Analyzing balance in risk identification

In the current global economy, where external and internal pressures force organizations to continuously focus on goal achievement, risk management seems to be an essential element of good governance. Whereas more standards and guidelines become available that clarify the risk management process (planning, identification, quantification, evaluation, mitigating of risks,...), this paper wants to investigate to what extent these standards and their application consider the full picture of relevant risks. More literature emphasizes the importance to balance different perspectives of organizational performance to capture the holistic character or management. Therefore it seems equally critical for successful risk management to identify risks from multiple perspectives, taking multiple stakeholders in account. This paper builds on the integral theory of Wilber to propose an approach that allows assessing balance in risk identification and illustrates its application in a Regulatory Impact Analysis (RIA) practice. RIA activities performed during the decision making process of the Flemish Government to detect problems related to the practical implementation of risk identification in an organization are evaluated. Insights from the study provide a foundation for future research with regard to the holistic implementation and use of risk management.