The concept of risk has evolved from a pre-modern understanding, where it was viewed solely asuncertainty with negative outcomes, to a modern perspective that encompasses both negative and positiveoutcomes. Despite ongoing debates in the literature, there is no universally accepted definition of risk.Drawing on Saussure’s linguistic theory and Wittgenstein’s (2005. Philosophische Untersuchungen(Philosophical investigations). In S. T. Wissenschaft (Ed.), Tractatus logico-philosophicus. Tagebucer1914–1916. Philosophische Untersuchungen (Tractatus logico-philosophicus. Diaries 1914–1916.Philosophical investigations), (18th ed.). Suhrkamp) philosophy, this study examines how specific groupswithin the community perceive risk and the potential reasons behind differing interpretations. Using a casestudy approach, the research focuses on practitioners with an interest in a UK bank (Bank A). Interviewswere conducted with risk reporting analysts, regulators, investors, and managers at Bank A. The findingssuggest that definitions of corporate risk are shaped by the practices and procedures specific to each groupdirectly affected, rather than a unified understanding. It is crucial, therefore, to evaluate and incorporatethese differing perspectives during the implementation of accounting regulations. While all participantsdescribed risk as the uncertainties associated with both expected and unexpected events, their viewsdiverged on the effects and implications of these events, which could result in either positive or negativeoutcomes. Thus, risk transcends both pre-modern and modern views and cannot be fully understood withoutconsidering the conceptual meanings and subjective judgments of those directly involved.
Azuma-Kotei, Zaneta Akudbil Ibrahim, Awad Elsayed Awad
Oxford Brookes Business School
Year of publication: 2024Date of RADAR deposit: 2025-01-14