Risk management in smail and medium enterprises by crovini

Risk Management in Small and Medium Enterprises Chiara Crovini Risk Management in Small and Medium Enterprises G Giappichelli Editore First published 2019 by Routledge Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 711 Third Avenue, New York, NY 10017 Routledge is an imprint of the Taylor & Francis Group, an informa business and by G Giappichelli Editore Via Po 21, Torino – Italia © 2019 Chiara Crovini The right of Chiara Crovini to be identified as author of this work has been asserted by them in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988 All rights reserved No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalogue record for this book has been requested ISBN: 978-0-367-22679-4 (hbk-Routledge) ISBN: 978-0-429-27631-6 (ebk-Routledge) Typeset in Simoncini Garamond by G Giappichelli Editore, Turin, Italy The manuscript has been subjected to the double blind peer review process prior to publication To Mum and Dad, for always supporting me CONTENTS  page List of figures and tables Preface 11 Introduction 15 Theoretical background 21 1.1 1.2 1.3 1.4 Definition and characteristics of Small and Medium Enterprises (SMEs) Risk and uncertainty The risk management process: a brief state of the art The decision-making process within the business management The management of risks in SMEs 2.1 Types of risks in SMEs 2.1.1 Credit, financial and defaults risks 2.1.2 Supply chain risk 2.1.3 Cyber, IT and fraud risks 2.1.4 Growth and relational risks 2.1.5 Risks related to management and employees 2.1.6 Environmental risk 2.1.7 Operational risk 2.1.8 Information system (ERP) risk 2.1.9 Reputational risk 2.2 Risk management process in SME 2.2.1 Risk identification and assessment 2.2.2 Risk management 2.2.3 Risk analysis, measures, techniques and practices 2.2.4 Strategic implementation and control and exposure 2.3 Risk behaviour and attitude Knowledge risk management and risk culture 2.4 Project risk management and innovation management 21 24 30 38 45 46 46 48 49 51 52 52 53 54 55 55 55 56 58 60 61 63 Risk management in small and medium enterprises  page Case study 3.1 Research methodology, sample selection and data source 3.2 General information about the companies 3.2.1 Company A 3.2.2 Company B 3.2.3 Company C 3.3 Managing risks in small and medium companies: a comparative analysis 3.3.1 Company A and Company B 3.3.2 Company C Key emerging issues 4.1 New perspectives in managing risks in SMEs 4.2 A holistic, systemic and integrated model for Small and Medium Enterprises: a practical suggestion 67 67 69 69 70 71 72 72 73 75 75 79 Summary and conclusion 83 References 87 LIST OF FIGURES AND TABLES  page Figures Figure Figure Figure Figure Figure Figure Figure Figure Figure Risk definition 4.0 COSO Report components and their reciprocal connections The structure of ISO 31000:2016 The paradigm of the business management GOFER Model DECIDE Model The features of decision making in SMEs Clusters and sub-clusters of analysis Risk management and decision-making processes: a comparison Figure 10 Relationships between the internal environment and its components and the external environment Figure 11 RM-DM Model for small and medium enterprises 29 32 34 37 40 41 43 46 77 78 80 Tables Table Table Table Table SMEs in the Euro Area Main economic and financial data of Company A Main economic and financial data of Company B Main economic and financial data of Company C 22 69 70 72 92 Risk management in small and medium enterprises Dezzani, F (1971) Rischi e politiche d’impresa: Contenuto e relazioni Volume d Milano: Giuffrè Dionne, G (2013) ‘Risk Management: History, Definition, and Critique’, Risk Management and Insurance Review, 16(2), pp 147–166 doi: 10.1111/rmir.12016 Donaldson, L., Qiu, J and Luo, B.N (2013) ‘For Rigour in Organizational Management Theory Research’, Journal of Management Studies Blackwell Publishing Ltd, 50(1), pp 153–172 doi: 10.1111/j.1467-6486.2012.01069.x Durst, S and Wilhelm, S (2013) ‘Do you know your knowledge at risk?’, Measuring Business Excellence, 17(3), pp 28–39 doi: 10.1108/MBE-08-20120042 ecoDa (2010) Corporate Governance Guidance and Principles for Unlisted Companies in Europe An initiative of ecoDa Bruxelles Available at: http://ecoda.org/uploads/ media/GUIDANCE_-_2010_CG_for_Unlisted_-_EU.pdf (Accessed: 26 July 2017) Ehrlich, M., Woodward, D and Tiong, R (2012) ‘A state-of-practice survey on managing FX exposure in project companies, construction companies and SMEs’, Journal of Financial Management of Property and Construction Emerald Group Publishing Limited, 17(1), pp 29–48 doi: 10.1108/13664381211211037 Eisenhardt, K.M (1989) ‘Building Theories from Case Study Research’, Academy of Manageent Review, 14(4), pp 532–550 doi: 10.2307/258557 Ekwere, N (2016) ‘Framework of Effective Risk Management in Small and Medium Enterprises (SMESs): a Literature Review’, Bina Ekonomi, 20(1), pp 23–44 Available at: http://journal.unpar.ac.id/index.php/BinaEkonomi/article/view/1894 Elahi, E (2013) ‘Risk management: the next source of competitive advantage’, Foresight, 15(2), pp 117–131 doi: 10.1108/14636681311321121 Elbanna, S (2006) ‘Strategic decision-making: Process perspectives’, International Journal of Management Reviews Blackwell Publishing Ltd, 8(1), pp 1–20 doi: 10.1111/j.1468-2370.2006.00118.x Ellegaard, C (2008) ‘Supply risk management in a small company perspective’, Supply Chain Management: An International Journal Emerald Group Publishing Limited, 13(6), pp 425–434 doi: 10.1108/13598540810905688 European Central Bank (2013) Economic and monetary developments Small and medium-sized enterprises in the Euro area: economic importance and financing conditions Available at: https://www.ecb.europa.eu/pub/pdf/other/mb201307 _focus06.en.pdf?6562a3cee3bd916eed1651c57dd5d2d2 (Accessed: 31 July 2017) Eurostat (2011) Key figures on European business with a special feature on SMEs Luxembourg Available at: http://ec.europa.eu/eurostat/documents/3930297/ 5967534/KS-ET-11-001-EN.PDF (Accessed: 31 July 2017) El Fadil, J and St-Pierre, J (2016) ‘Analysis and management of risks associated with outsourcing in China’, Strategic Outsourcing: An International Journal Emerald Group Publishing Limited , 9(2), pp 218–242 doi: 10.1108/SO-082015-0018 Falkner, E.M and Hiebl, M.R.W (2015) ‘Risk management in SMEs: a systematic review of available evidence’, The Journal of Risk Finance, 16(2), pp 122–144 doi: 10.1108/JRF-06-2014-0079 References 93 Felderer, M and Ramler, R (2016) ‘Risk orientation in software testing processes of small and medium enterprises: an exploratory and comparative study’, Software Quality Journal, 24(3), pp 519–548 doi: 10.1007/s11219-015-9289-z Ferguson, J.L (2014) ‘Excessive risk exposure: A question of ethical decisionmaking’, Journal of Business Research Elsevier Inc., 67(1), pp 2684–2685 doi: 10.1016/j.jbusres.2013.03.016 Ferreira, J.J et al (2012) ‘A model of entrepreneurial intention’, Journal of Small Business and Enterprise Development Edited by H Matlay Emerald Group Publishing Limited, 19(3), pp 424–440 doi: 10.1108/14626001211250144 Ferrero, G (1968) Istituzioni di economia d’azienda Milano: Giuffrè Ferrero, G (1987) Impresa e Management Milano: Giuffrè Financial Services Authority (2006) Business Continuity Management Practice Guide, Financial Services Authority Finch, P (2004) ‘Supply chain risk management’, Supply Chain Management: An International Journal, 9(2), pp 183–196 doi: 10.1108/13598540410527079 Forlani, D., Parthasarathy, M and Keaveney, S.M (2008) ‘Managerial risk perceptions of international entry-mode strategies’, International Marketing Review Emerald Group Publishing Limited, 25(3), pp 292–311 doi: 10.1108/02651330810877225 Francioni, B., Musso, F and Cioppi, M (2015) ‘Decision-maker characteristics and international decisions for SMEs’, Management Decision Emerald Group Publishing Limited , 53(10), pp 2226–2249 doi: 10.1108/MD-03-2015-0094 Freeman, R (1984) Strategic management: A stakeholder approach Boston: Pitman Freeman, R and McVea, J (2001) ‘A Stakeholder Approach to Strategic Management’, Blackwell Handbook of Strategic Managementt, 01(02), pp 189– 207 doi: 10.2139/ssrn.263511 Frensch, P.A and Funke, J (1995) Complex problem solving : the European perspective L Erlbaum Associates Available at: https://books.google.it/books/ about/Complex_Problem_Solving.html?id=36k6JR2_8nkC&redir_esc=y (Accessed: 26 July 2017) Gao, S.S., Sung, M.C and Zhang, J (2013) ‘Risk management capability building in SMEs: A social capital perspective’, International Small Business Journal, 31(6), pp 677–700 doi: 10.1177/0266242611431094 George, A.L and Bennett, A (2005) Case studies and theory development in the social sciences MIT Press Available at: https://books.google.it/books/about/ Case_Studies_and_Theory_Development_in_t.html?id=JEGzE6ExN-gC&redir_esc =y (Accessed: January 2018) Georgousopoulou, M et al (2014) ‘Investment risk preference among Greek SME proprietors: a pilot study’, Journal of Small Business and Enterprise Development Emerald Group Publishing Limited , 21(1), pp 177–193 doi: 10.1108/JSBED-10-2013-0146 Giddens, A (2002) Runaway world : how globalisation is reshaping our lives London: Profile Gigerenzer, G et al (1989) The Empire of chance : how probability changed science and everyday life 94 Risk management in small and medium enterprises Gilmore, A., Carson, D and O’Donnell, A (2004) ‘Small business owner‐managers and their attitude to risk’, Marketing Intelligence & Planning Emerald Group Publishing Limited, 22(3), pp 349–360 doi: 10.1108/02634500410536920 Gobbi, U (1919) Trattato di Economia Milano: Società editrice Libraria Gooderham, P et al (2004) ‘Accountants as Sources of Business Advice for Small Firms’, International Small Business Journal: Researching Entrepreneurship, 22(1), pp 5–22 Grant, K.P., Cashman, W.M and Christensen, D S (2006) ‘Delivering projects on time’, Research-Technology Management, 49(6), pp 52–58 Gudonavičius, L and Fayomi, J.O (2014) ‘The Relation between Entrepreneurial Personality and Strategic Decision Making’, Procedia - Social and Behavioral Sciences, 156, pp 24–29 doi: 10.1016/j.sbspro.2014.11.113 Guo, K.L (2008) ‘DECIDE’, The Health Care Manager, 27(2), pp 118–127 doi: 10.1097/01.HCM.0000285046.27290.90 Gupta, A.K (1984) ‘Contingency Linkages between Strategy and General Manager Characteristics: A Conceptual Examination’, The Academy of Management Review Academy of Management, 9(3), p 399 doi: 10.2307/258281 Gurau, C and Ranchhod, A (2007) ‘Flexible risk management in new product development: the case of small- and medium-sized biopharmaceutical enterprises’, International Journal of Risk Assessment and Management, 7(4), p 474 doi: 10.1504/IJRAM.2007.012741 Hamimi Abdul Razak, I et al (2009) ‘ISO 13485:2003: Implementation reference model from the Malaysian SMEs medical device industry’, The TQM Journal Emerald Group Publishing Limited, 21(1), pp 6–19 doi: 10.1108/ 17542730910924718 Hardy, C.O (1931) Risk and Risk-bearing Materials for the study of business Chicago: University of Chicago Press Harrington, S.E and Niehaus, G (2004) Risk management and insurance McGraw-Hill Harris, A.M and Patten, M.K (2014) ‘Mobile device security considerations for small- and medium-sized enterprise business mobility’, Information Management & Computer Security Emerald Group Publishing Limited, 22(1), pp 97–114 doi: 10.1108/IMCS-03-2013-0019 Haynes, J (1895) ‘Risk as an Economic Factor’, The Quarterly Journal of Economics, 9(4), p 409 doi: 10.2307/1886012 He, G et al (2014) ‘Why small and medium chemical companies continue to pose severe environmental risks in rural China’, Environmental Pollution, 185, pp 158–167 doi: 10.1016/j.envpol.2013.10.041 Head, G.L (2009) Risk Management—Why and How An illustrative introduction to risk management for business executives Dallas: International Risk Management Institute, Inc Available at: https://www.irmi.com/online/riskmgmt/riskmanagement-why-and-how.pdf (Accessed: 27 July 2017) Henschel, T (2006) ‘Risk management practices in German SMEs: an empirical investigation’, International Journal of Entrepreneurship and Small Business, 3(5), pp 554–571 Available at: http://inderscience.metapress.com/index/5 References 95 VWLKNY6CTVVHF2E.pdf%5Cnhttp://sbaer.uca.edu/research/icsb/2005/pa per90.pdf Henschel, T (2010) ‘Typology of Risk Management Practices: An Empirical Investigation into German SMEs’, Journal of International Business and Economic Affairs, 1(1), pp 1–29 doi: 10.1504/IJESB.2010.031922 Henschel, T and Durst, S (2016) ‘Risk management in Scottish , Chinese and German small and medium-sized enterprises : a country comparison’, International Journal of Entrepreneurship and Small Business, 29(1), pp 112– 132 doi: 10.1504/IJESB.2016.078048 Herbane, B (2010) ‘Small business research: Time for a crisis-based view’, International Small Business Journal: Researching Entrepreneurship, 28(1), pp 43–64 doi: 10.1177/0266242609350804 Holt, R (2004) ‘Risk Management: The Talking Cure’, Organization, 11(2), pp 251–270 doi: 10.1177/1350508404041615 Hsiao, A and Ploughman, M (2009) ‘Strategic risk management in new product development’, in ECEI2009- 4th European conference on entrepreneurship and innovation doi: 10.1108/00251749310041814 Hudin, N.S and Hamid, A B A (2014) ‘Drivers to the Implementation of Risk Management Practices: A Conceptual Framework’, Journal of Advanced Management Science, 2(3), pp 163–169 doi: 10.12720/joams.2.3.163-169 Hume, D (1748) Philosophical Essays Concerning Human Understanding 1st edn London: A Millar Available at: https://books.google.com/books?id=LB4 VAAAAQAAJ&dq=inauthor%3A%22David Hume%22&pg=PR6#v=onepage&q&f=true (Accessed: June 2017) Iskanius, P (2009) ‘Risk management in ERP project in the context of SMEs’, Engineering Letters, 17(4) Iskanius, P (2010) ‘Risk Management of ERP Projects in Manufacturing SMEs’, Information Resources Management Journal, 23(3), p 60 doi: 10.4018/irmj.2010070105 Islam, A and Tedford, D (2012) ‘Risk determinants of small and medium-sized manufacturing enterprises (SMEs) - an exploratory study in New Zealand’, Journal of Industrial Engineering International, 8(1), p 12 doi: 10.1186/2251712X-8-12 ISO (2015) ISO 31000 - Risk Management - A practical guide for SMEs Available at: https://www.iso.org/publication/PUB100367.html (Accessed: June 2017) Jacobson, T., Lindé, J and Roszbach, K (2005) ‘Credit Risk Versus Capital Requirements under Basel II: Are SME Loans and Retail Credit Really Different?’, Journal of Financial Services Research, 28(1–3), pp 43–75 doi: 10.1007/s10693-005-4356-4 Jafarnejad, A et al (2014) ‘Risk Management in Supply Chain using Consistent Fuzzy Preference Relations’, International Journal of Academic Research in Business and Social Sciences, 4(1), pp 77–89 doi: 10.6007/IJARBSS/v4-i1/514 Janis, I.L.J and Mann, L (1980) ‘Decision Making: A Psychological Analysis of Conflict’, The Academy of Management Review, 5(1), pp 141–143 96 Risk management in small and medium enterprises Jansen, R.J.G et al (2013) ‘Information processing and strategic decision-making in small and medium-sized enterprises: The role of human and social capital in attaining decision effectiveness’, International Small Business Journal SAGE PublicationsSage UK: London, England, 31(2), pp 192–216 doi: 10.1177/0266242611406762 Jensen, M.C et al (1976) ‘Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure’, Journal of Financial Economics Harvard University Press, 3(4), pp 305–360 Available at: http://ssrn.com/abstract=94043 (Accessed: 26 July 2017) Jicks, T.D (1979) ‘Mixing Qualitative and Quantitative Methods: Triangulation in Action’, Administrative Science Quarterly Sage Publications, Inc.Johnson Graduate School of Management, Cornell University, 24(4), pp 602–611 doi: 10.2307/2392366 Jørgensen, K., Jan Duijm, N and Troen, H (2011) ‘Demonstration of risk profiling for promoting safety in SMEs’, International Journal of Workplace Health Management Edited by P Hasle Emerald Group Publishing Limited, 4(2), pp 179–193 doi: 10.1108/17538351111143330 Ju, Y and Young Sohn, S (2015) ‘Stress test for a technology credit guarantee fund based on survival analysis’, Journal of the Operational Research Society, 66(3), pp 463–475 doi: 10.1057/jors.2014.10 Julien, P.-A (1996) ‘Globalization: different types of small business behaviour’, Entrepreneurship & Regional Development An International Journal, 8(1), pp 57–98 Kahneman, D (1991) ‘Judgement and decision making: A Personal View.’, Psychological Science, 2(3), pp 142–145 doi: 10.1111/j.1467-9280.1991 tb00121.x Kahneman, D and Tversky, A (1984) ‘Choices, Values, and Frames’, American Psychologist, 39(4), pp 341–350 Available at: http://web.missouri.edu/~segerti/ capstone/choicesvalues.pdf (Accessed: 26 July 2017) Kahneman, D., Lovallo, D and Sibony, O (2011) ‘Before you make that big decision’, Harvard Business Review, 89(6), pp 51–60 Kahneman, D., Slovic, P and Tversky, A (1982) ‘Judgment under uncertainty’, Science, 185(4157), pp 1124–1131 doi: 10.1093/oxfordhb/9780195376746.013.0038 Kant, I (2007) Critique of pure reason Edited by M Weigelt and F M (Friedrich M Müller Penguin Kebaili, B et al (2015) ‘An exploratory study of entrepreneurship barriers: the case of Qatar’, World Journal of Entrepreneurship, Management and Sustainable Development Emerald Group Publishing Limited , 11(3), pp 210–219 doi: 10.1108/WJEMSD-03-2015-0014 Khan, M.J., Hussain, D and Mehmood, W (2016) ‘Why firms adopt enterprise risk management (ERM)? Empirical evidence from France’, Management Decision Emerald Group Publishing Limited , 54(8), pp 1886–1907 doi: 10.1108/MD-09-2015-0400 Kim, Y and Vonortas, N.S (2014) ‘Managing risk in the formative years: Evidence from young enterprises in Europe’, Technovation, 34(8), pp 454–465 doi: 10.1016/j.technovation.2014.05.004 References 97 Klewitz, J and Hansen, E.G (2014) ‘Sustainability-oriented innovation of SMEs: A systematic review’, Journal of Cleaner Production Elsevier Ltd, 65, pp 57–75 doi: 10.1016/j.jclepro.2013.07.017 Knight, F (1921) Risk, Uncertainty and Profit Economic C New York: Sentry Press doi: 10.1017/CBO9781107415324.004 Koroljova, A and Voronova, V (2007) ‘Eco-mapping as a basis for environmental management systems integration at small and medium enterprises’, Management of Environmental Quality: An International Journal Emerald Group Publishing Limited, 18(5), pp 542–555 doi: 10.1108/14777 830710778300 Krambia Kapardis, M and Papastergiou, K (2016) ‘Fraud victimization in Greece: room for improvement in prevention and detection’, Journal of Financial Crime Emerald Group Publishing Limited , 23(2), pp 481–500 doi: 10.1108/JFC-022015-0010 Kraus, S et al (2015) ‘Distance and perceptions of risk in internationalization decisions’, Journal of Business Research, 68(7), pp 1501–1505 doi: 10.1016/j.jbusres.2015.01.041 Kwanum, I and Luper, I (2012) ‘An Assessment of Risk Management of Small and Medium Scale Enterprises in Nigeria’, Research Journal of Finance and Accounting, 3(5), pp 151–159 doi: 10.5923/j.ijfa.20120101.02 Labodová, A (2004) ‘Implementing integrated management systems using a risk analysis based approach’, Journal of Cleaner Production, 12(6), pp 571–580 doi: 10.1016/j.jclepro.2003.08.008 Lappalainen, J and Niskanen, M (2012) ‘Financial performance of SMEs: impact of ownership structure and board composition’, Management Research Review Emerald Group Publishing Limited, 35(11), pp 1088–1108 doi: 10.1108/ 01409171211276954 Lee, S et al (2010) ‘Open innovation in SMEs - An intermediated network model’, Research Policy, 39(2), pp 290–300 Leopoulos, V.N., Kirytopoulos, K a and Malandrakis, C (2006) ‘Risk management for SMEs: Tools to use and how’, Production Planning & Control, 17(February 2015), pp 322–332 doi: 10.1080/09537280500285136 Leppälä, J., Murtonen, M and Kauranen, I (2012) ‘Farm Risk Map: A contextual tool for risk identification and sustainable management on farms’, Risk Management, 14(1), pp 42–59 doi: 10.1057/rm.2011.14 Levi, M et al (2017) ‘Cyberfraud and the implications for effective risk-based responses: themes from UK research’, Crime, Law and Social Change Springer Netherlands, 67(1), pp 77–96 doi: 10.1007/s10611-016-9648-0 Lewis, C I (1929) Mind and the World Order New York: Charles Scribners Luhmann, N (1993) Risk : a sociological theory Berlin: de Gruyter Available at: http://www.worldcat.org/title/risk-a-sociological-theory/oclc/476713602 Lukka, K (2007) ‘Management accounting change and stability: Loosely coupled rules and routines in action’, Management Accounting Research, 18(1), pp 76– 101 doi: 10.1016/j.mar.2006.06.006 98 Risk management in small and medium enterprises Lukka, K and Kassanen, E (1995) ‘The problem of generalizability: anecdotes and evidence in accounting research.’, Accounting, Auditing and Accountability Journal, 8(5), pp 71–90 Lupton, D (1999) Risk: key ideas, Risk London: Routledge doi: 10.1007/ s007690000247 Mäenpää, I and Voutilainen, R (2012) ‘Insurances for human capital risk management in SMEs’, Vine, 42(1), pp 52–66 doi: 10.1108/03055721211207761 Malchaire, J.B (2004) ‘The SOBANE risk management strategy and the Déparis method for the participatory screening of the risks’, International Archives of Occupational and Environmental Health, 77(6), pp 443–450 doi: 10.1007/ s00420-004-0524-3 Man, T.W.Y., Lau, T and Snape, E (2008) ‘Entrepreneurial Competencies and the Performance of Small and Medium Enterprises: An Investigation Through a Framework of Competitiveness’, Journal of Small Business and Enterpreneurship, 21(3), pp 257–276 Management, A for P (2004) Project Risk Analysis and Management Guide 2nd editio UK: APM Publishing Limited Mann, L et al (1988) ‘Effectiveness of the GOFER course in decision making for high school students’, Journal of Behavioral Decision Making John Wiley & Sons, Ltd., 1(3), pp 159–168 doi: 10.1002/bdm.3960010304 Marcelino-Sádaba, S et al (2013) ‘Project risk management methodology for small firms’, International Journal of Project Management, 32(2), pp 327–340 doi: 10.1016/j.ijproman.2013.05.009 Marcelino-Sádaba, S et al (2014) ‘Project risk management methodology for small firms’, International Journal of Project Management, 32(2), pp 327–340 doi: 10.1016/j.ijproman.2013.05.009 Marcelino-Sadaba, S and Perez-Ezcurdia, A (2010) ‘Risk management in SME’s tackled projects’, Dyna, 85(6), pp 504–512 Marchi, L (ed.) (2014) Introduzione all’economia aziendale Il sistema delle operazioni e le condizioni di equilibrio aziendale Ninth Torino: Giappichelli Marle, F and Vidal, L.-A (2011) ‘Project risk management processes: improving coordination using a clustering approach’, Research in Engeneering Design, 22(3), pp 189–206 Matias Gama, A.P and Susana Amaral Geraldes, H (2012) ‘Credit risk assessment and the impact of the New Basel Capital Accord on small and medium?sized enterprises’, Management Research Review Emerald Group Publishing Limited, 35(8), pp 727–749 doi: 10.1108/01409171211247712 McCarthy, B (2000) ‘The cult of risk taking and social learning: a study of Irish entrepreneurs’, Management Decision MCB UP Ltd, 38(8), pp 563–575 doi: 10.1108/00251740010378291 Mehr, R.I and Hedges, B.A (1963) Risk management in the business enterprise, Homewood Ill.: R.D Irwin Available at: http://www.worldcat.org/title/riskmanagement-in-the-business-enterprise/oclc/1516965 (Accessed: August 2017) Mikes, A and Kaplan, R.R.S (2015) ‘When One Size Doesn’t Fit All: Evolving References 99 Directions in the Research and Practice of Enterprise Risk Management’, Journal of Applied Corporate Finance, 27(1), pp 7–19 doi: 10.1111/jacf.12102 Miles, M.B and Huberman, A.M (1994) Qualitative data analysis : an expanded sourcebook Sage Publications Available at: https://books.google.it/books/ about/Qualitative_Data_Analysis.html?id=U4lU_-wJ5QEC&redir_esc=y (Accesed: January 2018) Milošević, N (2017) ‘One Approach to Risk Management in SMEs Banking’, Management, 19(73), pp 59–67 doi: https://doi.org/10.7595/management fon.2014.0033 Moivre, A (1711) De mensura sortis, seu, de probabilitate eventuum in ludis a casu fortuito pendentibus London: Clements(London) Available at: https://eudml.org/ doc/203892 (Accessed: June 2017) Moore, J., Culver, J and Masterman, B (2000) ‘Risk management for middle market companies’, Journal of Applied Corporate Finance Blackwell Publishing Ltd, 12(4), pp 112–119 doi: 10.1111/j.1745-6622.2000.tb00024.x Mousavi, S and Gigerenzer, G (2014) ‘Risk, uncertainty, and heuristics’, Journal of Business Research Elsevier Inc., 67(8), pp 1671–1678 doi: 10.1016/ j.jbusres.2014.02.013 Mukhopadhyay, A., Chatterjee, S and Saha, D (2013) ‘Cyber-risk decision models: To insure IT or not?’, Decision Support Systems, 56, pp 11–26 Available at: http://www.sciencedirect.com/science/article/pii/S0167923613001115 (Accessed: 29 January 2017) Muriana, C and Vizzini, G (2017) ‘Project risk management: A deterministic quantitative technique for assessment and mitigation’, International Journal of Project Management Elsevier Ltd, APM and IPMA, 35(3), pp 320–340 doi: 10.1016/j.ijproman.2017.01.010 Musso, F and Francioni, B (2013) ‘The Decision-Making Process in International Business Strategies’, International Journal of Applied Behavioral Economics, 2(2), pp 1–22 doi: 10.4018/ijabe.2013040101 Mutezo, A (2013) ‘Credit rationing and risk management for SMEs: The way forward for South Africa’, Corporate Ownership and Control, 10(2 B,CONT1), pp 153–163 Nahavandi, A and Malekzadeh, A R (1993) ‘Leader style in strategy and organizational performance: an integrative framework’, Journal of Management Studies Blackwell Publishing Ltd, 30(3), pp 405–425 doi: 10.1111/j.14676486.1993.tb00311.x Ng, H.S and Kee, D.M.H (2018) ‘The core competence of successful ownermanaged SMEs’, Management Decision, 56(1), pp 252–272 doi: 10.1108/MD12-2016-0877 Nielsen, B.B and Nielsen, S (2011) ‘The role of top management team international orientation in international strategic decision-making: The choice of foreign entry mode’, Journal of World Business, 46(2), pp 185–193 doi: 10.1016/j.jwb.2010.05.003 Nilsson, A and Öhman, P (2012) ‘Better safe than sorry: defensive loan 100 Risk management in small and medium enterprises assessment behaviour in a changing bank environment’, Qualitative Research in Accounting & Management Emerald Group Publishing Limited, 9(2), pp 146– 167 doi: 10.1108/11766091211240360 Nishat Faisal, M., Banwet, D.K and Shankar, R (2006) ‘Mapping supply chains on risk and customer sensitivity dimensions’, Industrial Management & Data Systems Emerald Group Publishing Limited, 106(6), pp 878–895 doi: 10.1108/02635570610671533 Nishat Faisal, M., Banwet, D.K and Shankar, R (2007) ‘Supply chain risk management in SMEs: analysing the barriers.’, International Journal of Management & Enterprise Development, 4(5), pp 588–607 Available at: http://10.0.5.224/IJMED.2007.013460%5Cnhttp://escweb.lib.cbs.dk/login?url=http://search.ebscohost.com/login.aspx?direct=true &db=bth&AN=25917353&site=ehost-live&scope=site Nutt, P.C and Wilson, D.C (David C.) (2010) Handbook of decision making John Wiley O’Donnell, E (2005) ‘Enterprise risk management: A systems-thinking framework for the event identification phase’, International Journal of Accounting Information Systems, 6(3), pp 177–195 doi: 10.1016/j.accinf.2005.05.002 O’Hara, R., Dickety, N and Weyman, A (2005) ‘Good Practice in Assessing Workplace Risks by Small and Medium-sized Enterprises’, Risk Management, 7(1), pp 31–41 doi: 10.1057/palgrave.rm.8240203 O’Regan, N., Sims, M and Ghobadian, A (2005) ‘High performance: ownership and decision‐making in SMEs’, Management Decision, 43(3), pp 382–396 doi: 10.1108/00251740510589760 Oberparleiter, K (1955) Funktionen und Risiken des Warenhendels Wien: Spaeth & Linde OECD (2006) Corporate Governance of Non-Listed Companies in Emerging Markets Paris Available at: https://www.oecd.org/corporate/ca/corporategovernance principles/37190767.pdf (Accessed: 26 July 2017) OECD (2015) G20/OECD Principles of Corporate Governance Available at: https://www.oecd.org/daf/ca/Corporate-Governance-Principles-ENG.pdf (Accessed: 26 July 2017) Ogarcă, R (2010) ‘Features of the Decision-Making in SMEs’, Annals of University of Craiova-Economic Sciences Series, 3(38), p 20 Available at: http://feaa.ucv.ro/annals/v3_2010/0038v3-028.pdf (Accessed: 26 July 2017) Öğüt, H., Raghunathan, S and Menon, N (2011) ‘Cyber Security Risk Management: Public Policy Implications of Correlated Risk, Imperfect Ability to Prove Loss, and Observability of Self-Protection’, Risk Analysis Blackwell Publishing Inc, 31(3), pp 497–512 doi: 10.1111/j.1539-6924.2010.01478.x Oh, K.Y., Anderson, A R and Cruickshank, D (2012) ‘Perceived barriers towards the use of e-trade processes by Korean SMEs’, Business Process Management Journal Emerald Group Publishing Limited, 18(1), pp 43–57 doi: 10.1108/14637151211215000 Olsen, W (2004) ‘Triangulation in Social Research: Qualitative and Quantitative References 101 Methods Can Really Be Mixed’, in Holborn, M (ed.) Developments in Sociology Ormskirk: Causeway Press, pp 1–30 doi: 10.1002/jhbs.20022 Oncioiu, I (2014) ‘Risk prevention strategies and the SWOT analysis for the implementation of the SMEs’ business plan’, Acta Universitatis Danubius OEconomica, 10(5), pp 160–170 Available at: http://search.proquest com/docview/1646695076?accountid=10673%5Cnhttp://openurl.ac.uk/athens :_edu?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&genre= article&sid=ProQ:ProQ:ibssshell&atitle=Risk+prevention+strategies+and+the +SWOT+analysis+fo Papadakis, V.M., Lioukas, S and Chambers, D (1998) ‘Strategic decision-making processes: the role of management and context’, Strategic Management Journal John Wiley & Sons, Ltd., 19(2), pp 115–147 doi: 10.1002/(SICI)10970266(199802)19:23.0.CO;2-5 Parnell, J.A., Long, Z and Lester, D (2015) ‘Competitive strategy, capabilities and uncertainty in small and medium sized enterprises (SMEs) in China and the United States’, Management Decision Emerald Group Publishing Limited , 53(2), pp 402–431 doi: 10.1108/MD-04-2014-0222 Paul, S.Y and Boden, R (2011) ‘Size matters: the late payment problem’, Journal of Small Business and Enterprise Development Emerald Group Publishing Limited, 18(4), pp 732–747 doi: 10.1108/14626001111179776 Pederzoli, C et al (2013) ‘Modelling Credit Risk for Innovative SMEs: the Role of Innovation Measures’, J Financ Serv Res, 44, pp 111–129 doi: 10.1007/s10693012-0152-0 Penrose, E (1959) The Theory of the Growth of the Firm New York: John Wiley & Sons, Inc Pérez-Ezcurdia, A and Marcelino-Sádaba, S (2012) ‘The small project paradox in SMEs’, Prime Journal of Business Administration and Management, 2(9), pp 687–692 Petroni, A (1999) ‘Mapping the Diffusion of Advanced Risk Management Practices Among Italian Small- and Medium-Sized Firms’, Risk Management & Insurance Review, 2(3), pp 125–140 doi: 10.1111/j.1540-6296.1999.tb00007.x Piney, M et al (2015) ‘Reducing isocyanate exposure and asthma risk in motor vehicle repair’, International Journal of Workplace Health Management Emerald Group Publishing Limited , 8(4), pp 272–283 doi: 10.1108/IJWHM10-2014-0043 Poba-Nzaou, P (2008) ERP Adoption Process and Implementation Risk Management in SMEs: A multiple-Case Dtudy, ProQuest Dissertations and Theses Global doi: 10.1177/001088048102200214 Poba-Nzaou, P and Raymond, L (2011) ‘Managing ERP system risk in SMEs: a multiple case study’, Journal of Information Technology, 26(3), pp 170–192 doi: 10.1057/jit.2010.34 Poba-Nzaou, P., Raymond, L and Fabi, B (2014) ‘Risk of adopting mission-critical OSS applications: an interpretive case study’, International Journal of Operations & Production Management Emerald Group Publishing Limited , 34(4), pp 477–512 doi: 10.1108/IJOPM-03-2012-0117 102 Risk management in small and medium enterprises Poorkavoos, M et al (2016) ‘Identifying the configurational paths to innovation in SMEs: A fuzzy-set qualitative comparative analysis’, Journal of Business Research Elsevier Inc., 69(12), pp 5843–5854 doi: 10.1016/j.jbusres.2016.04.067 Portman-Smith, C and Harwood, I A (2015) ‘“Only as good as your last gig?”: An exploratory case study of reputational risk management amongst selfemployed musicians’, Journal of Risk Research, 18(4), pp 483–504 doi: 10.1080/13669877.2014.910679 Power, M (2004) ‘The risk management of everything’, The Journal of Risk Finance, 5(3), pp 58–65 doi: 10.1108/eb023001 Power, M (2007) Organized Uncertainty Designing a World of Risk Management New York: Oxford University Press Power, M (2009) ‘The risk management of nothing’, Accounting, Organizations and Society Elsevier Ltd, 34(6–7), pp 849–855 doi: 10.1016/j.aos.2009.06.001 Prange, C and Pinho, J.C (2017) ‘How personal and organizational drivers impact on SME international performance: The mediating role of organizational innovation’, International Business Review Elsevier, 26(6), pp 1114–1123 doi: 10.1016/j.ibusrev.2017.04.004 Psaltopoulos, D., Stathopoulou, S and Skuras, D (2005) ‘The location of markets, perceived entrepreneurial risk, and start-up capital of micro rural firms’, Small Business Economics, 25(2), pp 147–158 doi: 10.1007/s11187-003-6456-6 Raz, T and Michael, E (2001) ‘Use and benefits of tools for project risk management’, International Journal of Project Management, 19(1), pp 9–17 Refsdal, A., Solhaug, B and Stolen, K (2015) Cyber-Risk Management Switzerland: Springer Renn, O (1992) ‘Concepts of risk: a classification’, Social Theories of Risk, (July), pp 53–79 doi: 10.18419/opus-7248 Renton, M et al (2015) ‘Small but sophisticated’, Journal of Research in Marketing and Entrepreneurship Emerald Group Publishing Limited , 17(2), pp 149– 164 doi: 10.1108/JRME-05-2014-0008 Revilla, A J and Fernandez, Z (2012) ‘The Relation between Firm Size and R&D Productivity in Different Technological Regimes’, Technovation, 32, pp 609– 623 Rodriguez, V., Barcos, L and Jesús Álvarez, M (2010) ‘Managing risk and knowledge in the internationalisation process’, Intangible Capital, 6(2), pp 202–235 doi: 10.3926/ic.2010.v6n2.202-235 Rostami, A et al (2015) ‘Risk management implementation in small and medium enterprises in the UK construction industry’, Engineering, Construction and Architectural Management, 22(1), pp 91–107 doi: 10.1108/ECAM-04-20140057 Rowe, W.D (1977) An anatomy of risk Wiley Sanchez, H et al (2009) ‘Risk management applied to projects, programs, and portfolios’, International Journal of Managing Projects in Business, 2(1), pp 14– 35 Sandberg, J and Tsoukas, H (2011) ‘Grasping the logic of practice: theorizing References 103 through practical rationality’, Academy of Management Review, 36(2), pp 338– 360 Sapienza, C (2016) Italian Cyber Security Report A national Cyber Security Framework Sarbutts, N (2003) ‘Can SMEs “do” CSR? A practitioner’s view of the ways smalland medium-sized enterprises are able to manage reputation through corporate social responsibility’, Journal of Communication Management MCB UP Ltd, 7(4), pp 340–347 doi: 10.1108/13632540310807476 Sassi, S (1940) Il sitema dei rischi d’impresa Milano: Vallardi Scapens, R.W (1990) ‘Researching management accounting practice: The role of case study methods’, The British Accounting Review Academic Press, 22(3), pp 259–281 doi: 10.1016/0890-8389(90)90008-6 Scherer, K.R (2005) ‘What are emotions? And how can they be measured?’, Social Science Information, 44(4), pp 695–729 doi: 10.1177/0539018405058216 Schönbohm, A and Jülich, A (2016) ‘On the Effectiveness of Gamified Risk Management Workshops: Evidence from German SMEs’, International Journal of Serious Games, 3(2), pp 67–82 doi: 10.17083/ijsg.v1i4.47 Schueffel, P (2016) ‘Taming the Beast: A Scientific Definition of Fintech’, Journal of Innovation Management Schueffel JIM, 4(4), pp 32–54 Available at: http://hdl.handle.net/10216/102610%0Ahttp://www.openjim.org%0Ahttp://creativecommons.org/licenses/by/3.0 Sharifi, O (2014) ‘Financial Risk Management for Small and Medium Sized Enterprises (SMES).’, International Journal of Information, Business & Management, 6(2), pp 82–94 Available at: http://eserv.uum.edu.my/login? url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=96270 555&site=ehost-live&scope=site Silva, E.S., Wu, Y and Ojiako, U (2013) ‘Developing Risk Management as a Competitive Capability.’, Strategic Change, 22(5/6), pp 281–294 doi: 10.1002/jsc.1940 Simon, H.A (1959) ‘Theories of Decision-Making in Economics and Behavioral Science’, The American Economic Review, 49(3), pp 253–283 Smit, Y and Watkins, J.A (2012) ‘A literature review of small and medium enterprises (SME) risk management practices in South Africa’, African Journal of Business Management, 6(21), pp 6324–6330 doi: 10.5897/AJBM11.2709 Snider, H.W (1956) Reaching professional status: A program for risk management., Corporate Risk Management: Current Problems and Perspectives 112 Soin, K and Collier, P (2013) ‘Risk and risk management in management accounting and control’, Management accounting research published for the Chartered Institute of Management Accountants by Academic Press, 24, pp 82–87 Available at: https://ore.exeter.ac.uk/repository/handle/10871/16809 (Accessed: 27 July 2017) Soininen, J et al (2012) ‘The impact of global economic crisis on SMEs’, Management Research Review Emerald Group Publishing Limited, 35(10), pp 927–944 doi: 10.1108/01409171211272660 Sorci, C (2014) Lezioni di economia aziendale Milano: Giuffrè 104 Risk management in small and medium enterprises Sparrow, J and Bentley, P (2000) ‘Decision Tendencies of Entrepreneurs and Small Business Risk Management Practices’, Risk Management, 2(1), pp 17–26 doi: 10.1057/palgrave.rm.8240037 Spencer, M.H and Siegelman, L (1964) Managerial Economics: Decision Making and Forward Planning - Milton H Spencer, Louis Siegelman - Google Libri 2nd edn University of Michigan: Irwin Available at: https://books.google.it/ books/about/Managerial_Economics_Decision_Making_and.html?id=3i3cnAA ACAAJ&redir_esc=y (Accessed: June 2017) St-Pierre, J and Bahri, M (2006) ‘The use of the accounting beta as an overall risk indicator for unlisted companies’, Journal of Small Business and Enterprise Development Edited by H Matlay Emerald Group Publishing Limited, 13(4), pp 546–561 doi: 10.1108/14626000610705741 Stake, R.E (1994) ‘Case studies’, in Denzin, N and Lincoln, Y (eds) Handbook of Qualitative Research London: Sage Publications, pp 236–247 Stulz, R.M (1996) ‘Rethinking Risk Management’, Journal of Applied Corporate Finance, 9(3), pp 8–25 doi: 10.1111/j.1745-6622.1996.tb00295.x Subramanian, V et al (2016) ‘Sustainable nanotechnology decision support system: bridging risk management, sustainable innovation and risk governance’, Journal of Nanoparticle Research, 18(4), p 89 doi: 10.1007/s11051-016-3375-4 Sukumar, A and Edgar, D (2009) ‘E-Business, SMEs and Risks: Towards a Research Agenda’, International Journal of Management Innovation Systems, 1(2), pp 1–19 Available at: https://search.ebscohost.com/login.aspx?direct =true&db=bth&AN=50938001&lang=es&site=bsi-live Suri, H (2011) ‘Purposeful Sampling in Qualitative Research Synthesis’, Qualitative Research Journal, 11(2), pp 63–75 doi: 10.3316/QRJ1102063 Tajudeen, Y and Dansu, F.S (2013) ‘Smes, Business Risks and Sustainability in Nigeria’, European Journal of Business and Social Sciences, 2(29), pp 76–94 Available at: http://www.ejbss.com/recent.aspx Terungwa, A (2012) ‘Risk Management and Insurance of Small and Medium Scale Enterprises (Smes) in Nigeria’, International Journal of Finance and Accounting, 1(1), pp 8–17 doi: 10.5923/j.ijfa.20120101.02 Thun, J.-H et al (2011) ‘Managing uncertainty-an empirical analysis of supply chain risk management in small and medium-sized enterprises’, International Journal of Production Research, 49(18), pp 5511–5525 doi: 10.1080/00207543.2011.563901 Torabi, S.A., Giahi, R and Sahebjamnia, N (2016) ‘An enhanced risk assessment framework for business continuity management systems’, Safety Science, 89, pp 201–218 doi: 10.1016/j.ssci.2016.06.015 Turner, R., Ledwith, A and Kelly, J (2010) ‘Project management in small to medium-sized enterprises: Matching processes to the nature of the firm’, International Journal of Project Management International Project Management Association, 28(8), pp 744–755 doi: 10.1016/j.ijproman.2010.06.005 Ürü, F.O et al (2011) ‘How much entrepreneurial characteristics matter in strategic decision-making?’, Procedia - Social and Behavioral Sciences, 24, pp 538–562 doi: 10.1016/j.sbspro.2011.09.112 References 105 Vătămănescu, E.-M and Alexandru, V.-A (2014) ‘Economic and Risk Analyses for SMEs Internationalization Projects A Preliminary Insight on the Rationale of Business Consulting Firms’, Management Dynamics in the Knowledge Economy, 2(1), pp 57–70 doi: 10.1108/IMR-09-2013-0187 Verbano, C and Venturini, K (2013) ‘Managing risks in SMEs: A literature review and research agenda’, Journal of Technology Management and Innovation, 8(3), pp 186–197 Vickery, J (2008) ‘How and why small firms manage interest rate risk?’, Journal of Financial Economics, 87(2), pp 446–470 doi: 10.1016/j.jfineco.2006.09.011 Virglerová, Z et al (2016) ‘Influence of selected factors on financial risk management in SMEs in the Czech Republic’, Montenegrin Journal of Economics, 12(1), pp 21–33 doi: 10.14254/1800-5845.2016/12-1/1 Wedawatta, G et al (2011) ‘Extreme weather events and construction SMEs’, Structural Survey Emerald Group Publishing Limited, 29(2), pp 106–119 doi: 10.1108/02630801111132795 Wedawatta, G and Ingirige, B (2012) ‘Resilience and adaptation of small and medium-sized enterprises to flood risk’, Disaster Prevention and Management: An International Journal Emerald Group Publishing Limited, 21(4), pp 474– 488 doi: 10.1108/09653561211256170 Wedawatta, G and Ingirige, B (2016) ‘A conceptual framework for understanding resilience of construction SMEs to extreme weather events’, Built Environment Project and Asset Management Emerald Group Publishing Limited , 6(4), pp 428–443 doi: 10.1108/BEPAM-06-2015-0023 Weick, K.E (1989) ‘Theory Construction as Disciplined Imagination.’, Academy of Management Review Academy of Management, 14(4), pp 516–531 doi: 10.5465/AMR.1989.4308376 Wharton, F (1992) ‘Risk Management: Basic concepts and general principles.’, in Ansell, J and Wharton, F (eds) Risk: Analysis, Assessment and Management Chichester: Wiley & Sons, Ltd., p Williams, R.M and Heins, C.A (1964) Risk Management and Insurance New York: McGraw-Hill Available at: https://www.amazon.com/RiskManagement-Insurance-Heins-Williams/dp/B001ROEUPY (Accessed: August 2017) Wright, J.F (2018) ‘Risk management: a behavioural perspective’, Journal of Risk Research Routledge, 21(6), pp 710–724 doi: 10.1080/13669877.2016.1235605 Wulan, M.Q and Petrovic, D (2012) ‘A fuzzy logic based system for risk analysis and evaluation within enterprise collaborations’, Computers in Industry, 63(8), pp 739–748 doi: 10.1016/j.compind.2012.08.012 Xi, J et al (2015) ‘Mapping the field of family business research: past trends and future directions’, International Entrepreneurship and Management Journal, 11, pp 113–132 doi: 10.1007/s11365-013-0286-z Xie, K.F et al (2009) ‘Early-warning management of inner logistics risk in SMEs based on label-card system’, Production Planning and Control, 20(4), pp 306– 319 doi: 10.1080/00107510902914290 106 Risk management in small and medium enterprises Xie, Y., James Allen, C and Ali, M (2014) ‘An integrated decision support system for ERP implementation in small and medium sized enterprises’, Journal of Enterprise Information Management Emerald Group Publishing Limited , 27(4), pp 358–384 doi: 10.1108/JEIM-10-2012-0077 Yaakub, S and Mustafa, H.K (2015) ‘Supply Chain Risk Management for the SME’s’, Academic Journal of Interdisciplinary Studies, 4(1 S2), p 151 doi: 10.5901/ajis.2015.v4n1s2p151 Yen, H.R and Sheu, C (2004) ‘Aligning ERP implementation with competitive priorities of manufacturing firms: an exploratory study’, International Journal of Production Economics, 92(3), pp 207–220 Yin, R.K (1994) Case study research : design and methods Sage Publications Available at: https://books.google.it/books/about/Case_study_research.html?id=AvYOAQ AAMAAJ&redir_esc=y (Accessed: January 2018) Zalk, D.M et al (2011) ‘Review of qualitative approaches for the construction industry: designing a risk management toolbox.’, Safety and health at work, 2(2), pp 105–21 doi: 10.5491/SHAW.2011.2.2.105 Zappa, G (1956) Le produzioni nell’economia delle imprese Milano: Giuffrè Zhang, L., Hu, H and Zhang, D (2015) ‘A credit risk assessment model based on SVM for small and medium enterprises in supply chain finance’, Financial Innovation, 1(1), p 14 doi: 10.1186/s40854-015-0014-5 ... of risks in SMEs; Risk management process; Owners’ and managers’ risk behaviour and attitude Knowledge risk management and risk culture; Project risk management and innovation management 46 Risk. .. decision-making process within the business management The management of risks in SMEs 2.1 Types of risks in SMEs 2.1.1 Credit, financial and defaults risks 2.1.2 Supply chain risk 2.1.3 Cyber, IT and. .. were then increasingly used Operational risk and liquidity risk management instead emerged during the 1990s, when governance of risk management and its integration into the business management