Nature, extent and antecedents of risk management in accounting, law and biotechnology firms in Australia

This paper provides empirical evidence on the nature and the extent of risks faced by small and medium-sized biotechnology and professional service firms (accounting and law) in Australia, as well as on the style of their adopted risk management methods and approaches. The findings of the study indicate that the top three risks faced by these firms are related to reputation, recruiting and retaining skilled staff, and cost management. The study also finds that more than half of the respondent firms manage risk in an integrated manner. The results of this study provide useful insights into the nature, extent and driving forces of risk management practices in these firms.