To date, there has been little consideration of the many different ways in which accounting and risk intersect, despite organisations being more determined than ever to build resilience against potential risks. This comprehensive volume overcomes this gap by providing an overview of the field, drawing together current knowledge of risk in a wide range of different accounting contexts.
Key themes such as corporate governance, trust, uncertainty and climate change are covered by a global array of contributing scholars. These contributions are divided into four areas:
The broader aspects of risk and risk management
Risk in financial reporting
Risk in management accounting
The book is supported by a series of illustrative case studies which help to bring together theory and practice. With its wealth of examples and analyses, this volume provides essential reading for students, scholars and practitioners charged with understanding diverse facets of risk in the context of accounting in the business world.
Margaret Woods is Emeritus Professor of Accounting and Risk at Aston Business School, Aston University, UK. Founder of the European Risk Research Network, her extensive publications on risk particularly have attracted international media interest. Her book of case studies, Risk Management in Organizations, was published in 2011. Philip Linsley is Professor of Accounting and Risk at the York Management School, University of York, UK. His research interests are risk-related and include investigating risk disclosure, and risk and culture. He is particularly interested in applying the ideas of Mary Douglas to the accounting field.
1. Introduction Philip Linsley and Margaret Woods Part I: Risk in Context 2. A historical perspective on risk management Mark Billings 3. Risk tools and risk technologies Beth Kewell and Philip Linsley 4. Insights into corporate governance and risk: exploring systems from Germany, the United States and the United Kingdom Anthony Devine and Philip Shrives Part II: Financial reporting and risk 5. Financial reporting risks in relation to financial instruments Chu Yeong Lim and See Liang Foo 6. Risk reporting Mahmoud Marzouk, Philip Linsley and Shraddha Verma 7. Risk in government outsourcing and risk-sharing: rhetoric or reality? Carolyn Cordery 8. Carbon risk management in a regulatory context: the case of New Zealand Binh Bui Part III: Management accounting and risk 9. Supporting decision-making under uncertainty: the management accountant as risk manager Gillian Lees 10. Risk and performance management: two sides of the same coin? Tommaso Palermo 11. Incorporating risk considerations into planning and control systems: the influence of risk management value creation objectives Christopher D. Ittner and Thomas Keusch 12. Risk reporting to the board of directors Regine Slagmulder 13. Supply chain quality risk: a food industry perspective Ying Kei Tse and Minhao Zhang 14. Institutional work and embedded agency: the institutionalization of enterprise risk management in a large, global, oil and gas company Anita Meidell and Katarina Kaarboe Part IV: Risk monitoring 15. Over-compliance and the conformity trap Gregory B. Vit 16. Monitoring Shariah non-compliance risk in Islamic banking institutions Nunung N. Hidayah 17. Technology and business risks Kirstin Gillon 18. Failed decision-making at Dexia?: a lack of integrated risk culture Peter Verhezen and Marie Gemma Dequae 19. Future research in accounting and risk Margaret Woods and Philip Linsley