The most important barrier is the risk managers power to persuade (or the lack thereof should I say).

INFORMATION AND RESOURCES. Having information about risk, but no resources to undertake measure is bad. Having resources to prevent risk, but having no information about the risk is equally bad. As for willingness of the management, that is a moot issue. Without willingness to minimize risk, the management ceases to be a management, and become nothing more than an obstruction.

Based on my experience, "Time Limit" is the most important barrier to risk management. Sometimes we know the technique of risk management or have enough information but we don't have enough time so we prefer that other people or institutes do it for us.

my opinion is, the great barrier of risk management is noncooperation of public to reduce any type of risk

It depends on whether the question concerns the process of building a risk management system in a company or a financial institution, or its improvement or current functioning. In the situation of building a risk management system in an economic entity in which there was no integrated systemic approach to identification, quantification, risk analysis, hedging potential negative effects of risk materialization, etc., even the management of an economic entity that is not interested in incurring costs for the construction of a risk management system. Apart from the financial barrier, there may also be other barriers that are usually associated with the specific type of risk being investigated and the type of company or institution in which the risk management system is being built or improved.

However, in the situation of the current functioning, use and improvement of a specific risk management system for a company or financial institution that has existed for years, a serious barrier may be the rapid pace of technological progress of information technologies, advanced data processing technologies Industry 4.0, because individual information, ICT, Internet technologies, etc. constant changes in ICT technologies used for automation, objectivization, digitalization, etc., for performing individual elements of the identification process, quantification, risk analysis, securing potential negative effects of risk materialization, etc.

In addition, processes such as assessing financial credibility, assessing the security of IT systems, estimating potential financial losses in the situation of materialization of a specific category of financial, operational, market risk, etc. are also successively subject to processes of automation, objectification, digitization, etc. and this is correlated with the progress in security technologies for data transfer on the Internet, online electronic banking, application of Internet of Things technology, mobile devices, eg smartphones for analytical systems carrying out crisis analysis, economic and financial analysis, financial reliability assessment analysis, economic investment projects analysis, due diligence analysis, fundamental analysis, logistic, marketing, strategic, operational and other analyzes based on data collected in Big Data database systems with simultaneous data processing in the computing cloud.

Other advanced data processing technologies typical of the current fourth technological revolution, known as Industry 4.0, are also increasingly involved in risk management processes in recent years. The current technological revolution described as Industry 4.0 is determined by the development of the following technologies of advanced information processing: Big Data database technologies, cloud computing, machine learning, Internet of Things, artificial intelligence, Business Intelligence and other advanced data mining technologies. In addition, in recent years, blockchain technology is used to increase the security of transfer and analysis of data sent online. analytical processes carried out for risk management purposes are supported by Data Analytics and Business Intelligence analytics. thanks to these new technological solutions it is possible to build more and more complex analytical models and to conduct integrated risk management for the entire organization, including a multi-department corporation that conducts activities in various areas, offering various types of products and services to various domestic and foreign markets, including for a capital group composed of many companies, subsidiaries, etc.

The advancement of ICT technology allows the collection and processing of ever larger data sets collected and analyzed using cloud computing in Big Data database systems. Authorized persons, analysts who support computerized risk management systems, can enter into the online database system current current market data or describe the economic, economic and financial situation of the contractor, the audited entity from the level of mobile devices, including smartphones. However, all of this requires a continuous financial outlay to improve risk management processes. Often, every few years, all computerized risk management systems are exchanged for new, more technologically advanced risk management systems. The financial barrier is a serious barrier to such a risk management process.

Apart from the financial barrier, there may also be other barriers that are usually associated with the specific type of risk being investigated and the type of company or institution in which the risk management system is being built or improved. For example, often changing legal norms of central institutions, eg institutions of supervision over the financial system, enforce frequent updates of internal regulations, regulations defining security procedures, content of instructions for analysts dealing with risk analysis, internal regulations defining functioning, running risk management systems. Apart from this barrier, the limited ability to efficiently implement modern ICT technological solutions to risk management systems due to personnel barriers, i.e. lack of staff acceptance for continuous changes of procedures, may also be a barrier. In addition, this type of situation requires the necessary training of personnel and generates an increase in operational and personnel risk, etc. The financial and credit risk management processes, etc., also in the context of the global financial crisis of 2008, I described in my publications available on the Research Gate portal.

Best wishes

optimusm bias

I fully agree with the above opinions, and above all with the opinion of Dear Vladimir Mirkovic. Honestly functioning coordinators, directors, analysts in risk management departments sometimes have difficulties in convincing the management, the management board for the need for permanent, permanent improvement of risk management processes, acceptance of only appropriately secured risk levels, increasing reserves in the situation of emerging market downturn. enterprises of clients and contractors which is associated with incurring additional financial outlays and / or reduction of financial capital allocated to undertaking transactions bearing financial and other risk. In addition, the structure of expenditure incurred for the improvement of risk management processes in financial institutions has changed in recent years. While in the 1990s, the dominant risk categories that were subject to permanent improvement, including through the implementation of ICT and Industry 4.0 information technologies for risk analysis and modeling, have been the key risk categories in recent years for which particularly high expenditure is allocated to improving the management processes of these risk categories are primarily risks associated with the development of cyber crime, the risk of data transfer on the Internet, risks associated with online and mobile electronic banking. For now, high levels of profitability of banking activities related to the development of electronic online banking allow to allocate high expenditures to improve the management of risk categories related to the development of cyber crime, the risk of data transfer on the Internet, risks associated with online and mobile electronic banking. However, this may not always be the case. Competition for classic online banking is growing through the successive increase in the share of cryptocurrencies in transactions carried out electronically. Fintechs are also developing. Therefore, the current development trends of banking in the next decades may change significantly and then there may also be changes in the key barriers to risk management improvement processes.

Best wishes

Dariusz Prokopowicz

Unwillingness to change is one of the most important barriers to effective risk management! Personnel not wanting to adopt new procedures which is characterized by difficulty in changing mind-sets. Resistance to process change initiatives or culture may result from various reasons including job security fears (self concern, individual objectives or goals driven by greed (self interest), arrogance and pride, insufficient regulation in the industry or economy and inadequate will).