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The paper shows the integration of the theoretical and practical aspects of designing an ERM software tool. The basic idea of the designed ERM is conceived in the form of an algorithm using the integration of ISO 3100, the COSO framework, the risk matrix designed according to the risk appetite of the observed company, quantitative and qualitative models for risk assessment, and the generation of consequences and mitigating measures for each identified risk. Methodologies for risk assessment in the presented ERM include the following: For business risks, questionnaires were generated for different business areas (from knowledge bases) and the assessment was conducted according to risk matrices. Workplace risk is assessed according to the Kinney method, while technical risks are assessed according to the API 580, 581 standard. Software is created to outbalance problems of all types of risk that may arise regardless of the complexity of the business and the risk itself. The algorithm, model and software were developed and successfully tested in two Serbian companies. [ABSTRACT FROM AUTHOR]

Enterprise Security Risk Management (ESRM) is gaining popularity in industry circles, especially after the American Society of Industrial Security (ASIS International) elevated it as its strategic priority in 2016. However, research on its adoption has attracted little attention, especially in universities which are often characterized by outstanding variations in culture, structure, and more. In this paper, we conduct a self-assessment of ESRM maturity in Kenya's accredited universities using process metrics of the 2019 ASIS ESRM Maturity Model and insights from university security executives. The findings reveal that more than 35% of accredited universities have achieved advanced levels of ESRM adoption, with over 57% at average or middle levels, predominantly at Level 3. Public accredited universities exhibit higher ESRM adoption levels compared to their private counterparts. The study also identifies variations in the terminology used, with 60% using "Security Risk Management (SRM)," 35% using "University Risk Management," and a minority adopting ESRM. The discomfort with the "enterprise" term indicates a need for awareness and sensitization programs. We argue that benchmarking with optimized ESRM adopters and increasing awareness and integration of ESRM in strategic planning and institutional governance are crucial for comprehensive security risk management in higher education. [ABSTRACT FROM AUTHOR]

This study contributes to the literature by examining the effect of enterprise risk management (ERM) on insurers' performance (underwriting performance and Return on Assets) and investigating how corporate governance characteristics such as board size, board independence and gender diversity moderate the ERM-performance relationship. The study employs the generalised method of moments on a sample of 63 insurers in South Africa, covering 2015–2019. The study's findings agree with the literature that a positive relationship exists between ERM and insurers' performance. This was consistent with both performance indicators. Again, we find that board size, board independence, and gender diversity interact with ERM in affecting insurers' performance, and the relationship was significantly positive. This implies that corporate governance plays a significant role in promoting ERM effectiveness in affecting performance. Therefore, insurers interested in ensuring a robust ERM system should leverage these governance factors to appreciate the overall impact of ERM on performance. [ABSTRACT FROM AUTHOR]

Implementing corporate social responsibility (CSR) and enterprise risk management (ERM) is becoming more important, since it is an indication of a long-term sustainable business. Investigating the effects of ERM, CSR, cost of capital (CoC), and company size on the value of manufacturing sector enterprises in Indonesia is the aim of this study. 56 manufacturing companies that are listed on the Indonesia Stock Exchange and that provide annual reports and detailed financial statements for the fiscal years 2016 through 2019 make up the study’s sample. Firm value is proxied by the Tobins’q (TQ) value. CoC is determined using WACC, CSR is evaluated using each company’s disclosure index, and the firm’s size is indicated by LnTotal Assets. The data in Eviews 12 was analyzed using panel data regression. The study results show that CSR and ERM are essential to raising a company’s worth. The company value increases with the degree of ERM and CSR adoption. The study also found a significant negative correlation between company size and worth. However, this study is unable to show how capital expenses affect the value of a company. [ABSTRACT FROM AUTHOR]

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In the context of healthcare technology management (HTM) in Saudi Arabia and the Gulf region, this study addresses a significant gap by exploring both external and internal risk factors affecting HTM performance. Previous studies have primarily focused on modeling or predicting failures in medical devices, mostly examining internal (endogenous) factors that impact device performance and the development of optimal service strategies. However, a comprehensive investigation of external (exogenous) factors has been notably absent. This research introduced a novel hierarchical risk management framework designed to accommodate a broad array of healthcare technologies, not limited to just medical devices. It significantly advanced the field by thoroughly investigating and validating a comprehensive set of 53 risk factors and assessed their influence on HTM. Additionally, this study embraced the perspective of enterprise risk management (ERM) and expanded it to identify and incorporate a wider range of risk factors, offering a more holistic and strategic approach to risk assessment in healthcare technology management. The findings revealed that several previously underexplored external and internal factors significantly impacted HTM performance. Notably, the Fuzzy AHP survey identified "design risk" under facility and environmental risks as the highest risk for HTM in this region. Furthermore, this study revealed that three out of the top ten risks were related to "facility and internal environmental" factors, six were related to technological endogenous factors, and only one was related to managerial factors. This distribution underscores the critical areas for intervention and the need for robust facility and technology management strategies. In conclusion, this research not only fills a critical void by providing a robust framework for healthcare technology risk assessment but also broadens the scope of risk analysis to include a wider array of technologies, thereby enhancing the efficacy and safety of healthcare interventions in the region. Additionally, the proposed hierarchy provides insights into the underlying risk factors for healthcare technology management, with potential applications extending beyond the regional context to a global scale. Moreover, the equation we proposed offers a novel perspective on the key risk factors involved in healthcare technology management, presenting insights with far-reaching implications applicable not only regionally but also on a global level. This framework also supports sustainability goals by encouraging the efficient and responsible utilization and management of healthcare technologies, essential for ensuring the long-term economic and environmental sustainability of medical technology use. This research is of an exploratory nature, with the findings from the Fuzzy AHP analysis being most applicable to the specific geographic regions examined. Additional research is required to validate these results and to confirm the trends observed in various other regions and contexts. [ABSTRACT FROM AUTHOR]

This study examines the impact of enterprise risk management (ERM) programs on corporate tax planning. ERM is a holistic approach to managing an enterprise's entire portfolio of risks. We hand‐collect data on ERM adoption for a sample of Standard & Poor's 500 firms from 1993 to 2016. We empirically document that firms with ERM programs have lower cash effective tax rates than firms without ERM. Additionally, we find that the relation between ERM and tax avoidance is stronger among firms with more business segments. Finally, our results suggest ERM adoption offsets an increase in opacity and tax uncertainty typically associated with tax avoidance strategies. Overall, we provide evidence that ERM allows firms to exploit tax avoidance opportunities through enhanced coordination and communication. [ABSTRACT FROM AUTHOR]

Organisational resilience has become an increasingly important topic for businesses in recent years, as disruptions and unexpected events can have a significant impact on their operations, reputation, and financial performance. Such were the case with the COVID-19 pandemic, the cyberattacks on essential services or the recent conflict in Ukraine, all of which entail long-term disruptions that affect strategic business objectives. To ensure continuity of operations, it is essential to establish a comprehensive approach to enterprise risk management and increase resilience through internationally recognised standards such as COSO-ERM, ISO 31000, ISO 28000 or ISO 22316. The objective of this study will be to test a maturity model that will provide scientific support to professionals and, to a greater extent, to companies and other organisations. It assesses an organisation's security and resilience management system maturity level against internationally-recognised standards, with this model allowing them to visualise its evolution in subsequent updates. The proposed model has been tested through a survey that was carried out anonymously among the main companies included in the Spanish IBEX 35 stock index. It is an innovative model that can pave the way for new trends in entrepreneurship and management in terms of organisational resilience, after being empirically tested in a real business environment. It is also a direct transfer to the industry and allows for the creation of new strategies in service operations that support resilience. [ABSTRACT FROM AUTHOR]

The aim of this research is to analyze the effect of Enterprise Risk Management (ERM) implementation on Operational Performance and Firm Value in the Agricultural Industry sector during the 2016-2022 period. The information about ERM is taken from the annual reports, management reports and annual corporate governance reports disseminated over seven years (2016-2022). The data on firm performance have been obtained through financial report and the Eikon Refinitiv database of LSEG. Through a quantitative approach and panel data with linear regression, this study found that ERM contributes significantly to improved operational performance and firm value (measured through, Return on Assets and Tobin's Q). These results show that the effective implementation of ERM can be an important strategy for improving the competitiveness and resilience of agricultural enterprises to the risks faced. [ABSTRACT FROM AUTHOR]

This study presents a conceptual model of mediation effects that Entrepreneurial Orientation (EO) has on relationship between Enterprise Risk Management (ERM) and organizational performance. Empirical evidence suggests a very limited scope of ERM relation to performance, but full mediation effect of EO dimension innovation and proactivity is confirmed on relation between ERM strategic factor and new product development. Our research contributes scientifically because it is the first research that explores how ERM and EO interwind in companies. From the practical point of view, our results may be valuable to managers aiming to increase company's resilience by introducing innovation or are in the process of encouraging a more proactive behaviour. According to our findings, they may benefit from establishment of a sound ERM strategic framework prior to entering innovation or proactivity process, in terms of new product development. [ABSTRACT FROM AUTHOR]

This paper sheds light on the factors driving the maturity levels of integrated governance by analysing survey responses from 148 companies that reported on their efforts to coordinate and align their separated assurance functions. When an organization's assurance functions lack coordination, it can lead to challenges like isolated risk functions, incomplete risk coverage and redundant controls. Integrated governance aims to incorporate and optimize on organization's assurance functions to support an effective risk control environment and the integrity of information used by management and the governing bodies. Despite this goal, research indicates that no organization has achieved a mature level of integrated governance yet. To address this research gap, we identify key drivers for integrated governance maturity such as the awareness of integrated governance within the organization, the implementation of the Three Lines (of Defense) Model and the maturity levels of subsystems, that is, the risk management function and the internal control system. [ABSTRACT FROM AUTHOR]

This study's aim is to examine the impact of enterprise risk management (ERM) on firm performance when aligned with firm strategy, with a particular emphasis on the mediating role of corporate social responsibility (CSR) in this relationship. Previous studies established a connection between ERM and firm performance, as well as between CSR and firm performance. However, the ERM effect on firm performance via CSR remains unexplored. Structural equation modeling (SEM) was used to assess how the ERM affects the firm's performance, both directly and indirectly, through the influence of CSR strategy. The ERM is represented through risk indicators collected from 222 companies in the European Union. The data were gathered from 2015 to 2019 and applied to a structural equations‐based model to analyze how CSR acts as a mediator between ERM and firm performance. The findings suggest that ERM has a significant impact on firm performance, both directly and indirectly, through the effect of the CSR strategy. [ABSTRACT FROM AUTHOR]

Enterprise risk management (ERM) was introduced in the 1990s and has since become expected by boards of directors and regulators as a sign of good management and good corporate governance. However, many organizations struggle to implement ERM, and still seek practical advice on ERM implementation. This article explains many of the reasons why organizations are unsuccessful in their efforts at implementation and provides practical solutions provided by an experienced risk manager and consultant, an ex-Chief Risk Officer, and an academic, all of whom have written extensively on the subject. This article should be of interest to practitioners involved in implementing ERM, to consultants in ERM, and to academics teaching courses on ERM, risk management, and related topics. This article also provides a base against which further future research can be performed as ERM best practices continue to evolve. [ABSTRACT FROM AUTHOR]

This study examined the relationship of work coordination and Enterprise Risk Management on financial performance in Malaysian public higher education (PHEs). It addresses the gaps on how work coordination and ERM could mitigate financial challenges such as dependence on tuition fees and limited government funding. The responses from 350 key informants across 20 Malaysian PHEs were analyzed using SEM analysis. The findings reveal that work coordination significantly enhances ERM implementation, and ERM implementation positively influence the financial performance, ERM also act as a mediator variable, which has a greater effect on financial performance through work coordination. The findings support the strategic role of ERM in facilitating links between organizational capabilities and financial sustainability. It thus practically recommends increasing capacity through governance structures, investing in digital tools for risk management, and engaging leaders to improve ERM effectiveness. Theoretically, this study extends the Resource-Based View, placing ERM as that critical resource that would turn coordinated efforts into measurable financial outcomes. This study closes the literature gap in risk management in higher education by integrating work coordination and ERM within a comprehensive model of financial sustainability that has pragmatic implications for policymakers and leaders of institutions in strengthening resilience within resource-constrained educational contexts.

AbstractThe study explores the implementation of risk management in Micro, Small, and Medium Enterprises (MSMEs) in Indonesia, with the objective of enhancing their adoption and fostering sustainable business practices. Despite the overarching goal, many MSMEs in Indonesia still lag in the implementation of risk management. The research specifically targets MSMEs without existing internal control and risk management systems. The questionnaire was distributed to 200 MSME representatives through an online Google Form. Out of these, we received 140 completed responses. After a thorough review for completeness and relevance to the study criteria, 111 responses were deemed suitable for analysis, resulting in a response rate of 70%. After the data is obtained, it is analyzed using partial least squares using smart-pls 4.0. Relative advantage (RA) is the most influential indicator on Adoption of Risk Identification (ARI). Other important factors are complexity (COMX), and security (SECU) for MSMEs. Conversely, organizational readiness (OR) and competitive pressure (CP) were found not to have a significant impact on ARI, suggesting these are not primary factors in enhancing risk identification adoption and business sustainability. These findings provide insightful implications for the strategic prioritization of risk management components in the Indonesian MSME sector.

AbstractThis study aims to investigate the relationship between enterprise risk management and cost of debt in the context of developing countries by considering the moderating role of the COVID-19 pandemic crisis period which is suspected to strengthen the negative association between these two variables. Using 310 non-financial sector companies listed on the Indonesia Stock Exchange for the period of 2018–2021 as samples, this study found that the implementation of effective risk management is associated with lower cost of debt charged by lenders. However, the association between these two variables was not visible during the COVID-19 crisis. These results are robust when sub-sample tests, assessment with alternative ERM measurements, and sensitivity test using the generalized method of moments (GMM) are performed. To the best of the authors’ knowledge, this study is the first to address the direct relationship between enterprise risk management and external funding, especially cost of debt in the context of developing countries. In addition, this study is also the first to provide empirical evidence of the correlation between the COVID-19 pandemic and these two variables in the context of developing countries, specifically Indonesia.

Enterprise risk management (ERM) is a crucial aspect of corporate operations. This study examines the impact of environmental uncertainty, industry competition, and firm complexity on Enterprise Risk Management implementation and firm performance in the Southeast Asian mining industry. Utilizing data from 205 mining companies listed on Southeast Asian stock exchanges from 2016 to 2022, the analysis employs panel data regression methods. The findings reveal that environmental uncertainty does not significantly affect ERM, while industry competition positively influences ERM but negatively impacts firm performance. Firm complexity positively affects both ERM and performance. ERM mediates the relationships between industry competition, firm complexity, and performance, while intellectual capital moderates the effect of ERM on performance. These results underscore the strategic importance of integrating ERM practices and developing intellectual capital to enhance firm performance amidst competitive and complex business environments. The study contributes to the literature by providing empirical evidence on the nuanced relationships between these variables in the context of the Southeast Asian mining sector and offers practical insights for policymakers and industry leaders.

The emergence of sustainable business practices has garnered interest among stakeholders. However, the question of whether sustainability performance provides companies with a competitive advantage is still being debated in the literature. This paper aims to examine the influence of sustainability performance – namely economic sustainability performance and environmental, social, governance (ESG) – on competitive advantage, with the effectiveness of enterprise risk management (ERM) as the moderating variable. This paper used 202 firm-year observations during 2015–2022 from non-financial sector companies listed on the Indonesia Stock Exchange. To test the hypotheses, panel data regression with a one-year time-lag analysis is conducted. The findings show that economic sustainability performance has no relationship with competitive advantage, while ESG has a positive effect. Furthermore, ERM effectiveness strengthens the effect of economic sustainability and ESG on competitive advantage. Further investigation used a two-year time-lag analysis for a long-term perspective. The analysis shows that economic sustainability performance and ESG have a positive impact on competitive advantage. In contrast, ERM effectiveness has no effect on the relationship between economic sustainability performance and competitive advantage. Moreover, additional analysis incorporates the effect of COVID-19 into the main model and shows that the pandemic did not affect competitive advantage; this is consistent with the main results. The findings encourage companies to improve their risk management and sustainability initiatives. The government may also take it into account when developing rules that promote the implementation of sustainable development. AcknowledgmentThis research was supported by the Ministry of Education, Culture, Research, and Technology of the Republic of Indonesia through the Center for Higher Education Fund (BPPT) and Indonesia Endowment Funds for Education (LPDP) for providing the Indonesian Education Scholarship (BPI-Beasiswa Pendidikan Indonesia).

Risk management has become crucial for organizations in the current era. Therefore, this study assesses the impact of Enterprise Risk Management (ERM) on an organization’s performance and examines how knowledge management and technology adoption mediate this impact, along with the moderating effect of supply chain resilience based on the resource-based view and dynamic capabilities theory. Utilizing a questionnaire-based survey, data were collected from 297 respondents in Ho Chi Minh City, Binh Duong, and Dong Nai, Vietnam, by cluster random sampling. The data were statistically analyzed using the partial least squares method. The results indicated a positive effect of ERM on financial performance, while the association with non-financial performance lacked significance. Knowledge management and technology adoption fully mediated the positive impact of ERM on non-financial performance and partially mediated its relationship with financial performance. Furthermore, supply chain resilience strengthened the positive link between ERM and financial performance. In conclusion, these findings contribute to advancing the comprehension of the mechanisms and dynamics involved in knowledge management and technology adoption as mediators and supply chain resilience as a moderator, regarding an emerging country. The study enriches the risk management literature and significantly contributes to enhancing firm effectiveness.

Research on enterprise risk management (ERM) has increased considerably in the past two decades. Although management accounting researchers have substantially contributed to these advancements, previous reviews of the ERM literature have not discussed in depth the role of ERM as part of the organizational control package and how management accounting research could build on its research traditions to further our collective understanding of ERM. In this paper, we therefore adopt a management control perspective to critically analyze both quantitative and qualitative empirical ERM research and specifically focus on the integration of ERM in organizational control packages. Taking a complementarity perspective and accounting for the decision-facilitating and decision-influencing purposes of management accounting and control systems (MACS), we recommend several broader avenues for future management accounting research on ERM. [ABSTRACT FROM AUTHOR]

The purpose of this article is to contribute scientifically to the thematic areas of organisational resilience and security risk management by providing a model of a flexible security management system that can be integrated with other management systems and be applied to the operational dimension of organisational resilience. To this end, the literature on security risk and operational resilience has been reviewed, as well as on security governance models based on enterprise security risk management and other international standards that allow integration with business processes. During the study, an incipient production of specific models that determine the maturity of different management systems was observed in the academic sphere, with a gap being detected in terms of security management system maturity models linked to organisational governance and enterprise risk management, which would facilitate their inclusion in the organisation's integrated management system in a practical way. It is concluded that the proposed model provides scientific support to practitioners, and, to a greater extent, to companies and other organisations irrespective of their size, sector of activity or location. [ABSTRACT FROM AUTHOR]

This study explores the dynamics of the relationship between Enterprise Risk Management (ERM) and firm performance, including the mediating role of innovation management. While previous research has separately examined various links between ERM and firm performance and between innovation and firm performance, a research gap remains in studying the dynamics of the ERM-firm strategy-performance relationship, also considering the mediating role of innovation management. We used structural equation modelling (SEM) to measure the impact of ERM on firm performance directly and indirectly through its influence on the firm's innovation management, represented by R&D investment. We gathered data from 2015 to 2019 from a sample of 2,666 companies in Europe, East Asia, and North America. The results reveal that ERM exerts both direct and indirect influences on firm performance, the latter occurring through its effect on the firm's innovation management. These findings contribute to the literature on the resource-based view of the firm, underscoring the potential of the strategic alignment between innovation management and ERM, and reinforcing ERM's importance on firm performance. [ABSTRACT FROM AUTHOR]

This study aims to investigate the influence of Managerial Ownership, Independent Commissioners, and Corporate Social Responsibility, both partially and collectively, with Enterprise Risk Management moderation on Company Value. Company value is measured using Tobins'q method. The research was conducted in the Pharmaceutical Industry listed on the Indonesia Stock Exchange (IDX) for the period 2018-2022. The research method used is quantitative. The population of the study consisted of 11 companies. Samples were determined using purposive sampling technique, obtaining samples from 10 companies with 5 years of observation, resulting in 50 samples. Hypothesis testing analysis was conducted using Moderated Regression Analysis (MRA) with SPSS 25.0 software for Windows. The results of the study indicate that: 1) Managerial Ownership has a negative and non-significant partial effect on Company Value, 2) Independent Commissioners have a positive but non-significant partial effect on Company Value, 3) Corporate Social Responsibility has a positive and significant partial effect on Company Value, 4) Enterprise Risk Management moderates positively but non-significantly the effect of Managerial Ownership on Company Value, 5) Enterprise Risk Management moderates positively and significantly the effect of Independent Commissioners on Company Value, 6) Enterprise Risk Management moderates positively and significantly the effect of Corporate Social Responsibility on Company Value, 7) Managerial Ownership, Independent Commissioners, Corporate Social Responsibility together with Enterprise Risk Management moderation have a significant effect on Company Value. [ABSTRACT FROM AUTHOR]

This study aims to test and empirically prove the effect of Enteprise Risk Management, Intellectual Capital, and Dividend Policy on Firm Value with Good Corporate Governance as a moderating. The source of this study data uses secondary data from companies available at S&P Capital IQ with a total of 141 observations that have met the criteria used using purposive sampling techniques. This study employed quantitative research by using multiple regression analysis with a moderating effect (Moderated Regression Analysis) with the STATA program. The results of the study showed that Enterprise Risk Management had negative influence on firm value, Company policy, namely dividend policy, had positive effect on firm value, and Inttelectual Capital also Good Corporate Governance had no effect on firm value. The study also showed that Good Corporate Governance as a moderating variable strengthens the relationship between company policy, namely dividend policy, on firm value but Good Corporate Governance can’t moderate the relationship between both Enterprise Risk Management and Intellectual Capital on firm value. [ABSTRACT FROM AUTHOR]

Recent financial crises have highlighted the utmost importance of implementing risk management practices, as exemplified by the profound repercussions of the COVID-19 pandemic. Moreover, we witnessed the rise of various initiatives within the medical sector, specifically in the fields of biomedicine, hospitals, and pharmaceuticals, across Africa, with a notable emphasis on Morocco. The government in Morocco has implemented measures to foster investment and encourage participation from companies and stakeholders. Taking into account an indeterminate and volatile future, it becomes imperative for organizations to establish robust risk management strategies to navigate successfully through these uncertainties. This research paper concentrates on the convergence of complexity, project categorization, and risks. We propose a novel approach to the implementation of the Risk Management Process, utilizing the Enterprise Risk Management framework. By establishing Risk Management rules within the context of a “complex” project, we observed enhanced performance and improved risk management through the holistic consideration of interdependencies rather than treating them as separate entities. Additionally, to substantiate this interdependency, we conducted a comparative analysis of the project's risk and complexity between 2020 and 2022.

Accounting information plays a crucial role in the decision-making process of lenders. They pay special attention to the income statement and its quality when making decisions. Consequently, financial statements must meet the minimum required standards. Adopting a comprehensive risk management approach can enhance earnings quality, ensuring effective reporting and compliance with laws and regulations. Therefore, this study aims to examine the impact of external financing and the moderating role of risk management on earnings quality. The research hypotheses were analyzed and tested using a multivariate regression model with panel data. The study's statistical population consists of firms listed on the Tehran Stock Exchange. The findings demonstrate a positive and significant relationship between a firm's external financing and earnings quality. This suggests that risk management plays a moderating role in the relationship between external financing activity and earnings quality. External financing and risk management contribute to improving the quality of financial information. Investors can evaluate the reliability of a firm's accounting data based on the level of external financing and enterprise risk management components. Thus, these findings have implications for managers and regulators to enhance the quality of financial information and promote the use of a comprehensive risk management approach to build creditor trust.

Since the advent of South Africa's democracy in 1994, there has been an increasing demand by stakeholders for several public services due to a variation of complex and challenging events that have taken place and reported both in social and academic circles. In the context of the Northern Cape, there has been a continued increase in unemployment and poor service delivery coupled with an inability of the Department of Economic Development and Tourism (DEDaT) to achieve clean audit reports from the Auditor-General of South Africa (AGSA). This development raises questions about the implementation of ERM processes. Thus, this study aimed to assess the implementation of ERM processes using DEDaT as a case study. The study sought to determine the ERM systems currently deployed and the extent to which the ERM components are utilized by DEDaT. Data was gathered through in-depth interviews using a qualitative approach. A sample of eighteen participants who are ERM role players at DEDaT described their knowledge and experiences on the implementation of ERM systems and how the components are applied. From the findings, two main themes, namely, ‘ERM systems deployed at DEDaT’ and ‘perceptions on ERM components that are utilized,' emerged with related subthemes. The study revealed that DEDaT has ERM systems in place, however there were gaps in key areas that need improvement to enhance the ERM instrument. Furthermore, the research found that a set of eight components were utilized to implement the ERM process. The study suggested recommendations to management for further research and policy direction on implementing ERM in the public sector.

The paper shows the integration of the theoretical and practical aspects of designing an ERM software tool. The basic idea of the designed ERM is conceived in the form of an algorithm using the integration of ISO 3100, the COSO framework, the risk matrix designed according to the risk appetite of the observed company, quantitative and qualitative models for risk assessment, and the generation of consequences and mitigating measures for each identified risk. Methodologies for risk assessment in the presented ERM include the following: For business risks, questionnaires were generated for different business areas (from knowledge bases) and the assessment was conducted according to risk matrices. Workplace risk is assessed according to the Kinney method, while technical risks are assessed according to the API 580, 581 standard. Software is created to outbalance problems of all types of risk that may arise regardless of the complexity of the business and the risk itself. The algorithm, model and software were developed and successfully tested in two Serbian companies.

This paper examines the relative impact on supply chain responsiveness of adding flexibility and redundancy. We seek to investigate the effectiveness of flexibility and redundancy in terms of minimising expected supply chain cost and maximizing expected service delivery when a supply chain is exposed to supplier and environmental disruptions. Compared to a supply chain that uses neither strategy and is exposed to supplier and environmental disruptions, both practices reduce expected lost sales, reduce expected total cost, and increase the expected service level. Our results show that the backup-suppliers practice is more effective than the flexible-suppliers practice, as measured by cost reduction and service-level improvement. In addition, we show that a hybrid practice created by adding some level of flexibility to a backup-suppliers practice is more desirable in terms of lowering pre-disruption investment, increasing the responsiveness of the supply chain, and lowering the expected total cost. Moreover, the result of the simulation shows that on average, the proposed stochastic model could decrease the company's total cost by 5.51%. It also shows that planning and investing in proactive demand management could decrease the company's total cost by 7.87%. Our findings provide insights into the contingencies that support implementation of each practice. [ABSTRACT FROM AUTHOR]

Financial volatility and the most recent financial crisis turned the spotlight on enterprise risk management (ERM), yet, high-quality ERM is difficult to define and in many ways, poorly understood. Furthermore, little is known about the individuals occupying key risk management positions within the firm and their relationship to ERM system quality and outcomes. Although the resource-based theory of the firm suggests that expertise in key risk management positions will be beneficial, institutional theories of corporate governance suggest that these positions might be created simply as "window dressing" in response to pressure from regulators and investors. This study examines expertise in the chief risk officer (CRO) role. I examine seven individual expertise areas, as well as broad-based expertise measures. Results show that supervisory and industry expertise of the CRO, as well as an MBA degree and internal promotion are associated with higher ERM quality. Risk and actuarial expertise are associated with higher levels of return on assets (ROA), whereas financial expertise, supervisory expertise, and an MBA degree are associated with higher levels of Tobin's Q. Broad-based CRO expertise measures are also associated with ERM quality and firm value. Additional results show that expertise in the CRO role was particularly important during the financial crisis. Findings should inform investors and regulators of the importance of the individuals occupying key risk management roles within the firm and help further understanding of the determinants and benefits of high-quality ERM. [ABSTRACT FROM AUTHOR]

This article seeks to explore the need to adapt enterprises risk management (ERM) to crisis environment, i.e., to the situation of martial law in Ukraine. To the best of the author’s knowledge, no ERM framework accounts for business operations in the situation of martial law (i.e. war environment). Organisational activities in hazardous, dynamic, and safety-oriented circumstances are researched in the area of high reliability theory. The paper presents the results of a preliminary literature review in these fields. As a result, the conceptual model "Enterprise Risk Management / High Reliability Theory" ("ERM/HRT") – which formulates the direction of the future research – was developed. [ABSTRACT FROM AUTHOR]

The research aims to describe the state of enterprise risk management (ERM) in the insurance sector. It highlights emerging trends in the application of risk management in the insurance sector and thereby reports the prominent research gaps and new avenues for research in ERM. The research adopts a systematic literature review (SLR) approach, using 187 research papers spanning 44 years (1977–2021). The paper identifies the fact that most ERM and insurance sector research is performed in North America and Europe, while developing economies in Asia and Africa lag. The paper establishes a three-way relationship between ERM, risk management (RM) and risk-based capital (RBC) where RM is a subset of ERM and RBC is a driver of ERM. The research shows that very few studies are conducted on risk culture, three lines of defence and the role of chief risk officers. The determinants of ERM identified are board, firm size, audit and risk management committee and corporate governance. The determinants identified for firm value are return on assets, return on equity, profit, Tobin's Q, among others. This research provides a way for academicians, practitioners and policy makers to design effective strategies for implementing ERM in organisations. [ABSTRACT FROM AUTHOR]

This study empirically examines the role of enterprise risk management (ERM) in developing and maintaining resilience resources and capabilities that are necessary for an organisation's strategic transformation towards sustainability. Data was collected through 25 semi-structured interviews, one non-participant observation, and secondary sources in the context of a Swedish mining company undergoing a high-risk strategic transformation towards full decarbonisation. Following the temporal bracketing approach (Langley in Academy of Management Review 24:691–70, 1999) and employing thematic analysis (Gioia in Organizational Research Methods 16:15–31), the data was structured and analysed according to three phases from 2012 to 2023. The findings show: first, different ERM practices, such as risk governance frameworks, risk culture, risk artefacts, and risk awareness, influence resilience resources and capabilities. Second, the evolution of risk management practices from traditional risk management to ERM is an ongoing developmental process to ensure that risk management continues to be aligned with the company's strategy. Third, in tandem with strategic changes, resilience in terms of resources and capabilities emerges over time and develops through a series of events, gradually enhancing the company's ability to manage risks and uncertainties associated with multidimensional sustainability challenges. These results contribute to the ERM literature that follows the dynamic capability approach and also focuses on the relationship between ERM and strategy by adding more detailed empirical evidence from the risk management literature in relation to resilience resources and capabilities. Additionally, the results contribute to the resilience literature that follows a developmental perspective. [ABSTRACT FROM AUTHOR]

Enterprise Risk Management (ERM) has emerged as a response to globalization and regulatory pressure on firms to manage their risk comprehensively. CSR is related to corporate risk management, as by engaging in CSR activities firms can be more effective in managing stakeholder relationships. Extant studies rarely examine both issues to the level of digital transformation. In the coming years, the issue of digital transformation will have an even bigger impact on business models. The first step in the effective implementation of ERM is the ability of the organization to learn and understand the requirements of ERM implementation in its company. Thus, it is important to examine the effect of the maturity learn element in ERM and CSR as risk management on the level of digital transformation. In addition, this paper also examines the moderating role of CSR on the association between ERM and the level of digital transformation. Our samples consist of manufacturing companies of developed countries in the European Union (which consists of Italy, Spain, Belgium Switzerland, Germany, France, and UK). The paper found evidence that enterprise risk management has a positive significant effect on the level of digital transformation. The paper also found evidence that CSR has a direct effect on the level of digital transformation. However, the paper failed to provide supporting evidence on the moderating role of CSR on the association between ERM and the level of digital transformation. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine the relationship between organizational performance (OP) in Vietnam and market competition (MC), enterprise risk management (ERM), management accounting system (MAS), and organizational innovation performance (OIP). We surveyed 397 individuals working in the company to elucidate the link between these variables. Data from the multiple factor survey were analyzed using PLS‐SEM software to illustrate the link between MC, MAS, ERM, OIP, and OP. The findings demonstrate a favorable association between direct and intermediary variables to OP, as predicted. Additionally, the intermediary factors have beneficial effects that help businesses in developing effective strategies in a competitive market, generating revenues, and achieving their objectives. The research results of the study show that, in a highly competitive market, organizational innovation efficiency is the top priority of organizations. To achieve this, companies must continuously adapt to the demands of the market. [ABSTRACT FROM AUTHOR]

Since the advent of South Africa's democracy in 1994, there has been an increasing demand by stakeholders for several public services due to a variation of complex and challenging events that have taken place and reported both in social and academic circles. In the context of the Northern Cape, there has been a continued increase in unemployment and poor service delivery coupled with an inability of the Department of Economic Development and Tourism (DEDaT) to achieve clean audit reports from the Auditor-General of South Africa (AGSA). This development raises questions about the implementation of ERM processes. Thus, this study aimed to assess the implementation of ERM processes using DEDaT as a case study. The study sought to determine the ERM systems currently deployed and the extent to which the ERM components are utilized by DEDaT. Data was gathered through in-depth interviews using a qualitative approach. A sample of eighteen participants who are ERM role players at DEDaT described their knowledge and experiences on the implementation of ERM systems and how the components are applied. From the findings, two main themes, namely, ‘ERM systems deployed at DEDaT’ and ‘perceptions on ERM components that are utilized,' emerged with related subthemes. The study revealed that DEDaT has ERM systems in place, however there were gaps in key areas that need improvement to enhance the ERM instrument. Furthermore, the research found that a set of eight components were utilized to implement the ERM process. The study suggested recommendations to management for further research and policy direction on implementing ERM in the public sector. [ABSTRACT FROM AUTHOR]