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With globalisation growing rapidly and with an unsettled economic environment, management accountants face increasing challenges in integrating social and political risks into their planning and management. Government instability, political corruption, business corruption, child labor practices, anti-corporate sentiment, terrorism, and environmental pollution are just a few of the issues which CFOs, controllers, and other finance team leaders must address in effective planning and risk assessment.
Integrating social and political risks is critical to effective management of a company’s real risks and to improved resource allocation. This publication demonstrates how to account for these risks and how they must be identified, measured, monetised, and included in ROI calculations. Beyond Facts and Figures: Integrating Social and Political Risk Into Management Decision Making illustrates how the social and political risks that can devastate a company’s operations can be adequately accounted for. It provides processes and strategies for measuring social and political risks that enable decision makers to devise mitigation strategies, sometimes pre-emptively, that can produce significant cost savings.
About the Authors:
Marc J. Epstein is Distinguished Research Professor of Management at Jones Graduate School of Management at Rice University in Houston, Texas. He recently was Visiting Professor and Wyss Visiting Scholar at Harvard Business School. Prior to joining Rice, Dr. Epstein was a professor at Stanford Business School, Harvard Business School, and INSEAD (European Institute of Business Administration).
Tamara Bekefi is the Manager of Business and International Development Research and a Research Fellow at the Center for Business and Government at Harvard University’s Kennedy School of Government. Previously, Ms. Bekefi worked for the oil industry group IPIECA, ExxonMobil, Phillips-Van Heusen, and KLD, a social investment research and analysis firm.
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