Obstacles to the Evolution of Risk Management as a Discipline: Some Tentative Thoughts

Abstract

Drawing on the counterfactual example of the professionalisation of accountancy in 19th-century Britain, this paper argues that the ability of risk management to fully establish itself as an applied academic discipline is hindered by a number of factors. These include: the lack of a precise and unambiguous legislative mandate for risk management; the lack of sufficient research-based evidence with regard to the value added by risk management activities; and the lack of a clear categorisation of risk management as an applied discipline within the fields of business studies and management. The paper concludes that unless researchers are able to demonstrate the benefits which arise from risk management activities, the field is likely to enter a period of stagnation.