Here's what research has to say on risk management in 2023
Most cited journal articles on risk management in the last 20 years
Risk management is the process of identifying, assessing, and prioritizing risks and taking appropriate actions to mitigate or eliminate them. Research on risk management has shown that it is an important part of organizations and businesses, as it helps to minimize the negative impact of potential risks and maximize the opportunities for success.
Research has shown that effective risk management requires a systematic approach, which includes identifying potential risks, assessing their likelihood and potential impact, developing strategies to mitigate or eliminate those risks, and implementing and monitoring those strategies.
Research has also shown that involving stakeholders in the risk management process can be effective, as it allows for a broader range of perspectives and helps to build buy-in and support for risk management efforts.
Research has also shown that organizations that have formalized risk management processes in place tend to be more resilient and have better outcomes during and after a crisis, as they can anticipate, prepare and respond to a crisis more effectively.
Effective risk management also involves the use of various risk management tools such as a risk assessment matrix, decision tree, and risk register.
Research is ongoing to develop new risk management methods and tools, as well as to understand the best practices for implementing and maintaining effective risk management systems. Additionally, research has been done on the impact of emerging technologies such as artificial intelligence and blockchain on risk management and how these technologies can be used to improve risk management processes.