Country risk analysis has been a topic of investigation for decades, often focused on forecasting the risks to business profitability and assets when investing in a country. While there have been gradual improvements in the analytic techniques and overall breadth of the research, many scholars and practitioners continue to focus on limited conceptualizations of risk, measures with a relatively small number of variables, and/or expert analysis. Others point to the need to expand the inquiry, produce better tools and models, take advantage of the greater availability of data and enhanced computing techniques, and tackle puzzles differently. Advancing this discussion, we make the case for a new conceptualization and measurement of country-level risk and introduce the Robinson Country Risk Index (RCRI), a tool which incorporates four broad dimensions—Governance, Economics, Operations, and Society (GEOS). Within this holistic macrostructure, the RCRI encompasses 70 sub-dimensions, 126 countries, and, at present, 8 years of data. Its ecological conceptualization, multifaceted goals, and embedded functionalities complement and offer advantages over other risk indexes. The RCRI addresses concerns surrounding the conceptualization and measurement of country risk and provides a dynamic new instrument for educators, researchers, and practitioners.
