Towards a balanced approach in risk identification

In the current global, economy risk management has become an essential element of good governance. This article investigates to what extent risk management standards and their application consider the full spectrum of potential risks. Similar to the importance of balancing different perspectives of organizational performance, it seems equally critical to identify risks from multiple perspectives. This article builds on the integral theory of Wilber to propose an approach that allows assessing balance in risk identification. It illustrates the application of the approach in a Regulatory Impact Analysis (RIA) practice and reflects on the implications for engineering management.