Abstract
The research aims to understand the integrated risk management global adoption, especially ISO 31000 in Public Sector Organizations (PSOs). Through desk research and complemented with literature reviews taken from case studies in the G20 Countries, this study is expected to give a helicopter view about the global adoption speed of ISO 31000 as an international standard of risk management by PSOs across the world, and capture the sense of key issues and challenges related to the implementation. The findings contribute to the existing risk management implementation literature as well as a foresight for global risk leaders in PSOs to excel in their own respective risk management initiative either as a single initiative or as a part of their attempt to initiate change management. Since the sample has been purposively limited to G20 countries, consequently it does not reflect other critical factors of issues and challenges which have probably been experienced by non-G20 countries.
Highlights
The need for integrated risk management in Public Sector Organizations (PSOs) has been rising in the last decade along with the uncertainties and risks faced by PSOs to fulfill their mission and mandates
The issues and challenges related to digitalization are primarily observed in the top six G20 countries with the highest GDP i.e. the United States, the European Union, Japan, the United Kingdom, China, and Indian economics (India)
Since the issues and challenges faced by PSOs in those six countries are predominantly about digitalization, their attempts in the International Organization of Standardization (ISO) 31000 Standard implementation are deeply contextual in the high technology, environment
Summary
The need for integrated risk management in PSOs has been rising in the last decade along with the uncertainties and risks faced by PSOs to fulfill their mission and mandates. While PSOs have had used many approaches and techniques on risk management, most of them, deal with their risks on an ad-hoc basis. When the International Organization of Standardization (ISO) produced their first Standard ISO 31000:2009 Risk Management Principles and Guidelines in 2009, many PSOs adopted them as their integrated approach in managing risks. Even though the speed of the standard adaptation was slow at first, its movement and significance of such adoption are getting faster and bigger as it gains momentum. It has been observed during 2009-2014, and was implemented by seven of the G20 countries. Whereas during 2014-2019, 13 of the G20 countries implemented it (Choo et al, 2015; Organisation for Economic Co-operation and Development, 2013)
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