ACADEMIA Letters Is risk listing a reliable risk management practice? Federico Alistair D’Alessio INTRODUCTION Risk management can be defned as the “process which aims to help organizations understand, evaluate and take action on all their risks with a view to increasing the probability of success and reducing the likelihood of failure” (Hopkin, 2010, p. 37). This is the defnition made by the Institute of Risk Management (IRM), which also published ‘A Risk Management Stan- dard’ (IRM, 2002), a guide that lays out a framework for managing risks. This report will critically analyse and evaluate this approach, also known as Risk Listing. This paper will initially examine the limitations of this risk management practice by explaining why these disadvantages could lead to a negative impact on the organization involved in the process. The second part will focus on recommendations that could improve such practice. The ideas outlined in the text will be supported by relevant concepts of risk management and will be academically justifed with appropriate references. LIMITATIONS OF RISK LISTING Although Risk Listing might be seen as a simple and efective practice in terms of the structure of the phases, it mainly refers to small risks, which are analysed and evaluated one by one. As a consequence, a system that tries to fnd solutions for one risk at a time, may not allow to value responses that would apply to more than one risk. This mechanism also does not guarantee to fnd or manage the possible connections between the risks in an appropriate manner (Crouhy, Galai and Mark, 2014). Another factor caused by the tendency to manage risks separately is the incurring of excessive costs: in fact, the individual management of each Academia Letters, July 2021 Corresponding Author: Federico Alistair D’Alessio, fede.dassio@yahoo.it Citation: D’Alessio, F.A. (2021). Is risk listing a reliable risk management practice? Academia Letters, Article 2247. https://doi.org/10.20935/AL2247. 1 ©2021 by the author — Open Access — Distributed under CC BY 4.0