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Enterprise risk management (ERM)

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Mickey D.
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  1. Enterprise risk management (ERM)
  2. Risk management system - Nokia Case study
  3. Why risk management fails?
  4. Use of different risk languages between departments

Enterprise risk management (ERM) is the modern way of looking at risk management and internal control. According to COSO (2004), ERM is a process adopted by the management, board of directors and other personnel and is used in strategy setting and all the enterprise activities to identify prospective events that may influence the business and manage risk, and therefore provide enough assurance that the entity's objectives will be achieved. ERM enables the firm to maintain a collection of risks in an integrated, firm-wide fashion as opposed to the traditional risk management approach that separated risk categories and controlled in risk ?silos?.

In the rise of the globalization of business competition, most firms are trying to surpass each other for supremacy in the market. The environment, resulting in the market turmoil, has resulted in the need to consider the importance of enterprise risk management (Fong, 2006). The fall of top companies such as WorldCom, Enron and Parmalat raised concerns among managers on the efficiency of company's management. Controls and risk management emerged as fundamental issues (Nocco & Stulz 2006, p.14). The practice is offered to give the most thorough way of dealing with business risk. It provides a framework for managing business risk in a holistic manner as opposed to the conventional method of managing risk in 'silos'. According to the ERM proponents, the implementation of the practice would enhance the firm's value and performance.

[...] http://public.eblib.com/choice/publicfullrecord.aspx?p=603029. Ong, M. K. (2006). Risk management: a modern perspective. Burlington, MA, Academic Press/Elsevier. Pickett, K. H. S. (2005). Auditing the risk management process. Hoboken, N.J., Wiley. Power, M. (2007). Organized uncertainty: designing a world of risk management. Oxford, Oxford University Press. [...]


[...] Enterprise Management. Burlington, Elsevier. http://public.eblib.com/choice/publicfullrecord.aspx?p=535056. Chapman, R. J. (2011). Simple Tools and Techniques for Enterprise Risk Management. New York, John Wiley & Sons. http://public.eblib.com/choice/publicfullrecord.aspx?p=822601. Chorafas, D. N. (2004). Operational risk control with Basel II basic principles and capital requirements. Amsterdam, Elsevier Butterworth- Heinemann. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk& db=nlabk&AN=104699. Collier, P. [...]


[...] M. (2006). Enterprise risk management: Theory and practice. Journal of Applied Corporate Finance, 8-20. O'leary, D. E. (2000). Enterprise resource planning systems systems, life cycle, electronic commerce, and risk. Cambridge, UK, Cambridge University Press. http://dx.doi.org/ 10.1017 /CBO9780511805936. Olson, D. L., & Wu, D. D. (2010). Enterprise risk management models. Heidelberg, Springer. [...]


[...] Controls and risk management emerged as fundamental issues (Nocco & Stulz 2006, p.14). The practice is offered to give the most thorough way of dealing with business risk. It provides a framework for managing business risk in a holistic manner as opposed to the conventional method of managing risk in 'silos'. According to the ERM proponents, the implementation of the practice would enhance the firm's value and performance. Enterprise-wide risk management practices aim to build, protect and improve shareholder value by controlling the uncertainties that could affect the achievement of the firm's objectives. [...]


[...] M. (2009). Fundamentals of risk management for accountants and managers tools & techniques. Amsterdam, Elsevier/Butterworth- Heinemann. http://public.eblib.com/choice/publicfullrecord.aspx?p=452970. Conference Board of Canada. (2011). Getting Started in Risk Management. Ottawa, The Conference Board of Canada. http://www.conferenceboard.ca/e-library/anonymous.aspx?DID=4274. Considine, M. (2001). Enterprising states: the public management of welfare- to-work. Cambridge, Cambridge University Press. D'addario, F. J. [...]

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