kong;1. Department of Marketing, Otago Business School, University of Otago, Dunedin 9054, New Zealand;2. Department of Marketing, Monash Business School, Faculty of Business and Economics, Monash University, Australia;3. School of Economics, Finance and Marketing, RMIT University, Australia |
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| Abstract: | The pure risk decisions made by a corporate risk manager often involve large sums of money and important consequences to the firm. The risk philosophy of a company can be formally established and represented as a utility function, enabling coordination of risk management decisions with the more general risk policies of the organization. This is viewed as the first step toward the complete integration of pure risk and speculative risk decision making. The corporate risk philosophy can be used to guide the risk manager in designing the firm's risk management and insurance program. |
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