Risk Governance [PDF ebook] 

The paper by Stein et al. (2019) aims to raise awareness of the relevance of framing in risk management and risk governance. Based on a five-constituent framing approach, the authors conceptualize how firms’ approaches to handling risks differ depending on the frames they apply and whether they lean toward risk management or risk governance. The paper therefore clarifies the distinction between risk management framing and risk governance framing, which is valuable for reducing ambiguity—both in research and in practice—around these two principal approaches to steering risks.