-Risk Leisure Consumption Through Skydiving, †Journal of Consumer Research, Volume 20 Issue 1, pp. 1-23
accurate forecasts on medium and long term and manage the risks The results of the questionnaire and interview deliver that the
Risk management Practice, Cambridge university Press, 2010 16 Vlerick Leuven Gent Management School, Global Entrepreneurship Monitor, Rapport voor Bel en Vlaanderen
and risk-taking, creates the fac -tors closely tied to an entrepreneurial firm (Covin and Slevin 1989;
existing products and services, proactiveness and calculated risk-taking, innovative marketing, and others as suggested by the innovation variable.
performance, risk and value Journal of Small Business Management, 39, 31†49 Mcevily, SK, & Chakravarthy, B. 2002).
) The role of family influence in strategic response to the threat of imitation. Entrepreneurship Theory and Practice, 32, 979†998
) Entrepreneurial risk taking in family firms. Family business Review, 18 (1), 23†40 Zahra, SA, Hayton, JC,
However, the risk is that vested interests from the most powerful regional stakeholders and lobbies may condition decision
Minimising the risks of lock in clientelism and corruption requires the design of adequate checks and balances limiting the risk of
pervasive incentives for public officials. These risks may be the consequence of a political system that fails to maintain high standards of efficiency,
that is unable to ensure a good quality of the public administration, and that is incapable of establishing a clear and transparent merit-based selection of
SMES and their dynamic nature, inherent risk-taking behaviour, and resulting innovation capacities serve as catalysts to (developing
risks, and are faster to react to change than large firms (Parida et al, 2012. All of these
share the risks/costs associated with new product/service development with partners Parida et al, 2012.
direct competitive threat either because they operate in different sectors or because the stage of joint innovation projects is several years ahead of market applications is
associated with lower coordination costs and a lower risk of opportunism (De Man and Roijakkers, 2009;
Risk of opportunistic behaviour/partner selection challenges Cost and risk-sharing Benefits of joint innovation need to be shared
companies to share some of the risks and costs associated with innovation with these partners.
that make use of their innovative strengths (e g. flexibility, risk-taking behaviour, etc and compensate for their resource shortages by embracing OI strategies feel they are
and the risk of opportunism is lower to the extent that small firms collaborate with other SMES
competitive threats. The final drawback mentioned by the firms in our sample is related to the high coordination costs associated with managing collaborative relations.
and their willingness to take risks are viewed as important drivers of innovation and economic growth in developing economies
risks associated with opportunistic behaviour on behalf of their partners. While the preferred OI partners of the SMES in our sample are suppliers, complementary partners
The alliance literature points out that the risk of opportunism is lower to the extent that
not pose competitive threats and thus circumvent the risk of opportunism 16 Acknowledgements The authors would like to acknowledge the contribution and support of the following
persons and institutions in making this study possible: Oradea Community Foundation Unicredit Tiriac Bank (Transylvania North Region), Smartfin Consulting, The
balancing control and trust in dealing with risk. Long range planning, 42,75-95 Marcati, A.,Guido, G. & Peluso, A m. 2008.
take action and put their leadership skills to the test with minimal risk, and quick
The risk is disadvantaged that communities become further marginalised from power and unable to attract the resources needed for effective social growth.
don†t act, the overall costs and risks of climate change will be equivalent to losing at least 5%of global GDP each year, now and forever.
of risks and impacts is taken into account, the estimates of damage could rise to 20%of GDP or more. †Stern later revised his estimate to 2%of GDP to
innovation in the EU 2020 strategy risks being seen as somewhat top down and omits many of the most exciting developments in the field such as user
the willingness to take risks and find creative ways of using underused assets Social enterprises are businesses with primarily social objectives whose
labour market risks and holistic early years†provision in Reggio Emilia, Italy -the third sector (for example, Emmaus in Europe or Dialogue Social
by individual entrepreneurs engaged in risk and innovation Today most discussion of social innovation tends to adopt one of three main
The risks of change will appear great compared to the benefits of continuity. This applies as much
risk on providers, causing some organisations to reject opportunities to deliver services; too often contracts set unrealistic prices
†safe space†for experimentation, creative thinking and risk taking. This is hugely important for anyone looking to bring ideas across the fragile
growth and risk-taking social ventures Venture philanthropists seek social as well as financial returns on investment
or localities to innovate together, sharing knowledge and risks (such as the 27th Region in France
•Pro-innovation models of audit which are proportionate about risk and able to judge programmes in the round, with a portfolio of potential
risk and reward •Reporting tools †for example, 2-3 year reports on innovation performance by key public agencies, using some rough metrics such as
sufficiently outside to take risks and mobilise partners in flexible ways In this section we summarise some of the enablers and barriers to innovation
government that inhibit risk taking, experimentation and innovation. There are barriers and obstacles in the form of cost-based budgeting and
more supportive of experimentation and risk taking. There are also a series of policies which have been introduced across Europe to make government
example 14-16 year olds in a particular area at risk of crime or unemployment
shares the risk for a bundle of interventions, with finance raised from the market, with investors taking on some of the risk for non-achievement of
social outcomes; action through a special purpose vehicle (potentially combining public sector, private sector and third sector) to manage a series of
reward community-led innovation in response to the threats posed by climate change. The Big Green Challenge, aimed at the not-for-profit sector is the first
mitigating risks, the structure of a tournament helped to refine and clarify ideas Police Act Wiki, New zealand
place excessive risk on providers, causing some organisations to reject opportunities to deliver services; too often contracts set unrealistic prices
For the public sector, the traditional risk averse and cautious organisational cultures of public sector bureaucracies remain a major barrier.
the clearer rewards for risk, as well as more developed techniques for managing innovation Civil society and the grant economy have long been rich sources of social
and find it hard to spread risk. Similarly, the informal household economy plays a critical role in developing social
inability to secure risk-taking growth capital poses a key obstacle to the long -term sustainability and growth of the sector.
risk-taking growth capital in particular †which is critical to enabling them to move from start-up to the next level of development. cxxv
deliver public services often need to overcome a perceived reputational risk about their ability to deliver competitive tender contracts outside traditional
risk on providers, causing some organisations to reject opportunities to deliver services; too often contracts set unrealistic prices
greater risks than banks, investees must be able to repay the loan element of their investment. cxxxii
3. Implementation (health risks, management risks, staff benefits 4. Cost effectiveness (cost savings, scalability, wider economic gains
and risk evaluation are necessary. Given the range of funding requirements we do not propose a
addressing the critical gaps in risk-taking capital for social enterprise, Skoll Centre for Social Entrepreneurship Working Paper, Said Business school, University of Oxford
Addressing the critical gaps in risk-taking capital for social enterprise. Skoll Centre for Social
Addressing the critical gaps in risk-taking capital for social enterprise, Skoll Centre for Social
clv Flyvbjerg, B.,Bruzelius, N.,&rothengatter, W. 2003) Megaprojects and Risk: An Anatomy of Ambition.
Comparative risk assessment and env ironmental decision-making pp. 15-54. Springer, Netherlands clxvii Ibid clxviii Baltussen, R. & Niessen, L. 2006.
shouldering the burden of risk. Indeed, with competitions, it is the participants who are expected to foot the financial risk.
In the social economy, however, there are arguments for sharing, rather than shifting the risk. This can be achieved through a stage-gate process, where
participants increase the level of investment as they pass through the various stages. This is how NESTA€ s Big Green Challenge was organised
and reward community-led innovation in response to the threats posed by climate change. The Big Green Challenge, aimed at the not-for-profit
mitigate the risks of flooding and provide local residents with cheap, renewable energy. Through hydro, wind and
systems for risk management These will be translated into an economic or business plan, which details the service or initiative, how it will be provided, by whom, with what inputs, how
shares, and seek subordinated loans from sources ready to share early risk without demanding a counterbalancing share in the project†s equity
and risks are reduced. They sometimes have an advantage over venture capital funding in that they can tap investors
reliable risk) or whether they will be used to finance innovation (see also method 368 151) Venture philanthropy uses many of the tools of venture funding to
and risk-taking social ventures. It plays an important role in diversifying capital markets for nonprofits and social
and impact †by increasing capacity, reducing risk, or by facilitating adaptation to changing markets and environments.
brings a number of benefits such as distribution of risk and financing But it can only work
capacities, the diffusion of risk, and increasing efficiency and standards A recent example is Age UK, resulting from the merger Of age Concern
& Jerry†s franchises to help train at-risk youth. †Stanford Social Innovation Review. †Summer, 2003
Incumbents tend to deflect threats, or to reinterpret radical new ideas in ways that fit existing power structures.
and Sure Start providing intensive support for children to reduce risk factors. Where these succeed they create a political constituency for
Innovation in the public sector always risks being a marginal add-on †small -scale in terms of funds, commitment of people and political capital.
317) Appropriate risk management. Public agencies tend to be fearful of risk. The challenge is to manage risk,
not eliminate it. Risk can be managed across a portfolio of projects that span the high return/high risk
1 148 THE OPEN BOOK OF SOCIAL INNOVATION end, as well as medium and low return agendas.
A balanced view of risk is vital †some innovations spread too slowly but others spread too fast
without adequate evaluation and assessment, particularly when they win the backing of leaders. A commitment to evaluation and evidence, and
staged development of new approaches, helps reduce risk 318) Formation and training to integrate innovation into personal
development, training, and culture. Some need to become specialists in spotting, developing and growing ideas.
generally, innovation, including a licence to take appropriate risks should be part of personal development plans
innovation rather than a barrier to healthy risk-taking 1 SUPPORT IN THE PUBLIC SECTOR 155
351) Socialising risk. New forms of social insurance for long term care †for example, to create incentives for providers to develop innovative
social impact elements of an investment †and reducing risk 359) Local bonds, including Tax Increment Financing (TIF) and Business
366) Layered investments combining tranches with different rates of risk /return and different sources of capital (philanthropic, public, private
can handle high levels of risk, and do need not the certainty of returns of the
they face limited access to risk and growth capital, and to highly specialist technical knowledge,
report on risk and innovation 1 the UK Government scientific adviser, Mark Walport, states that â€oedebates
about risk are also debates about values, ethics and choices †and fairness, or who benefits
Managing Risk, Not Avoiding It The Government office for Science, London 2. Ayres, C. J. 2012.
and hence are exposed to the risk of becoming â€oelocked -in†to a specific technology, used by one contractor but not by others
consultants, SMES tend to avoid the legal risks of engaging in cross-border commerce Readily available basic legal information,
European SMES therefore risk missing important economic opportunities E-business Fourth phase: e-business (from 1999) Internet technology has gone far beyond a
The risk to this dependence is one of the obstacles, which delays the small organizations in embracing ICT technologies,
or market entry, to reduce risk of development or market entry, to achieve scale economies in production,
threat of protectionism in some Member States Has there been sufficient involvement of stakeholders in the Europe 2020 strategy?
%ï to ensure at least 20 million fewer people are at risk of poverty or social exclusion
2. 2. 2 Advantages and Risks in Cloud computing Outsourcing Projects...28 2. 2. 3 Managing Changes and Organizational Issues...
4. 3. 3 Marketing Intelligence and Risk Analysis...73 4. 4 Social Listening Challenges...77
5. 2 Advantages and Risks Associated with IT Consumerization...90 5. 2. 1 Advantages and Opportunities
5. 2. 2 Challenges and Risks of the Consumerization of IT...92 5. 3 Steps for IT Consumerization...
health risk •Continuous process monitoring: e g.,, to identify variations in costumer senti -ments towards a brand or a specific product/service or to exploit sensor data to
identify potential threats or opportunities related to human resources, customers competitors, etc As a consequence, we believe that the distinction between DDSS and Big data
, improving risk analysis and fraud management, to utility and manufacturing, with a focus on information provided by sensors and internet of
Threat Analysis Credit scoring Fraud detection Tax evasion control Reduction in consumption of public utilities â€
general management, risk management, customer experience management, brand Create emotional ties Empathic use of information Business Agility
perspectives on value, risk, and cost IEEE Comput 46: 32†38 24. Tallon BPP, Scannell R (2007) Information life cycle.
3. Performance assurance and quality, which would be achieved by the vendor by utilizing better technologies
which allows the company to transfer the risk of failure to the vendor, especially when the company does not have required the experience
2. 2. 2 Advantages and Risks in Cloud computing Outsourcing Projects Cloud computing is like any other new development in IT,
and risks. According to 8, there are many benefits for utilizing a third party cloud computing service provider for the implementing company.
8 suggests there are s number of risks when adopting cloud computing services. These risks are summarized as follows
1. The customer service quality at the company might be affected with this change, which could happen because the support managers and engineers
The risks and impact of IT outsourcing also have to be considered. Gai and Li 10, for example suggest that security problem could arise because of poorly
This risk might happen when some clients and their own competitors share the same physical storage location,
This risk can be very dangerous based on the fact that the provider does not reveal information such as, e g.,
This risk can lead to situations like financial impact, brand damage and productivity loss 4. Virtualization issues
increasing the risk of undesirable cooperation of one application (of one VM) with others on the same
significant threats to the holistic view of cloud computing 5. Cryptography and key management The need for appropriate and, up-to-date cryptography systems with efficient
and comprises risks related to data security and portability •Level 2: Cloud migration, which will happen during the change from one CSP to
another and comprises risks about data migration security and about making sure that the old CSP, will delete customer†s data on its cloud servers
Other examples of the risks include the low controllability over the service, data ownership and loss of data since it is provided by a third party service provider
The previous mentioned risks and challenges have to be considered by the transforming company which needs to be able to deal with them by having backup
such as staffing, communication, organizational rules and risk assessment. This step faces challenges such as clearly defining business and technical requirements
highlight the importance of considering the socio-technical factors and the risks accompany this migration before the firms transform their IT system to the cloud
gained as well as the risks that are inherited in this transformation The second case study, which is presented by Levine
and risks are very important in the transformation to the cloud computing environment. This situation is even more imperative
the risk related to the data protection and security, which is a very important factor that needs to be considered.
This Chapter provides a description about the risks accompanying cloud com -puting and how to manage them.
benefits and risks associated with cloud computing. These case studies show that many issues have to be considered before commencing with the transition to this
2. Carroll M, Van der Merwe A, Kotzã P (2011) Secure cloud computing benefits, risks and controls.
mitigates the risk of relying on a single vendor •The approach while providing a better
summary, they focus on risks and challenges for company data privacy and security by Bring Your Own Device (BYOD) and IT Consumerization emergent
, Wordnet 20, reducing the potential threat described above. Under this point of view, ontologies enable Web documents annotation,
4. 3. 3 Marketing Intelligence and Risk Analysis Key words for new strategies such as ††open solution†â€, ††information accessibil
about mobile banking, it seems to be evident the potential threat related to security issues, considering, on the one hand, data interception;
attacked by malware and other threats. In order to effectively react to these challenges is highly important to define security policies able to identify in
advance any kind of vulnerability. These policies do not have to be general but Table 4. 1 Classification process:
crucial role in the risk analysis process (using, for example, sentiment analysis and opinion mining in order to forecast
Furthermore, the additional threat is that illegal behaviors such as ††cyberbulling†â€, ††stalking†â€, ††phishing†â€, ††scam†â€, ††marketing
has shown the risk to privacy related to vanity queries, in which a user issues a query for his or her own name 31
identify, evaluate and face the impact of external risks that rise up from social networks and 2. 0 technologies.
identify potential threats, evaluate the impact and undertake initiatives in order to eliminate or reduce the potential threats.
Precautionary actions (through marketing intelligence tools) can create the conditions through which firms can control the
in order to prevent and control risks through marketing intel -ligence tools, these have to use advanced and appropriate metrics.
in order to translate potential risks into quantified data, further efforts are required to design and develop frameworks
and applications to recognize potential threats into a text. One of the most inter -esting approach could be described the one by 32,
that is focused on the risks identification in messages or texts, trying to support the decision making process
of the risk is the uncertainty. This means that more than one result can occur. A
risk associated statements or messages After this first step, the potential threats are classified on the base of their
impact (positive, negative or positive†negative. Examples of these two steps are offered in Table 4. 3. The approach described is structured in two core steps
(or can be associated to a risk •evaluate which kind of impact this risk can have
External Risks Legislation Competitors†activities Market Socioeconomic context Suppliers and partners Internal Risks Compliance Business processes
Operations Marketing Intelligence activities Reduce external factors impact Prevent risks and criticalities Fig. 4. 1 Risks areas and
factors Statement Firm Valueuncertainty Future Timing Risk Impact Fig. 4. 2 Model for recognize risks associated
statements. Adapted from 32 76 4 Social Listening In order to facilitate the automatic learning activity, all the sentences are
converted into a numerical representation, which can refer to single words, sen -tences with two or three words,
or part-of-speech (POS) tags. POS are used usually in order to catch syntactic aspects, while for semantic aspects usually tools such as
e g.,, General Inquirer have been used (http://www. wjh. harvard. edu/*inquirer /Finally, statistical approaches are used for machine learning such as Support
order to predict potential risks, but it perfectly shows all the threats and challenges that the marketing intelligence has to face
in order to be effective in the new competitive landscape 4. 4 Social Listening Challenges Nowadays the techniques and technologies for sentiment analysis and opinion
Table 4. 3 Statements and risk impact examples Statements Risk impact ††Although lots of analysts predicted that the defibrillator market would have
increased by 20%yearly, due to the population ageing most of the analysts now predict less than 10%of increase yearly†â€
to find a way to reduce this threat before people lose their trust on online reviews
elements such as potential threats, business opportunities, etc. adding, therefore information about the competitive landscape Consider now, for example, the Cintas Corporation case study,
and enhancing the monitoring and risk management performance •adopt procedures as opened as possible (less sequential
5. 2 Advantages and Risks Associated with IT Consumerization Consumerization of IT represents both a challenge for the business, and an
5. 2 Advantages and Risks Associated with IT Consumerization 91 has gained an important role in increasing workforce creativity and ability to
5. 2. 2 Challenges and Risks of the Consumerization of IT The increasing number of employees†private devices used in workplace is pre
considered as a bigger security threat, since the lost smartphone can contain sig -nificant amounts of sensitive corporate data.
categorization for the risks associated with the consumerization of IT. These categories and the risks assessed under each one of them are summarized as
follows 5. 2 Advantages and Risks Associated with IT Consumerization 93 Category 1: Risks Related to Costs
The risks under this category are 1. Increased risk of loss of value in cases when employees bring bad reputation to
the organization†s name or brand by uncontrolled use of consumerized services /devices such as, e g.,
, Dropbox 2. The increased variety and complexity of personal and mobile devices as well as different operating systems and applications that all requiring management will
lead to increased costs 3. The possibility of losing mobile devices would likely increase when the
Risks Related to Legal and Regularity Issues The risks under this category are 1. Corporate governance and compliance control over employee-owned devices
will not be optimal 2. Since the consumerized personal devices may be owned and operated entirely by the end users, it will be difficult for enterprises to enforce their own policies
which may result in risks related to the intervention of busi -nesses in the private life and property of employees
Risks Affecting Data (Confidentiality, Integrity and Privacy The risks under this category are 1. the possibility of losing corporate data because of unauthorized sharing and
usage of information on employees†devices by the services running on them 2. the possibility of losing corporate data as a result of access by unknown users
3. the risk of losing corporate data as a result of difficulty in applying security measures and policies on application-rich mobile devices, especially when the
4. increased risk of the corporate data being hacked due to external attack The following table (Table 5. 1) summarizes
-tioned risks into primary and secondary categories. It provides cross-functional information for those interested primarily in one kind of risk who may need to
consider the relationship between certain type of risk and others. For example, it is expected that businesses dealing with privacy issues,
might also be interested in risks related to data loss 94 5 IT Consumerization Moreover, more cost oriented businesses might also be interested in legal
-related risks. In the table, the X symbol represents the primary category and the X) symbol represents the secondary category.
Additionally, the table provides explanations on why some risks are falling into one or more secondary categories
5. 3 Steps for IT Consumerization Companies have to rethink their strategies to seize the opportunities associated
Table 5. 1 Primary and secondary classification/dependencies of identified risks Category (cat & risk (R
Category Comment Costs Legal and regularity Data Cat (1) R (1) X (X)( X) Secondary categories due to effects on compliance and
5. 2 Advantages and Risks Associated with IT Consumerization 95 consumerization in order to see it as an opportunity rather than a problem.
has to evaluate the benefits and risks of such a strategy, before applying it 16
and mitigate the risks involved 104 5 IT Consumerization with the adoption of this strategy;
the privacy and security risks involved in using certain software applications Legal considerations. It is crucial to consider the different legal and privacy
top risks and opportunities responding to the evolving threat environment. ENISA, Heraklion, pp 1†18
5. 10 Summary 109 8. Copeland R, Crespi N (2012) Analyzing consumerization†should enterprise business
Chapter 5 ON IT consumerization has shown some of the main risks associated to the BYOD emerging trend in organization.
estimates of the scale of the risk of cybercrime 8. According to a report titled †Measuring the cost of cybercrime†9, presented in 2012 by an international team
cybercrime often exceed the cost of the threat itself 10. The analyses and the consequent evaluation presented in the report have followed the framework shown
/monetary security/risk/and compliance, business processes, and supporting pro -cesses and infrastructure. Coherently with the BSC concept, the perspectives
/risk/and compliance perspective they can be the mapping of users and accounts in the different systems (for having an ††account density††representation), or the
Security, Risk, and Compliance Supporting Processes and Infrastructure Financial/Monetary Decision Support /Tactical Layer Risk management (Financial, IT
accounting, controlling, audit Process description and modelling frameworks IT G ov er na nc e
systems and their performance and risk management. This Chapter aims to offer an overview of digital governance as a comprehensive perspective ON IT governance
performance and managing decisions for value generation as well as the risks that are associated with its practices.
good governance to solve key drawbacks and risks, likewise. Thus, good digital governance enables groups to make effective decisions,
Table 8. 1 Governance benefits for risks associated to key decision making areas Key decision making areas Risks Governance benefits
Identifying the relevant decisions Misdirected effort Good governance allows to identify the decisions that have a real impact on
strategic alignment, value delivery, risk management, resource management and 152 8 Digital Governance performance management. Another example is produced the one by the IT Gov
Value Delivery and Risk management Related Critical Success Factors 7. Consolidate, communicate and enforce policies and guidelines for cost-effective acquisition
Consequently, the vulnerability assessment considered the four major security issues mentioned below 1. protection of sensitive personal data
The risk of an enterprise not knowing the identity of its business partners is increased by e-commerce transactions
more concerned with IT governance due to their inherent risks. These threats require the adoption of strong controls, policies, and management practices
Therefore, each and every organization should have a thorough measure that reflects the risks, as well as the benefits of a project.
Organizations can achieve the best out of such situations by implementing effective IT governance practices 23
-related business risks. There is also an increasing pressure ON IT to automate and sustain compliance with regulations.
features, emotional costs due to the uncertainty and operational risks associated with the products and technologies in use.
innovation, and since the innovation process involves higher costs and risks, the incentive to innovate is,
outside the company, reducing the costs and risks of research and significantly Table 9. 9 Comparison between closed and open innovation
reducing and sharing the risks and improving competitive performance, likewise 9. 6 Summary This Chapter has provided an overview of the digital innovation impact on Business
2. 2. 2 Advantages and Risks in Cloud computing Outsourcing Projects 2. 2. 3 Managing Changes and Organizational Issues
4. 3. 3 Marketing Intelligence and Risk Analysis 4. 4†Social Listening Challenges 4. 5†Social Sensing
5. 2†Advantages and Risks Associated with IT Consumerization 5. 2. 1 Advantages and Opportunities of IT Consumerization
5. 2. 2 Challenges and Risks of the Consumerization of IT 5. 3†Steps for IT Consumerization
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