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Transforming Risk Management and Risk Governance in Organizations


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While companies are repeatedly confronted with major crises (e.g., the financial crisis of 2008, COVID-19, global supply chain crisis, energy crisis) and face huge transformative challenges (e.g., digitalization, climate change, market disruptions), many of them are still busy modernizing their approaches to risk governance and management (e.g., Bailey, 2019; Crovini et al., 2021; Giovannoni et al., 2016; Zhao et al., 2014). It now seems widely accepted that traditional corporate risk management approaches need to be completed with a more strategic risk steering and have to be closely linked to the business model – in line with the so-called risk governance approach (Stein and Wiedemann, 2016; Stein et al., 2019; Wiedemann et al., 2023).  

A more proactive and strategically oriented risk governance approach not only shapes more risk response capabilities, but may also help install new thinking in many organizations to tackle emerging mega transformation risks such as climate change and cyber-attacks (Sheedy, 2021). Regulated risk defense (e.g., Gatzert and Kolb, 2013; Ring et al., 2016; COSO, 2017) approaches may enable more freedom to react to the great variance and plasticity of crises, and lead to a new way of corporate management thinking in unpredictable times (Hiebl, 2019; Sheedy, 2021). As envisioned by Power (2016), and as already indicated by some organizations’ response to the COVID-19 pandemic (Power, 2021), risk managers may not only take care of risks, but may venture into new roles such as transformation managers. 

Transformation today takes place in complex networks and is thought of in terms of cooperative and collaborative transformation ecosystems (Oghazi et al., 2022). The increasing complexity of strategic decisions requires a synchronous growth of the risk steering systems. In addition to corporate stakeholders, other social activists are increasingly influencing corporate decisions and placing new demands on management (Girschik et al., 2022). 

While some literature has addressed these transformational developments, we still know relatively little on the effects of these transformational changes on individual organizations and their way of governing and managing risk. With this special issue in Management Decision, we therefore want to tackle this issue. 


List of topic areas 

The special issue is open to all types of papers in terms of their underlying research methods. Given the so-far limited evidence on risk management and risk governance in transformation, we particularly welcome empirical papers (based on quantitative, qualitative, or mixed methods). Suitable topics include, but are not limited to the following: 

  • Risk governance and questions of change management 
  • Risk governance and questions of organizational autonomy to manage transformation 
  • Risks of the transformation process itself and models to measure  these risks 
  • Digitization and sustainability as transformation drivers in risk management systems 
  • Managing the risk of resistance against transformation 
  • The role of management and the culture of an organization in transformative change of risk governance and risk management 
  • The role of artificial intelligence in new forms and transformations of risk governance and risk management  
  • Organizational prerequisites to handle transformation risks 
  • Risk perspectives of transformation ecosystems 


Guest Editors 

Prof. Dr. Martin Hiebl (Managing Guest Editor),  
University of Siegen, Germany, and Johannes Kepler University Linz, Austria 
[email protected] 


Prof. Dr. Volker Stein,  
University of Siegen, Germany 
[email protected] 


Prof. Dr. Arnd Wiedemann,  
University of Siegen, Germany 
[email protected] 


Submissions Information 

All papers will be refereed through the journal’s standard peer review process.  

Submissions are made using ScholarOne Manuscripts. Registration and access are available by clicking the button below. 

Author guidelines must be strictly followed. Please see: 

Authors should select (from the drop-down menu) the special issue title at the appropriate step in the submission process, i.e. in response to “Please select the issue you are submitting to”.   

Submitted articles must not have been previously published, nor should they be under consideration for publication anywhere else, while under review for this journal. 

For any queries, please contact the managing guest editor: Martin Hiebl [email protected]


Key Deadlines 

Opening date for manuscripts submission: 1 October 2023 

Closing date for manuscripts submission: 31 March 2024 

Important Dates 

The 11th Annual Conference on Risk Governance, held between 19 and 20 October 2023 at the University of Siegen, Germany, offers a venue where research papers intended for submission to the special issue may be discussed with a broader audience and the guest editors of this issue. More information on this conference can be found at: Participation at this conference is not required for submissions to the special issue.  



Bailey, C. (2022). The Relationship Between Chief Risk Officer Expertise, ERM Quality, and Firm Performance. Journal of Accounting, Auditing & Finance, 37(1), 205-228.  
COSO. 2017. Enterprise Risk Management: Integrating with Strategy and Performance, COSO. 
Crovini, C., Santoro, G., & Ossola, G. (2021). Rethinking risk management in entrepreneurial SMEs: towards the integration with the decision-making process. Management Decision, 59(5), 1085-1113. 
Gatzert, N. & Kolb, A. (2013). Risk Measurement and Management of Operational Risk in Insurance Companies from an Enterprise Perspective. Journal of Risk and Insurance, 81 (3), 683-708. 
Giovannoni, E., Quarchioni, S. & Riccaboni, A. (2016). The Role of Roles in Risk Management Change: The Case of an Italian Bank. European Accounting Review, 25 (1), 109-129. 
Girschik, V., Svystunova, L., Lysova, EI. (2022). Transforming corporate social responsibilities: Toward an intellectual activist research agenda for micro-CSR research. Human Relations, 75(1), 3-32.  
Hiebl, M. (2019). From Theoretical Framing to Empirical Testing in Risk Governance Research: Moving the Field Forward. Management Research Review, 42 (11), 1217-1223. 
Power, M. (2016). Riskwork: Essays on the Organizational Life of Risk Management. Oxford University Press. 
Power, M. (2021). Organizing Risk: The Risk Cycle and the Problem of Switching. Keynote presentation given at the Annual Conference for Management Accounting Research (ACMAR), March 1, 2021. 
Oghazi, P., Parida, V., Wincent, J. & Mostaghel, R. (2022). Ecosystems transformation through disruptive innovation: A definition, framework and outline for future research. Journal of Business Research, 147, 16-26.  
Ring, P. J., Bryce, C., McKinney, R. & Webb, R.  (2016). Taking notice of risk culture – the regulator’s approach. Journal of Risk Research, 19 (3), 364-387. 
Sheedy, E. (2021). Risk Governance: Biases, Blindspots and Bonuses. Routledge, London and New York. 
Stein, V. and Wiedemann, A. (2016). Risk Governance: Conceptualization, Tasks, and Research Agenda. Journal of Business Economics, 86 (8), 813-836. 
Stein, V., Wiedemann, A. & Bouten, C. (2019). Framing Risk Governance. Management Research Review, 42 (11), 1224-1242. 
Wiedemann, A., Bouten, C., Hertrampf, P., Stein, V. & Mues, N. (2023). The risk related tone from the top: Evidence from German regional banks. Journal of Risk Research, in press,
Zhao, X., Hwang, B. G., & Pheng Low, S. (2014). Enterprise risk management implementation in construction firms: An organizational change perspective. Management Decision, 52(5), 814-833.