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An operational risk framework for the performing arts and creative industries

Dempster, Anna (2009) An operational risk framework for the performing arts and creative industries. Creative Industries Journal 1 (2), pp. 151-170. ISSN 1751-0694.

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This paper provides an Operational Risk Framework for the Performing Arts and Creative Industries. Drawing on established theories of risk management widely used in financial services, expert sampling methods are used to construct an operational risk framework for the creative industries. Key findings suggest that while commonly identified operational risk categories in banking and finance are relevant, specific sub-categories and event types must be adapted to take into account idiosyncratic characteristics in the performing arts and creative industries. These include: aspects of organization, employment,institutional frameworks and participant behaviour. Confidentiality and contracting risks in particular are introduced in this paper as new Level1 categories. The operational risk framework developed here can be used by entrepreneurs and policy-makers across the creative industries to assess risk profiles as well as manage and mitigate exposures. This in turn would enable creative entrepreneurs to present to investors a clear risk/return proposition thereby contributing to growth and value creation in these increasingly important sectors.

Item Type: Article
School or Research Centre: Birkbeck Schools and Research Centres > School of Business, Economics & Informatics > Management
Depositing User: Administrator
Date Deposited: 26 Jan 2011 11:28
Last Modified: 17 Apr 2013 12:18

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