Vision 2030を支援するサウジアラビア持株会社向け統合リスクガバナンス枠組みの構築
Developing an Integrated Risk Governance Framework for Saudi Holding Companies in Support of Vision 2030 (原題)
Essam Ali Hassan Abdelaal
🤖 gxceed AI 要約
日本語
本レビューは、Vision 2030下で多角的に拡大するサウジ持株会社のリスクガバナンス課題を分析し、子会社単位のリスク管理ではグループ全体のリスク集中・伝染・相関エクスポージャーを捉えきれないと指摘する。取締役会のリスク方針、グループリスク統括機能、子会社のオペレーショナルリスク保有、独立保証、資本配分と学習を結ぶ継続的ループという5つの能力からなる統合枠組みを提案する。ESG・デジタルリスク・サプライチェーン強靭性・サウジのコーポレートガバナンス研究を統合し、リスクガバナンスをコンプライアンスではなく規律ある成長のインフラと位置づける。
English
This review examines risk governance challenges facing Saudi holding companies under Vision 2030, arguing that subsidiary-level risk registers fail to capture group-wide risk concentration, contagion, and correlated exposures. It proposes an integrated framework built on five capabilities: board-level risk direction, a group risk office, retained subsidiary ownership, independent assurance, and a continuous decision loop linking risk to capital allocation and strategy. Synthesizing ERM, board governance, ESG, digital risk, supply-chain resilience, and Saudi corporate governance research, it positions risk governance as infrastructure for disciplined growth rather than mere compliance.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でも持株会社・事業ポートフォリオ企業が増える中、グループ横断のリスク統合と資本配分の連動はSSBJ開示や統合報告書の質を左右する論点であり、サウジの枠組みは示唆に富む。ただし気候・ESG開示の実務接続は限定的で、日本企業への直接適用には追加検討が必要。
In the global GX context
While focused on Saudi Arabia, the paper speaks to a global governance gap: ISSB/CSRD and TCFD-aligned disclosure increasingly demand group-level risk aggregation, yet most frameworks remain subsidiary-centric. It offers a conceptual bridge between enterprise risk management and sustainability governance that could inform holding-company disclosure infrastructure in other jurisdictions.
👥 読者別の含意
🔬研究者:持株会社のリスクガバナンスとESG・開示研究を接続する概念枠組みとして、グループレベル開示の実証研究の出発点になる。
🏢実務担当者:グループCROや持株会社のサステナビリティ担当が、子会社横断のリスク集約と資本配分を結ぶ仕組みを設計する際の参考になる。
🏛政策担当者:グループ企業のリスク開示・ガバナンス規制を検討する際、子会社単位ではなくグループ横断のリスク集約を促す制度設計の示唆となる。
📄 Abstract（原文）
-Saudi holding companies are increasingly central to portfolio investment, sectoral diversification, localization, and large-scale transformation under Vision 2030. Their governance challenge is distinctive: while risks originate within individual subsidiaries, value destruction can propagate through shared financing, brands, digital infrastructure, suppliers, executives, and strategic dependencies at the group level. This review develops an integrated risk governance framework tailored to this multi-entity context. An integrative review approach synthesizes research on enterprise risk management, board governance, organizational resilience, environmental, social, and governance (ESG) factors, digital risk, supply-chain resilience, and Saudi corporate governance. The synthesis demonstrates that conventional subsidiary-by-subsidiary risk registers are inadequate when the parent company must understand risk concentration, contagion, correlated exposures, and strategic trade-offs across a portfolio. Effective governance therefore requires five interconnected capabilities: board-level risk direction and appetite; a group risk office capable of aggregating and challenging exposures; clearly retained subsidiary ownership of operational risks; independent assurance; and a continuous decision loop linking risk information to capital allocation, strategy, and learning. Saudi evidence further indicates that board structure, audit and sustainability mechanisms, institutional quality, disclosure, and investor expectations influence the credibility of governance arrangements. The proposed framework aligns these findings with Vision 2030 priorities by positioning risk governance as an infrastructure for disciplined growth rather than mere compliance. It provides a research agenda and practical design principles for holding-company boards, group chief risk officers, subsidiary leaders, regulators, and investors seeking resilience without sacrificing entrepreneurial autonomy.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.irejournals.com/formatedpaper/1723133.pdffirst seen 2026-09-30 05:45:50 · last seen 2026-10-02 05:44:09
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