No abstract

Sustainability risk management (SRM) is an approach that manages the broad spectrum of risks arising from sustainability issues such as climate change, resource depletion and natural catastrophes. SRM is an extension to Enterprise Risk Management (ERM) that aims to maximize environmental, social and economic performances for a company's survival. In an SRM practice, knowledge management is a strategic resource for companies to sustain in the rapidly-evolved business environment. It provides a solution to address the unknown risks associated with environmental complexity. Thus, the aim of this study is to examine the moderating effect of knowledge management on the relationship between SRM critical factors (ERM bases and organizational resilience) and company survival among public listed companies (PLCs) in Malaysia. Partial Least Squares Structural Equation Modelling (PLS-SEM) technique is used to analyze the hypothetical model which is developed in this study. The result shows that knowledge management moderates the relationship between organizational resilience and company survival. This finding signifies that knowledge management is an important strategic resource to assist companies to develop effective risk management strategy. This will lead to better decision-making and risk controls which influence stakeholder value and company reputation. The study also finds that ERM bases and organizational resilience were significant towards company survival. Companies with strong ERM bases such as procedures, infrastructure and methods have higher chances of successful SRM implementation. Organizational resilience refers to the ability of a company to manage crises and disaster risks, which is crucial for a company's survival. This study has both theoretical and practical implications. The result of this study provides relevant insights on the value of knowledge management to meet stakeholder expectations. It also provides a better understanding of the relationship between SRM implementation, its critical factors and company survival.

This paper aims to provide an insight of the Malaysian experience in terms of Risk Management practices and the integration of the sustainability as part of the enterprise risk management (ERM). Contribution/ OriginalityThis contributes in the existing literature by highlighting the significance of integrating ERM and corporate sustainability practices in mitigating both known and unknown risks for longer term of survival in the industry in addition to addressing the potential opportunities for improvement in the ERM practices.

The motivation of this paper stems from the importance of observing good corporate governance by means of SRM approach to create sustainable value for corporate survival. This study explores the perspectives of corporate governance and underlying theories related to sustainability risk management (SRM). There is a growing concern that good corporate governance has an impact on SRM program. Good corporate governance influences companies to adopt sustainable business practices through a more holistic risk management approach in addressing both financial and nonfinancial risks. Modern portfolio, stakeholder and legitimacy theories are the accepted paradigm in fostering a good corporate governance through the adoption of sustainable risk management in addressing sustainability risk. This paper adds to the literature by highlighting the importance of corporate governance through adoption of sustainable risk management practices in maximizing economic, environmental and social performance.

Nomination is a process whereby a policyholder who purchases the insurance policy should name someone to benefit from the policy in the event of the policyholder’s death. Nomination is purposely performed to ensure the beneficiaries receive the takaful benefits promptly. The current practice of the nomination clause in family takaful operation is basically vague because the Takaful Act 1984 does not expressly provide any rule to that effect. This study aims to examine the status of nominees for Muslim participants and non-Muslim participants in family takaful as stipulated in the tak ful nomination form. It is significant to clarify the status of the nominee, either as a beneficiary or an executor, in order to avoid any misconception among the legal heirs in the future. Besides this, the study also seeks to assess how far the related concept of hibah to the nomination in family takaful is currently implemented by the takaful operators in Malaysia. Hibah seems to be an alternative for Muslim participants to allocate the takaful benefits to the right beneficiaries without adhering to the Islamic law of inheritance (fara’id). This study adopts the document analysis to identify whether the takaful nomination form is standardised and clarified in respect of the status of the nominee for each takaful operator in Malaysia. Samples of eight licensed takaful operators are selected in this study. The results of this study found that the takaful nomination form is not standardised among all the takaful operators. The status of the nominee is not clarified in some takaful nomination forms either as a beneficiary or an executor. In addition, the application of hibah seems to violate the nature of hibah itself as hibah should take place during the lifetime of the participant. This study concludes and proposes some recommendations for tak ful operators to provide better and enhanced implementation of nomination and hibah in family takaful.