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The relationship between enterprise risk management (ERM) and performance measurement systems (PMS) has garnered increased attention in recent years, as the adoption of ERM frameworks has become more widespread among both large corporations and small to medium-sized enterprises (SMEs). Despite this, there remains a dearth of research on this topic. In this paper, we aim to explore the synergies between risk management and performance management. Through a literature review, it becomes apparent that these two areas have significant potential for alignment, yet this potential remains untapped due to a lack of appropriate management tools and organizational structures to connect them. Our theoretical analysis serves as the foundation for a comprehensive case study examination of the relationship between risk and performance in the context of building a risk-driven PMS in SMEs. Utilizing the grounded theory methodology, a suitable case study was selected among SMEs, and a risk-driven PMS framework was applied in order to address the research question. This inductive-empirical methodology aims to test the assumptions that ERM is often a challenging practice to implement within SMEs and that linking ERM to PMS can help to bolster risk management initiatives within SMEs. In conclusion, this paper contributes to the existing literature by presenting a case-study based conceptual model of the link between risk and performance, which can serve as a useful tool and managerial practice for enterprise risk managers in identifying risks and facilitating business growth.

The purpose of this paper is to examine biopharma innovation ecosystems (IEs) through the lenses of a stakeholder model. In doing so, this work aims to answer the following research question: which stakeholders are required in an IE within biopharma industry and what are their main roles in the IE value creation. The research strategy was designed according to the grounded theory methodology. By applying this methodology, data were collected through verbatim interviews with several stakeholders. Both data collection and data analysis phases were carried out concurrently up to saturation where all data were identified and their consistency across the many forms was reached. The thesis of the paper intends to prove that biopharma IEs consist of a multilevel and longitudinal set of key stakeholders. Furthermore, by investigating the Lombardy case study, it explains the role of each stakeholder with regards to the comparative advantages required in the engagement with the IE. In addition, arising from a holistic view of the biopharma IEs, this research traces the biopharma IE dynamics through the analysis of the IE’s driving forces. This paper represents one of the first heuristic attempts to analyze in-depth biopharma IE from a holistic perspective. The paper findings can be considered to be an impactful extension to biopharma IEs world-wide. This broader scope is well supported by expert interviews as a central part of the methodology and by the investigated scientific literature.

In broad terms, risk management (RM) covers four conventional actions in addressing operational risks (OpRisks), i.e., actions to mitigate, eliminate, accept, and transfer operational risks. In relation to transferring OpRisks to external third parties, this study aids chief risk officers (CROs) in addressing issues related to the reduction of economic exposure to OpRisk. In this respect, the economic handling of OpRisks and their coverage through specific insurance programs are among the major challenges that CROs face within their roles. The aim of this paper is to provide CROs with an analytical pathway to addressing these challenges by applying the total cost of risk (TCoR) method tailored to their purposes. Through a leading example, this paper demonstrates that the TCoR approach meaningfully and productively supports CROs’ decisions when striving to deal with OpRisk. In fact, the TCoR approach implementation, together with the application of Monte Carlo simulation as a computational tool, drives TCoR value optimization when OpRisk is transferred to insurance agencies. In addition, by applying a TCoR framework, CROs can find the correct and cost-effective balance between the company’s retention level—consistent with the company’s risk appetite—and the premiums paid to insurance agencies. In conclusion, this paper provides CROs with a methodological approach for efficiently building relationships with insurance agencies by consistently addressing TCoR-based dealings.