Flexibility and Resilience in Corporate Decision Making: A New Sustainability-Based Risk Management System in Uncertain Times
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2021
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Springer
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Resumen
Risk management plays a key role in uncertain
times, preventing corporations from acting rashly and
incorrectly, allowing them to become flexible and resilient.
A global turbulence such as the COVID-19 pandemic has
had a strong impact on individual companies and entire
economic sectors, raising the question of whether a paradigm shift is necessary, in order to enable a new cycle of
development that is much environmentally, socially and
economically sustainable. This environmental and socioeconomic context of profound uncertainty forces organizations to consider more carefully the risk factors affecting
their business continuity, as well as how these factors
relate to sustainability issues. However, there is a gap in
knowledge about how risk management systems relate to
sustainability management systems, and how both of them
exert influence on business performance, especially from a
theoretical point of view. The aim of this study is to address
this gap, by developing a new interpretative framework for
the analysis of risk management strategies in organizations. This approach has been identified in economic hermeneutics as an innovative methodological tool to
improve the knowledge of risk and design the most
appropriate management strategies. The paper provides
two main results: the first one is the construction of a
theoretical model that relates risk management to sustainability management; the second one is an operational
framework of multidimensional risk assessment useful for
analysis at different levels (business, competitive scenario
and system). Finally, the model also makes it possible to
carry out a sustainability assessment through risk evaluation in the perspective of the sustainable development
goals.
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Settembre-Blundo, D., González-Sánchez, R., Medina-Salgado, S. et al. Flexibility and Resilience in Corporate Decision Making: A New Sustainability-Based Risk Management System in Uncertain Times. Glob J Flex Syst Manag 22, 107–132 (2021). https://doi.org/10.1007/s40171-021-00277-7
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