Re ue In e na ionale de la Reche che Scien i ique
(Re ue-IRS)
ISSN: 2958-8413
Vol. 3, No. 6, No emb e 2025
This is an open access a icle unde he CC BY-NC-ND license.
h p://www. e ue-i s.com
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Ope a ional isk managemen and go e nance wi hin companies:
a li e a u e e iew
La ges ion du isque opé a ionnel e la gou e nance au sein des
en ep ises : une e ue de li é a u e
CHEGRI Soukaina
Doc o an e
Facul é d’Economie e de Ges ion
Uni e si é Ibn To ail-Ma oc
Labo a oi e des Sciences Economiques e Poli iques Publiques
CHEGRI Me yem
Doc o an e
Facul é d’Economie e de Ges ion
Uni e si é Ibn To ail-Ma oc
Labo a oi e des Sciences Economiques e Poli iques Publiques
Abs ac : O e he las decade, he issue o co po a e go e nance has a ac ed he in e es o esea che s. I s
aim is o p o ec he in e es s o he company's s akeholde s, who play an impo an ole in job c ea ion and he
de elopmen o he Mo occan economy. Risk managemen is an in eg al pa o so-called "s ee ing" s uc u es,
which p o ide a gua an ee o ins i u ional go e nance. In his sense, isk managemen p o ides a c oss-cu ing
and comp ehensi e iew o he majo isks o which any s uc u e is exposed and ensu es ha he le el o isk
aken is consis en wi h he guidelines and objec i es de ined by he company's go e nance bodies. Howe e ,
despi e he e o s made by he public au ho i ies, hese companies a e unable o achie e sus ainable
pe o mance. The go e nance code and i s ela ionship wi h isk managemen , pa icula ly ope a ional isk, is
in ended o help hem de elop. In ou a icle, we will ou line he main concep s o isk managemen , ope a ional
isk and go e nance in o de o de e mine he ela ionship be ween ope a ional isk managemen and co po a e
go e nance in Mo occan companies.
Keywo ds: Go e nance, isk managemen , ope a ional isk, Mo occan companies.
Digi al Objec Iden i ie (DOI): h ps://doi.o g/10.5281/zenodo.17708739
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1 In oduc ion
Today's business en i onmen is cons an ly changing, o cing managemen o in eg a e economic and
echnological changes in o he o ganiza ion o i s sys ems and decision-making s a egy. Companies a e acing
inc eased compe i ion, which o ces hem o ake isks o posi ion hemsel es o s and ou om hei compe i o s
by in es ing in new p ojec s wi h which hei s a a e no always amilia . These may in ol e inno a ions, en e ing
new ma ke s o e ising p oduc ion s a egies. Fo his eason, he complexi y o p ocesses and de e mining ac o s
in i s en i onmen , in he absence o a de ined isk managemen policy, causes ope a ional isks in pa icula ,
which a e an una oidable pa o business li e. Ope a ional isk managemen can be seen as a eal esou ce ha
can gene a e bene i s o companies, enabling hem o s eng hen hei capaci y o be e con ol ope a ional isk
and achie e hei objec i es.
Ope a ional isk managemen is a p ocess by which companies iden i y and assess he isks impac ing hei
ac i i ies. I is de eloped h ough company p ac ices and needs on he one hand, and scien i ic esea ch in o isk
managemen me hods on he o he . These mode n managemen me hods a e based on he use o ma hema ical and
s a is ical models. Mas e y and p ac ice o hese me hods a e now necessa y o good business managemen .
Go e nance a ises om complexi y, as i no longe p e ends ha he wo ld is placid and simple, bu accep s he
challenge o seeking o pu in place mechanisms o p ospec ing and collabo a ion ha ensu e coo dina ion and
can lead o sus ainabili y o ac ion and, he e o e, main enance o eam pe o mance. Go e nance canno he e o e
be con en wi h de eloping ce ain p ac ices ha a e use ul o imp o ing co po a e go e nance; i mus also
emba k on a new p ocess o inno a ion in decision-making. Go e nance is he e o e he place whe e he
o ganiza ion, i s en i onmen , i s mission and i s p ojec s a e mapped ou . In Mo occo's apidly expanding
economy, he a ious models o go e nance gi e ise o a wide ange o conside a ions, gi en ha he sole
objec i e o any o ganiza ion is o main ain he sus ainable pe o mance o i s eams. Fu he mo e, he p ac ice o
go e nance combined wi h good isk managemen , pa icula ly ope a ional isk, has an impac on s a egic
decisions in companies. I is in his con ex ha ou esea ch ques ion a ises, which equi es us o s udy he
ela ionship be ween ope a ional isk managemen and go e nance wi hin Mo occan companies.
In o de o add ess his issue, we p opose o i s ou line he main concep s ela ed o ope a ional isk managemen
and go e nance wi hin companies, and hen o es ablish he ela ionship be ween ope a ional isk and go e nance.
2 Ope a ional isks ela ed o he company's ac i i y
Risk is inhe en o business. I has always exis ed and, acco ding o economis s, is i s e y essence. S a ing a
business is al eady a isk. I s su i al is ne e gua an eed. E en la ge companies ha e no gua an ee o longe i y.
En on, A hu Ande sen, Als om and Pa mala a e examples o mul ina ionals ha ha e disappea ed o had o igh
o hei su i al.
2.1 His o y o ope a ional isk managemen
The s udy o isk managemen began a e he Second Wo ld Wa (Dionne, 2013)1. I da es back o he pe iod
1955–1964. Enginee s de eloped echnological isk managemen models, which include he ope a ional isk ha
is cu en ly managed by inancial ins i u ions. Fo a long ime, isk managemen was associa ed wi h he use o
ma ke insu ance o p o ec indi iduals and businesses agains a ious losses associa ed wi h acciden s (Ha ing on
and Niehaus, 2003)2. Howe e , many business isks we e uninsu able o e y expensi e o insu e. I was also
du ing he 1980s ha companies began o conside inancial isk managemen , which became complemen a y o
pu e isk managemen o many companies.
1Ba i.I, (2016) "Ope a ional isk and p o i abili y: wha is he link in Mo occan SMEs?" Jou nal o
En ep eneu ship and Inno a ion. P: 1-8.
2Ba i.I, (2016) "Ope a ional isk and p o i abili y: wha is he link in Mo occan SMEs?" Jou nal o
En ep eneu ship and Inno a ion. P: 1-8.
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The accele a ion3o change o e he pas wen y yea s, and mo e pa icula ly since he beginning o he 21s
cen u y, linked o he g owing complexi y o in e ela ionships be ween economic ac o s, accompanied by
in e dependencies ha oo o en exceed human capaci y o comp ehend hem, necessi a es he use o complexi y
heo y. In a egula ly upda ed documen , he au ho s no e ha 4: "The en i onmen in which o ganiza ions ope a e
oday is mo e complex and demanding han e e be o e, and changing jungle ha can s ike wi hou wa ning. To
op i all o , he cos s o con olling hese isks end o be ou o con ol. In sho , in many o ganiza ions, he s a us
quo is nei he sus ainable no accep able." The explosion in he scope o isk managemen 5, as well as i s ex ension
o all s a egic and ope a ional manage s, equi es he de elopmen o a se o ools ha a e a ailable o e e yone.
Risk managemen has unde gone conside able e olu ion since i s eme gence as a echnical unc ion six decades
ago in ce ain Ame ican companies whose insu ance budge s jus i ied ha ing an in-house specialis . This e olu ion
is he esul o bo h he us a ion o p ac i ione s who el he limi a ions o he exe cise and he e lec ions o
academics om di e en backg ounds who ied o de elop a scien i ic basis o designing speci ic ins umen s.
In e na ional isk egula ion began in he 1990s6 and inancial companies de eloped in e nal isk managemen
models and capi al calcula ion o mulas o p o ec hemsel es agains un o eseen isks. Simila ly, isk managemen
go e nance became essen ial, in eg a ed isk managemen was in oduced, and he i s isk manage posi ions
we e c ea ed. Indeed7, in o de o ob ain insu ance, companies had o mee he s anda ds se by insu e s, which
equi ed new skills wi hin companies. Companies and insu e s hus collabo a ed o build an e ec i e isk
managemen policy. Finance also had an impac on he de elopmen o isk managemen wi hin companies. As
he economy became mo e inancialised, inancial isk managemen models eme ged o assess he quali y o
in es men s and hei isks. Risk managemen p ac ices in he 1990s and 2000s8 ha e changed and now equi e
consul a ion wi h all employees wi hin he o ganiza ion (COSO II, 2005). The con ibu ion o he in e nal audi o
o En e p ise Risk Managemen (ERM), which is no well unde s ood empi ically, is conside ed an inno a ion
since i canno be ega ded as a adi ional p ac ice9.
2.2 Concep o isk managemen
Acco ding o Gau ie .S and Louiso .J. P (2014)10: "Risk managemen is an i e a i e ma ix p ocess o decision-
making and implemen a ion o ins umen s ha educe he impac o in e nal o ex e nal dis up i e e en s on any
o ganiza ion. The decision-making p ocess in ol es h ee s ages: analysis (diagnosis), ea men and audi ."
Acco ding o Da sa.J.D (2014)11 : “Risk managemen can also be de ined as ' he se o policies, s a egies, con ol,
moni o ing and ollow-up mechanisms, as well as he human, inancial and ma e ial esou ces implemen ed by an
o ganiza ion o iden i y, de ec , limi and con ol he isks di ec ly o indi ec ly ela ed o i s ac i i ies.” Jean Da id
De sa also de e mines ha he issue o isk managemen in companies is linked o he managemen o c isis
si ua ions wi hin o ganiza ions, which appea s o be undamen ally complex.
3 Da sa.J.D, and Du ou .N, (2016). "Di e en pe spec i es on isk managemen in business: Expe s discuss isk
managemen p ac ices. Ed. 1." Published by GERESO. P: 286.
4 Da sa.J.D, and Du ou .N, (2016). "Di e en pe spec i es on isk managemen in companies: Expe s alk abou
isk managemen p ac ices. Ed. 1". GERESO Publishing. P:286.
5 Da sa.J.D, and Du ou .N, (2016). "Di e en pe spec i es on co po a e isk managemen : Expe s discuss isk
managemen p ac ices. Ed. 1". Published by GERESO.P:286.
6 Ba i.I, (2016) "Ope a ional isk and p o i abili y: wha is he link in Mo occan SMEs?" Jou nal o
En ep eneu ship and Inno a ion. P: 1-8.
7 Hassid.O, (2008). Risk managemen , 2nd edi ion Pa is, Dunod. P: 10-160.
8 Sou ou .H.A, (2018) "The con ibu ion o he in e nal audi o o co po a e isk managemen : esul s o
an explo a o y s udy," n.d., 27. 2018/4 No. 127, pp. 107-133.
9 Sophie Gaul ie -Gailla d and Jean Paul Louiso A no Edi ion., 2014.
10 Sophie Gaul ie -Gailla d and Jean Paul Louiso A no Edi ion.,2014.
11 Jean Da id.D & Nicolas.D (2014): The cos o isk, a majo challenge o businesses, 2nd edi ion, p. 15. 2014.
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Lau en .P (2019)12 adds ano he de ini ion: "Risk managemen is he discipline ha ocuses on iden i ying and
me hodically add essing he isks o which a company is exposed, ega dless o he na u e o o igin o hose isks.
This managemen is ca ied ou ac oss he o ganiza ion, in eg a ing isk ac o s ha may a ec decisions in o he
company's s a egy, assessing and co e ing hese isks as pa o igo ous inancial managemen , and deploying
ac i e moni o ing a ge ing each ype o isk (poli ical, legal, comme cial, indus ial, social, en i onmen al, e c.)
h ough p e en ion. Acco ding o he T easu y Boa d o Canada Sec e a ia (2010), isk managemen is "a
sys ema ic app oach o de e mining he bes cou se o ac ion in unce ain ci cums ances by iden i ying, assessing,
unde s anding, add essing and communica ing isk issues. This o ganiza ion has also de ined in eg a ed isk
managemen as: "a sys ema ic, con inuous and p oac i e app oach o unde s anding, managing and
communica ing isks om an en e p ise- wide pe spec i e. In eg a ed isk managemen p omo es s a egic
decision-making ha con ibu es o he achie emen o he o ganiza ion’s o e all objec i es."
2.3 Ope a ional isk wi hin companies
Acco ding o he commonly accep ed de ini ion, which is also used in he Eu opean Di ec i e13, "ope a ional isk"
e e s o he isk o loss esul ing om inadequa e o ailed in e nal p ocesses, people and sys ems o om ex e nal
e en s.
Acco ding o Da sa.J.D (2015)14: he concep o ope a ional isk is ex emely b oad: i encompasses all isks ha
may cause damage, loss o cos , c ea ed o su e ed in he cou se o he company's day- o-day ac i i ies:
in as uc u e, p oduc ion and dis ibu ion cycles, logis ics p ocesses, documen managemen , e c.
Acco ding o Nouy.D. (2006)15, ope a ional isk akes in o accoun legal, adminis a i e, echnical and
echnological isks, such as hose associa ed wi h in o ma ion, managemen and p ocedu al sys ems, as well as
en i onmen al isks, such as economic, poli ical, social, sys emic and clima ic isks.Howe e , ope a ional isk
excludes s a egic isk and epu a ional isk. This is no easy, because his agg ega ion o he e ogeneous isks
makes i di icul o iden i y ope a ional isk p ecisely, especially since hese mani es a ions a e o en di icul o
isola e.
Acco ding o Pie and ei.L (2019)16: "Ope a ional isk can be de ined as he isk ha does no depend on how a
company is inanced, bu a he on how i ope a es i s business. I has h ee sou ces: in e nal isk (e.g. aud),
ex e nal isk (any uncon ollable ex e nal e en , such as a geopoli ical e en ) and s a egic isk (such as a p ice
wa igge ed by compe i ion). O he de ini ions p esen ope a ional isk as he isk o loss esul ing om
mal unc ions in in o ma ion sys ems, in e nal con ol, o human o echnical e o s. Be o e he implemen a ion o
Basel II, ope a ional isk was de ined by wha i was no : nei he ma ke isk no c edi isk. This ma ginal posi ion
was ein o ced by he low isibili y o he isk, pa icula ly in inancial s a emen s. The cos s inhe en in
ope a ional isk we e no au oma ically iden i ied as such. De ining ope a ional isk is no easy (Goodha , 2001)
due o i s ambiguous and di use na u e. "Ope a ional isk is de ined as he isk o loss esul ing om inadequa e
o ailed in e nal p ocesses, people and sys ems o om ex e nal e en s. This de ini ion includes legal isk bu
excludes s a egic and epu a ional isk" (pa ag aph 644 o he Basel II Acco d).
12 Lau en .P (2019) "Risk Managemen Ed. 2 - Managemen " Dunod Edi ion 2019.
13 Daniel.A, (2006) "Essen ial elemen s o good ope a ional isk managemen ", Re ue d'économie inanciè e 84,
no. 3 (2006): 93‑103.
14 Jean Da id Da sa "S a egic and inancial isks o businesses: Majo challenges o businesses Edi ion No. 2
Ge eso 2015
15 Daniel.A, (2006) "Essen ial elemen s o e ec i e ope a ional isk managemen ", Re ue d'économie inanciè e
84, no. 3 (2006): 93‑103.
16 Lau en .P (2019) "Risk Managemen Ed. 2 - Managemen " Edi ion Dunod 2019.
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17In sho , ope a ional isks ma e ialize all he di ec o indi ec impac s gene a ed by he company in i s daily
ac i i ies and ope a ing cycle. Wi hin he isk py amid, hey come immedia ely a e inancial isks, esul ing om
he "ope a ional co e" o he company. They a e analyzed by majo p ocess amilies. The e o e, ope a ional isk is
he isk o losses a ising om inadequa e o ailed in e nal p ocesses, people and sys ems, o ex e nal e en s.
Ope a ional isk is a signi ican isk, and i s pe cep ion is heigh ened by se e al ac o s:
• Changes in he unc ioning o ma ke s: he globalisa ion o ma ke s and p oduc s has di ec ly
con ibu ed o inc eased compe i ion be ween companies and hei a eas o ac i i y, leading o he
eme gence o isks.
• Sophis ica ion o inancial echniques: new business ac i i ies a e inc easingly complex o manage in
he ace o a changing en i onmen , making ce ain isks mo e p e alen .
• Changes in in e nal p ocesses: he dema e ialisa ion o companies' in e nal ope a ions inc eases
echnical isks.
• Ex e nal e en s: hese isks a e by no means new, bu hey a e now pe cei ed much mo e s ongly
han be o e. Excep ional isks (low occu ence bu high in ensi y).18
These a ious ac o s19explain he inc easing ma e ializa ion o ope a ional isk.20The wo k ca ied ou by he
Basel Commi ee in he design and de elopmen o he Basel II amewo k. Ope a ional isk is he isk esul ing
om inadequa e o ailed in e nal p ocesses, people and sys ems o om ex e nal e en s, including e en s wi h
a low p obabili y o occu ence bu a high isk o loss.
In summa y, he Basel II Acco d enables inancial ins i u ions o be e unde s and and en ich hei isk cul u e,
especially i hey ha e aken in o accoun ope a ional isk, which is a di use isk, i can be ound in all depa men s
o a company, and ope a ional isks will ma e ialize all he di ec o indi ec impac s gene a ed by he company in
i s daily ac i i ies,21 while Basel III has imposed a s eng hening o capi al equi emen s (o dina y sha es and
e ained ea nings), measu es o ake signi ican isks in o accoun (in pa icula hose ela ed o secu i ies ading
ac i i ies and coun e pa y isk o de i a i es ac i i ies), while Basel III aims o s eng hen he
s abili y o he company o bank sys em h ough measu es ha ha e been in place since 2013, while Basel IV is
conside ed a new wa e o egula o y o he inancial indus y. Ope a ional isk comes di ec ly a e inancial isk
and ep esen s he ope a ional co e o e e y company. I mus be analysed by majo amilies o ope a ional p ocesses.
2.4 The p inciples and objec i es o ope a ional isk managemen
The p inciples and objec i es o ope a ional isk managemen gene ally consis o educing he losses incu ed by he
company in o de o ensu e i s e ec i eness and e iciency and hus achie e all i s objec i es and deli e pe o mance.
17 Bank o In e na ional Se lemen s, In e na ional Con e gence o Capi al Measu emen and Capi al S anda ds
- A Re ised F amewo k, June 2004, n.d., 251.
18 Danièle.N (2006), "The scope o ope a ional isk in Basel II and beyond", Re ue d'économie inanciè e 84,
no. 3 (2006): 11‑24.
19 Danièle.N (2006), "The ield o ope a ional isk in Basel II and beyond", Re ue d'économie inanciè e 84, n° 3
(2006): 11‑24.
20 Ma ie.A.N(2019): Go e nance and key isk, compliance and con ol unc ions in inancial ins i u ions. 3 d
edi ion RB 2019.
21 Nicolas Du ou , Con ibu ion o he c i ical analysis o con ol s anda ds. The case o ope a ional isks in he
inancial sec o : om no ma i i y o e ec i eness. Doc o al hesis 2015.
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2.4.1 The p inciples o ope a ional isk managemen
All ope a ional isk managemen is based on he ollowing wo basic p inciples:
• I is always bene icial o adop a p oac i e app oach a he han eac ing o e en s as hey occu ,
ecognising isk ac o s, iden i ying po en ial isks and de eloping an ac ion plan o main ain con ol.
• Fo an iden i ied isk, p io i y is gi en o he p e en ion ac ion plan, a he han o a de ailed assessmen
o he consequences and a plan o emedy po en ial p oblems; p e en i e ac ions a e always less cos ly
han emedial ac ions implemen ed ollowing he iden i ica ion o de ia ions, which can also unde mine
he basic unc ionali y o he p ojec .
2.4.2. The objec i es o good ope a ional isk managemen
A he e y hea o all isk managemen is he achie emen o he company's objec i es and he op imisa ion o
pe o mance. The objec i es o ope a ional isk managemen a e he e o e based on he objec i es o he senio
managemen eams i mus assis in "wea he ing he s o m".
This in ol es planning he esou ces, o all kinds, ha will enable he company o achie e i s ongoing objec i es in
all ci cums ances and, abo e all, ega dless o he se e i y o he damaging e en ha a ec s i .
E e y company aces he p oblem o managing ope a ional isks in acco dance wi h he egula ions imposed on i . In
o de o imp o e hei isk managemen p o ile, he objec i e o good isk managemen is o:
• Reducing losses
• Op imising consump ion
• Add ess economic challenges
• Iden i ying and con olling
• Gua an ee agains all h ea s ha may impac he company's si ua ion
• Economic e iciency
• Ci izenship and e hics objec i es
The ope a ional isk managemen objec i es de ined by he AMF in he e e ence amewo k a e:
• Value p o ec ion: c ea ing and p ese ing he company's alue, asse s and epu a ion;
• Secu i y o p ocess execu ion: secu ing he company's decision-making and p ocesses o p omo e he
achie emen o objec i es;
• Consis ency: p omo ing consis ency be ween ac ions and he company's alues;
In summa y, ope a ional isk managemen wi hin companies aims o an icipa e and manage unce ain ies
p oac i ely, enabling he o ganiza ion o na iga e success ully in a cons an ly changing en i onmen while
maximising g ow h oppo uni ies and minimising po en ial losses. Gene ally, ope a ional isk managemen wi hin
companies is a compe i i e ad an age in achie ing pe o mance.
3 Go e nance wi hin companies
Go e nance is a undamen al concep ha has a signi ican impac on he pe o mance o o ganiza ions, whe he
public o p i a e. As a sys em o managemen and con ol, go e nance de ines he ules, s anda ds and p ocesses
ha guide he decisions and ac ions o leade s and s akeholde s in an o ganiza ion; i aims o ensu e anspa ency,
accoun abili y, e hics and in o med decision-making in o de o achie e he o ganiza ion’s s a egic objec i es.
De ining co po a e go e nance emains a di icul ask gi en he exis ence o se e al de ini ions and,
consequen ly, he absence o a uni e sal one.
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3.1 Concep o go e nance
Go e nance as Hu y (2007) poin ed ou , quo ing Bjö k and Johansson22: "The e is no single de ini ion o
go e nance ha is he subjec o consensus: 'The e a e almos as many ideas o go e nance as he e a e
esea che s in he ield'." Almos e e y s udy on go e nance a emp s o p o ide i s own de ini ion. He e a e he
de ini ions p o ided i s by Foe s e and Huen (2003), second by Ba on (2003) and hi d and las by Cha eaux
(1997 and 2011).
Foe s e and Huen (2003)23 p opose his de ini ion om he ou se : "Co po a e go e nance e e s o he p ocess
by which capi al p o ide s (sha eholde s) a emp o ensu e ha he manage s o he i m in which hey in es
p o ide a su icien e u n. Co po a e go e nance conce ns he agency p oblem in which sha eholde s
(p incipals) a e he ul ima e owne s o he i m and wan o ensu e ha manage s (agen s), who a e dis inc om
sha eholde s, ac in he bes in e es s o sha eholde s a he han in hei own in e es s."
In 2003, Ba on w o e24 ha he e m co po a e go e nance implied an impo an no ion o con ac s, o he links
ha exis a ound he company. These links, she men ions, a e sha eholde s and manage s, o cou se, bu also
employees and ins i u ional in es o s, c edi o s, cus ome s, supplie s and public au ho i ies (which will be
de ined as he company's s akeholde s in heo y). In he de ini ion o co po a e go e nance, she adds ha i is
"synonymous wi h he es ablishmen o ules and p ocedu es o con ol he ac ions o manage s in o de o p o ec
sha eholde s." I is he e o e unde s ood ha he in e es s o sha eholde s a e he p io i y o a boa d o di ec o s,
bu ha i mus ne e heless ake in o accoun he in e es s o o he s akeholde s in i s manda e.
Cha eaux (2011)25, meanwhile, p oposes di e en de ini ions o go e nance acco ding o he heo e ical
cu en s ha inspi e hem. Thus, acco ding o he inancial model, which s ems om agency heo y, as well as
he heo y ha de i es om i , namely agency cos heo y, and is a ision o he manage ial i m: "The
go e nance sys em consis s, on he one hand, o mechanisms ha a e 'in e nal' o he i m, ei he in en ionally
pu in place by he pa ies o imposed by he legisla o , and, on he o he hand, o 'ex e nal' mechanisms
ep esen ing he discipline exe cised by he ma ke s. " Thus, as an in e nal mechanism, he boa d o di ec o s
ac s as a "gua dian o he ules" by ensu ing ha he agency cos s incu ed by he sepa a ion o he oles o
manage and owne a e educed.
The con ac ual pa ne ship model, which, as i s name sugges s, conside s ha i is no only manage s and
sha eholde s who a e pa ies o he unc ioning o he company, in he i m's "con ac nodes". Indeed, his heo y
in ol es o he s akeholde s.
Fo his de ini ion o go e nance, Cha eaux ci es Zingales (1998)26: "Fo Zingales (1998), go e nance only
in luences en c ea ion h ough dis ibu ion. In o he wo ds, he go e nance sys em is me ely a se o cons ain s
go e ning he ex pos nego ia ion be ween he a ious pa ies o sha e he en . Finally, Cha eaux p o ides a
de ini ion ha he himsel de eloped in 1997: "The go e nance sys em cons i u es he se o mechanisms
(o ganiza ional o ins i u ional) ha go e ns he decisions o leade s and de e mines hei la i ude."
22 Ma ipie .D, Coulmon .M, Be helo .S, RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND
RISK: THE CASE OF CANADIAN COMPANIES
23 Ma ipie .D, Coulmon .M, Be helo .S, RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND
RISK: THE CASE OF CANADIAN COMPANIES
24 Ma ipie .D, Coulmon .M, Be helo .S, RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND
RISK: THE CASE OF CANADIAN COMPANIES
25 Ma ipie .D, Coulmon .M, Be helo .S, RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND
RISK: THE CASE OF CANADIAN COMPANIES
26 Ma ipie .D, Coulmon .M, Be helo .S, RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND
RISK: THE CASE OF CANADIAN COMPANIES
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Since his esea ch is based on he inancial model, he app oach ha ies in wi h his concep has been adop ed
in he de ini ion o go e nance. Go e nance will he e o e be de ined as a se o mechanisms (in e nal o
ex e nal, o ganiza ional o ins i u ional, c ea ed by he company o equi ed by law) ha ame he decision-
making p ocesses o company manage s. Ob iously, one o he impo an mechanisms is he boa d o di ec o s.
I is p ecisely his mechanism ha is s udied in g ea e dep h he e.
3.2 P inciples o co po a e go e nance
Acco ding o he O ganisa ion o Economic Co-ope a ion and De elopmen (OECD), he e a e six p inciples o
co po a e go e nance (OECD, 2015), which a e27:
• Es ablishing he ounda ions o an e ec i e co po a e go e nance egime: To es ablish an e ec i e
co po a e go e nance sys em, an app op ia e and e ec i e legal, egula o y and ins i u ional
amewo k mus be pu in place. These egula ions mus be lexible, aking in o accoun he
cha ac e is ics o each company and based on he "comply o explain" p inciple (Fas e ling and
Duhamel, 2009)
• Sha eholde igh s and ai ea men , and main unc ions o capi al holde s: a co po a e go e nance
egime mus p o ec he in e es s o all sha eholde s, especially mino i y and o eign sha eholde s.
Sha eholde s ha e he igh o in luence he managemen o he company h ough he exe cise o
undamen al sha eholde igh s, such as he igh o in luence he composi ion o he boa d o di ec o s,
o pa icipa e in he amendmen o he company's a icles o associa ion, and o be su icien ly in o med
abou he company's si ua ion.
• Ins i u ional in es o s, s ock ma ke s and o he in e media ies: unde his p inciple, a co po a e
go e nance egime mus es ablish sound incen i es (OECD, 2015) ha ensu e he p ope unc ioning
o ma ke s and hus con ibu e o good go e nance.
• Role o di e en s akeholde s in co po a e go e nance: a company's s akeholde s a e all hose who ha e
con ibu ed esou ces o he company. These indi iduals may be capi al p o ide s, c edi o s, employees,
supplie s o o he s. They ha e played a ole in he su i al o he company in one way o ano he and
a e en i led o a say in he li e o he company as de ined by applicable law o mu ual ag eemen s.
• T anspa ency and dissemina ion o in o ma ion: in o ma ion is a e y impo an elemen . Those who
hold eliable in o ma ion ha e powe and an ad an age o e o he s. In his sense, his p inciple
highligh s he impo ance o dissemina ing in o ma ion o he a ious pa ies conce ned. This
in o ma ion should be eliable and imely and should co e he company's inancial si ua ion, i s
go e nance, u u e de elopmen s o any in o ma ion ha may in luence decision-making. This
in o ma ion mus be eliable and es ablished in acco dance wi h in e na ional s anda ds.
• Responsibili ies o he boa d o di ec o s. Acco ding o he OECD, "A co po a e go e nance egime
mus ensu e he s a egic di ec ion o he company and he e ec i e supe ision o managemen by he
boa d o di ec o s, as well as he accoun abili y o he boa d o di ec o s o he company and i s
sha eholde s" (OECD, 2015).
3.3 Go e nance models
A b ie e iew o he li e a u e on co po a e go e nance e eals wo dis inc models o go e nance: sha eholde
go e nance, he sha eholde s model, and pa ne ship go e nance, o he s akeholde ’s model (see able below) 28.
27 Toumi S., Kabbaj S. (2019) "Co po a e go e nance and Mo occan small and medium-sized en e p ises: Food
o hough ", Re iew o Con ol, Accoun ing and Audi ing "Issue 9: Decembe 2019 / Volume 4: Issue 3" pp:
146 - 170
28 Toumi S., Kabbaj S. (2019) "Co po a e go e nance and Mo occan small and medium-sized en e p ises: Food
o hough ", Re iew o Con ol, Accoun ing and Audi ing "Issue 9: Decembe 2019 / Volume 4: Issue 3" pp:
146-170
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Table 1. Co po a e go e nance models
Sou ce: Table compiled by us based on he book "La dynamique de gou e nemen d'en ep ise" (The dynamics
o co po a e go e nance), Richa d B. and MIELLET D., Édi ions d'O ganisa ion, 2003, pp. 36-37
In Ma ch 2008, Mo occo launched i s code o good co po a e go e nance p ac ices, inspi ed by he OECD's good
go e nance p ac ices. This code is aimed a companies lis ed on he Casablanca S ock Exchange and is
accompanied by ecommenda ions o o he ca ego ies o companies such as SMEs, amily businesses, ins i u ions
and public en e p ises. The co po a e go e nance model in Mo occo is based on a public-p i a e pa ne ship
app oach. Indeed, " he Code ecommends ha companies cons an ly s i e o adop a p oac i e and pa icipa o y
app oach owa ds public au ho i ies" (Speci ic Code o Good Go e nance P ac ices o SMEs and Family
Businesses, 2008).
3.4 Ope a ional isk go e nance acco ding o he Basel amewo k
Basel II29 p o ides a se o ools enabling ins i u ions o s uc u e and o malise hei app oach o ope a ional
isks, bu hese ools a e insu icien on hei own wi hou a genuine o ganiza ional amewo k o ope a ional
isk managemen p ocesses. Such measu es exis in he as majo i y o companies: no one wai ed o egula o y
e o m o ake all necessa y s eps o educe hei exposu e o isk and limi i s consequences when i canno be
a oided. Howe e , he Basel e o m has in oduced a change. The aim oday is o gi e hese measu es g ea e
isibili y and p esen hem as a cohe en and e ec i e se o measu es, in pa icula by ocusing on he mos
sensi i e a eas o isk. I is he e o e, abo e all, a change o pe spec i e in ope a ional isk managemen : adop ing
a mo e "p oac i e" han " eac i e" app oach and keeping in mind, in e e y decision, he need o g ea e in e nal
and ex e nal anspa ency.
The app oach adop ed mus a oid he pi all o mechanis ic applica ion o es ablished me hodologies, which may
appea o eplace exis ing ools wi h a uni o m and comp ehensi e bu cumbe some sys em. Indeed, common
s anda ds mus be de ined and implemen ed, and a cen alized p ocess o collec ing and analyzing da a o he
ins i u ion's managemen , he go e ning body and he supe iso y au ho i ies is necessa y.
29 Amadieu.D (2006) "Essen ial elemen s o good ope a ional isk managemen ", Jou nal o Financial Economics 84, No. 3
pp. 93-103.
Model
Na u e o he economy
Role o sha eholde s
Decision-making c i e ia
Anglo-Saxon
model
(sha eholde
model)
The inancial ma ke plays a
cen al ole in inancing he
economy
Essen ial
Sa is y sha eholde s in
e ms o alue c ea ion o
di idend policy
Sou he n
Eu opean
model
(s akeholde
model)
The s a e plays a g ea e ole as
a edis ibu o and egula o
(wel a e s a e)
Negligible quan i y
Allegiance o he s a e and
he adminis a ion
The Ge man
and Japanese
models
Social model:
- Capi alis s and employees in
Ge many
- Na ional uni y in Japan
-Co-managemen
- Sys em o business
p o ec ion and inancing
A s ong na ional cul u e
and a mix o solida i y and
social powe ela ions
