Toward Preventive Management of Risks Theory: Foundation of Process Structuring the Theory

Abstract

The preventive management of risks in enterprises has a pivotal role in preserving the value created in the business processes. Despite the notable importance of this area of study, it has received little attention from researchers. A deep investigation and analysis of the literature on risk management led to reveal that there is a need for a solid foundation of preventive management of risks theory. Although the contribution of the previous studies in the area of preventive management of risks, by identifying the pillars that constitute it, and highlighting the contribution of the integration of risk management and knowledge management in preventing risks. However, we may only consider these studies as preliminary steps in the development of this new field since they did not justify the integration of different disciplines to generate a new one. Moreover, they did not provide any operational process that structures this paradigm. Thus, we aim through the present study to take one further step in the foundation of preventive management of risks and to develop an operational process that regulates this field by coupling a knowledge management process with the process of the integrated management of risks and business processes. This integration has followed a rigorous and strict methodology to justify and accept the integration of two separated fields in one single field as a scientific and valid foundation. This research has succeeded to provide theoretical implications and a conceptual model for preventive management of risks, which triggers the need for empirical implications to improve the outcomes of this study.