Process or behaviour: which is the risk and which is to be managed?

Navare, Jyoti ORCID: https://orcid.org/0000-0002-3929-0362 (2003) Process or behaviour: which is the risk and which is to be managed? Managerial Finance, 29 (5/6) . pp. 6-19. ISSN 0307-4358 [Article] (doi:10.1108/03074350310768724)

Abstract

Based on the belief that it is behaviour which constitutes risk rather than procedures, the paper focuses on the awareness of behavioural aspects in risk management techniques and the consequences that arise out of this awareness. It questions the traditional thinking that risk management is predominantly a set of procedures in the control of risk. The paper also considers the part played by public policy in managing risk and changing behaviour. The paper concludes that it is behaviour, and not the set of procedures, which is the risky factor; therefore in risk management there is need to focus on developing human behaviour that is capable of being flexible in an event.

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