Risk Management Models based on Buddhist Principles

Abstract

This paper explores risk management models grounded in Buddhist principles. Risk management is essential for sustainable decision-making in both individual and organizational contexts. From a Buddhist perspective, risk is not merely potential loss but is conceptually linked to dukkha (suffering) and the path to its cessation as taught in the Four Noble Truths and supported by other canonical principles such as yoniso manasikāra (systematic attention). This study develops a risk management framework incorporating: (1) risk recognition; (2) risk analysis and assessment; (3) response planning; and (4) monitoring and adjustment. By integrating Buddhist ethical and cognitive guidelines, the proposed framework fosters conscientious, reflective, and morally grounded decision-making. Findings indicate that Buddhist teachings provide effective guidelines for reducing undesirable outcomes and enhancing sustainable practices in risk management. The study argues that Buddhist thought can enrich contemporary risk management with ethical and mindful perspectives, improving resilience and adaptive capacities.