Four Ways to Improve Risk Reporting
By Ruchi Agarwal, Sanjay Kallapur
California Management Review | June 2021
DOI
doi.org/10.1177%2F00081256211019801
Citation
Agarwal, Ruchi., Kallapur, Sanjay. (2021). Four Ways to Improve Risk Reporting California Management Review doi.org/10.1177%2F00081256211019801.
Copyright
California Management Review, 2021
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Abstract
Despite having risk infrastructure such as risk register, and Control-Self-Assessment tools to report risks, risk reporting is often disconnected with business and considered merely as a matter of compliance, which often defeats the purpose of risk management. There is little literature on good practices in risk reporting. To understand the good practices in risk reporting, we conducted field research in large global institutions for five years. Our findings reveal that practitioners can improve the risk reporting by strengthening the vertical and horizontal communication of risks, reporting near-misses, and communicating risk digitally through apps.

Sanjay Kallapur is a Professor of Accounting at the Indian School of Business (ISB). He joined ISB in 2005 from the Krannert School of Management, Purdue University, where he was a tenured Associate Professor.

Professor Kallapur conducts research on financial and managerial accounting, auditing, corporate governance, and risk management. He has published in each of the top three accounting journals, and his papers have been cited over 4,000 times (Google Scholar) and in regulatory policy documents in India and the UK. The American Accounting Association recently published his monograph on scientific inference in accounting research, beyond the use of p-values.

He is the founding Editor-in-Chief of Accounting Theory and Practice, a research journal focusing on India, published by Elsevier. He has been an editor of The Accounting Review from 2008 to 2011, the first person from outside North America to be appointed to that position.

Professor Kallapur is a member of National Financial Reporting Authority (NFRA), the regulatory body overseeing the accounting and auditing of listed companies in India. He is an independent director on the Board of IDBI Bank, where he serves on the risk management and audit committees. He previously served on the Board of the Life Insurance Corporation of India.

Professor Kallapur has held positions as Associate Dean and Deputy Dean for almost a decade at ISB. He started the PhD-equivalent Fellow Programme in Management at ISB and has placed his students in faculty positions at the London School of Economics, IESEG Paris, Aalto University, University of Queensland, University of Western Australia, and IIM Udaipur.

Professor Kallapur has a PhD in Business Economics from Harvard Business School, and B.Com. and M.M.S. degrees from Mumbai University. He is professionally qualified as a Fellow Member of the Institute of Cost Accountants of India (FCMA).

Sanjay Kallapur
Sanjay Kallapur