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Risk management and business regulation

Baldwin, Robert, Hood, Christopher, Rothstein, Henry, Hutter, Bridget M. and Power, Michael (2000) Risk management and business regulation. CARR Launch Paper. London School of Economics and Political Science, London, UK. ISBN 0753014297

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Abstract

(This article was first published in the Financial Times Mastering Risk series, 2000 under the title of 'Power and Influence in Risk Regulation'). Introduction The regulation of business and corporate risk management are inextricably related. Regulation is one way in which risks are managed in modern societies and corporate risk management is a form of self-regulation, although senior management would not articulate it in such terms. In practice, the distinction between regulation and risk management is becoming blurred as risk management blueprints influence the design of regulatory systems. This is particularly evident in the latest thinking of the UK Financial Services Authority, which is required to maintain market confidence and protect consumers. The FSA's new operating framework builds on its earlier risk based approaches to regulation and recognises that the nature and intensity of its relationship with a regulated firm will depend on the risk assessment of that firm. Accordingly, there is a pronounced convergence in form between the FSA's approach to regulation and the risk management practice of the very entities that it regulates. This trend is also visible in other areas...

Item Type: Monograph (Working Paper)
Official URL: http://www2.lse.ac.uk/researchAndExpertise/units/C...
Additional Information: © 2000 The Authors
Library of Congress subject classification: H Social Sciences > HG Finance
Sets: Departments > Accounting
Departments > Law
Research centres and groups > Centre for Analysis of Risk and Regulation (CARR)
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: CARR Launch Paper
Date Deposited: 09 May 2011 10:51
URL: http://eprints.lse.ac.uk/35975/

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