Communications of the International Information Management Association, Volume 3 Issue 3
15
The Limits of Risk Management –A social construction
approach
Bernd Carsten Stahl
De Montfort University, The Gateway, Leicester, LE1 9BH, UK
+44 116 255 8252; bstahl@dmu.ac.uk
Yossi Lichtenstein
University College Dublin, Belfield, Dublin 4, Ireland
+353 1 716 44715; Yossi.Lichtenstein@ucd.ie
Anita Mangan
University College Dublin, Belfield, Dublin 4, Ireland
+353 1 716 8094; Anita.Mangan@ucd.ie
ABSTRACT
In this paper we set out to demonstrate that the traditional approach to risk management is
based on a flawed assumption regarding the objectivity of risk. Risk management is generally
seen as a possible remedy for the frequent failure of ISD efforts. The idea behind traditional risk
management is that risk factors must first be identified and evaluated, then eliminated or kept in
check. Our argument is that this approach is problematic because it assumes the objective
reality of risk. The assumption that risk is objective gives managers a false sense of security.
Furthermore, it also eliminates those risks that might be specific to an organisation or a
situation from being dealt with. We suggest that risks should be viewed as social constructions.
On the one hand this approach is more suitable to the nature of risks and the epistemology of
risk research. On the other hand, a constructionist view of risks offers a sound theoretical
foundation for participative managerial tactics which offer a better avenue for dealing with the
positive as well as the negative aspects of risk than the traditional approach.
Bernd Carsten Stahl, Yossi Lichtenstein, Anita Mangan
16
INTRODUCTION
Information systems scholars have long been advocating risk management as an answer to
project failure in information systems development (ISD). The literature has emphasised the
identification of risks and produced several checklists of risks and risk resolution...