Corporate objectives are the reference point for the assessment of most business risks. In addition, a company’s budget may be considered as a stochastic variable influenced by a variety of risk factors following different distribution functions. Thus, we should not limit corporate budgets to the expected value but should also consider the probability and volume of possible deviations as chances and risks.
Looking at the interfaces between risk assessment, risk management and corporate budgeting, the special issue will focus attention on the following questions:
- What are the potentials for an intensified integration of risk management and corporate budgeting?
- How can a company integrate assessing and managing risks and corporate budgeting?
- Which problems arise from an intensified integration and how are they dealt with?
- What are possible effects of business risks on corporate performance measurement and management?
This special issue welcomes submissions in form of conceptual, case-based or empirical papers offering new insights into, but not limited to, the following:
- Variance analysis as an approach for the integration of risk assessment and corporate budgeting
- Possibilities and problems of scenarios in corporate budgeting
- Using simulation models in corporate budgeting, e.g. Monte Carlo budget simulations, agent-based modelling or system dynamics
- Integration of risk indicators in corporate budgeting and performance measurement
- Integration of risk targets in corporate incentive and reward systems
- Maturity models and stages of integration of risk management and corporate budgeting
- Organisational and human resource approaches for the integration of risk management and corporate budgeting
- Operational and financial risks and their integration into corporate budgeting and performance management
Submission of manuscripts: 31 December, 2016