Operational risk management and governance within companies: a literature review

Abstract

Over the last decade, the issue of corporate governance has attracted the interest of researchers. Its aim is to protect the interests of the company's stakeholders, who play an important role in job creation and the development of the Moroccan economy. Risk management is an integral part of so-called "steering" structures, which provide a guarantee of institutional governance. In this sense, risk management provides a cross-cutting and comprehensive view of the major risks to which any structure is exposed and ensures that the level of risk taken is consistent with the guidelines and objectives defined by the company's governance bodies. However, despite the efforts made by the public authorities, these companies are unable to achieve sustainable performance. The governance code and its relationship with risk management, particularly operational risk, is intended to help them develop. In our article, we will outline the main concepts of risk management, operational risk and governance in order to determine the relationship between operational risk management and corporate governance in Moroccan companies.