Comparative Analysis of the Survey of IRGC Framework and Risk Management Infrastructure in Iran

Risk Management (RM) is scientifically sound as cost-effective, integrating actions that reduce or prevent risks while taking into account social, cultural, ethical, political, and legal considerations. Although managing risks is not a recent global challenge, the need for a more comprehensive approach to RM requires a broader investigation. The International Risk Governance Council (IRGC) framework creates value through its unique and multi-disciplinary approach to understanding emerging and re- emerging risks multi-sectorial and, particularly, those risks to which the OECD has assigned the term ’systematic’. IRGC framework also focuses on the risks with the intention of helping decision makers, particularly governments, to anticipate and understand the risks and the risk governance options before they become urgent policy priorities. This paper has demonstrated the concepts of IRGC framework, traffic light model for hierarchy of risks, global risk correlation matrix, RM escalator and stakeholder involvement and has addressed risk characteristics and their implication for RM together with the RM strategies and policy making needs, which are necessary for building a foundation towards mature RM in Iran. The findings outline the fact that implementation of mature risk management in Iran due to geopolitical risk & low economic freedom, requires an organized and systematic approach for determining the best course of action under an uncertainty situation.

Keywords:

IRGC , Risk governance , Global risk , Uncertainty risk , Challenge , Iran