Transformation of the concept of risk management: a comparative analysis of academic approaches and regulatory frameworks

Abstract

The article explores the transformation of risk management by comparing academic views with international normative frameworks. Scholarly sources interpret risk as uncertainty, loss probability, or a dual combination of threats and opportunities, creating a fragmented theoretical field. Content analysis identifies core components such as risk identification, assessment, analysis and mitigation, which form the basis of traditional approaches. Meanwhile, standards like ISO 31000, COSO ERM and FERMA broaden risk management by linking it to strategy, governance and organizational culture. The study proposes an integrated understanding of risk management as a multidimensional and strategically oriented process that supports resilience and long-term development under uncertainty.