Purpose

The growing business complexity has caused many risks (e.g. operational, financial, reputational, cybersecurity, regulatory and compliance) that threaten companies' sustainability and have received attention from regulators, investors, and businesses. The authors present a model for assessing and reporting corporate risk by examining the indicators underlying corporate risk reporting.

Design/methodology/approach

A thorough review of the literature and semi-structured interviews with experts were conducted and the fuzzy Delphi technique was used to obtain consensus and screening of risks. The relationships between these risk indicators were recognized, weighted and prioritized by employing a hybrid Decision Making Trial and Evaluation Laboratory Model (DEMATEL) method integrated with Analytic Network Process (ANP) (DEMATEL-ANP [DANP]) approach. Finally, using the Iranian setting of corporate risk reporting, a model was developed to calculate the risk-reporting scores.

Findings

The results indicate that risk disclosure quality is more important than risk disclosures' textual properties and quantity. According to the experts, reporting the key risks that the company faces, management's approach to dealing with these risks and quantifying their impact are more important than the other indicators. The results also show that risk reporting in Iran lacks quantitative and specific information, and most risk disclosures are sticky.

Research limitations/implications

The data have been prepared and analyzed according to the unique Iranian reporting environment, which should be considered when interpreting the results.

Practical implications

The results of this research can be used by the regulators of the Stock Exchange Organizations (SEO) to evaluate corporate risk reports and rank companies. Results are also relevant to investors and policymakers to identify companies with poor risk disclosure and to take necessary measures to improve their reporting practices.

Social implications

This paper contributes to the social and governance literature by presenting the importance of risk reporting in corporate disclosures.

Originality/value

The unique Iranian setting of corporate risk reporting furthers the understanding of risk reporting and thus provides education, policy, practice and research implications for other emerging economies like Iran. Many prior studies focus mainly on the quality of risk disclosure, and other aspects of corporate risk disclosure presented in the study have remained largely overlooked. The corporate risk reporting attributes identified in the study are relevant to the rise of non-financial risks, the textual and qualitative nature of risk reporting and textual risk disclosures.

中文翻译：

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新兴经济体的企业风险评估和报告模型

目的

日益增长的业务复杂性带来了许多威胁公司可持续发展的风险（例如运营、财务、声誉、网络安全、监管和合规），并受到监管机构、投资者和企业的关注。作者通过检查公司风险报告的指标，提出了一个评估和报告公司风险的模型。

设计/方法论/途径

我们对文献进行了彻底的回顾，并对专家进行了半结构化访谈，并利用模糊德尔菲技术来获得共识并筛选风险。通过采用与分析网络过程 (ANP) (DEMATEL-ANP [DANP]) 方法相结合的混合决策试验和评估实验室模型 (DEMATEL) 方法，对这些风险指标之间的关系进行识别、加权和优先排序。最后，利用伊朗的企业风险报告环境，开发了一个模型来计算风险报告分数。

发现

结果表明，风险披露的质量比风险披露的文本属性和数量更重要。专家认为，报告公司面临的主要风险、管理层处理这些风险的方法以及量化其影响比其他指标更重要。结果还表明，伊朗的风险报告缺乏定量和具体的信息，大多数风险披露都是粘性的。

研究局限性/影响

这些数据是根据伊朗独特的报告环境准备和分析的，在解释结果时应考虑这一点。

实际影响

证券交易所组织 (SEO) 的监管机构可以使用这项研究的结果来评估公司风险报告并对公司进行排名。结果还与投资者和政策制定者相关，以识别风险披露不良的公司，并采取必要措施改进其报告实践。

社会影响

本文通过介绍风险报告在公司披露中的重要性，为社会和治理文献做出了贡献。

原创性/价值

伊朗独特的企业风险报告环境加深了对风险报告的理解，从而为伊朗等其他新兴经济体提供了教育、政策、实践和研究启示。许多先前的研究主要关注风险披露的质量，而研究中提出的公司风险披露的其他方面仍然在很大程度上被忽视。研究中确定的企业风险报告属性与非金融风险的上升、风险报告的文本和定性性质以及文本风险披露相关。