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1
Mikes, Anette. "Enterprise risk management in action." Thesis, London School of Economics and Political Science (University of London), 2006. http://etheses.lse.ac.uk/2924/.
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The new Basel regulatory initiatives and a burgeoning risk management literature signify the rise of enterprise risk management (ERM) in the financial services sector. However, very little is known of the roles that risk management plays in organizations and how it obtains organizational significance. This study, utilising case study material from seventy-five in-depth interviews with senior managers at two large banking groups, is a first step in exploring ERM in action. Apart from the field material, the study draws on the normative- practitioner literature of risk management, as well as on a long strand of organisationally grounded studies of management control. ERM appears to be an assembly of four risk management ideal types (Risk Silo Management, Integrated Risk Management, Risk and Value Management, Strategic Risk Management), all of which aspire to be 'enterprise-wide', and together constituting the 'risk management mix' in a given organisation. Three distinct types of risk managers emerged in both organisations, displaying characteristic aspirations and alliances (risk silo specialists, risk capital specialists, senior risk officers). The case study analysis compared and contrasted the observed two ERM assemblies, and emphasised the alternative patterns of organizational significance displayed by the risk management functions. Under the first model (value-based ERM) risk management was integral to the formal planning and performance measurement process, while remained neutral in the discussions of discretionary strategic decisions. Under the second model (strategic ERM) risk management was incidental to formal planning and control, however, senior risk officers exercised agenda-setting power to influence the discussion of key strategic uncertainties. The study explains the observations in terms of firm-specific factors and institutional pressures. The politics of risk control and the presence of different calculative cultures in the organisations were tampered by contemporary corporate governance imperatives, such as the shareholder-value drive and the risk-based internal control imperative.
2
Постол, В. О. "Enterprise risk management system formation." Thesis, Чернігів, 2020. http://ir.stu.cn.ua/123456789/20040.
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Postol, V. O. Enterprise risk management system formation=Формування системи управління ризиками підприємства : дипломна робота : 073 Менеджмент / В. О. Постол ; керівник роботи Дука А. П. ; Національний університет «Чернігівська політехніка», кафедра публічного управління та менеджменту організацій. – Чернігів, 2020. – 83 с.The work is devoted to the theoretical and practical aspects of revealing the essence of the formation of the enterprise risk management system in market conditions. The work consists of three sections, introduction and conclusions. The introduction substantiates the relevance of the topic, purpose and objectives of the thesis. The first section reveals the theoretical foundations of the concept of risk, highlights the issues of risk management of the enterprise. The system of measures of formation of the risk management system of the enterprise is considered. The second section considers the methodological aspects of forming a risk management system. This section contains a description of the tools for forming a risk management system in the enterprise, highlights the organizational structure of the risk management system in the enterprise, describes a system of indicators for assessing the risks of the enterprise. The third section contains proposals for building a risk management algorithm on the example of innovation, recommendations for the implementation of risk management system of innovation in the enterprise. The conclusions contain generalizations of the problems of the enterprise, measures to solve the problems of the enterprise.
Робота присвячена теоретичним та практичним аспектам розкриття сутності формування системи управління ризиками підприємства в умовах ринку. Робота складається з трьох розділів, вступу та висновків. У вступі обґрунтовується актуальність теми, мета і завдання дипломної роботи. У першому розділі розкриті теоретичні основи поняття ризиків, висвітлені питання управління ризиками діяльності підприємства. Розглянуто систему заходів формування системи управління ризиками підприємства. У другому розділі розглянуто методичні аспекти формування системи управління ризиками. У цьому розділі міститься характеристика інструментів формування системи ризик-менеджменту в діяльності підприємства, висвітлені питання організаційної структури системи ризик-менеджменту в діяльності підприємства, описана система показників оцінки ризиків діяльності підприємства. Третій розділ містить пропозиції щодо побудови алгоритму ризик-менеджменту на прикладі здійснення інноваційної діяльності, наведені рекомендації з впровадження системи ризик-менеджменту інноваційної діяльності на підприємстві. У висновках містяться узагальнення проблем підприємства, заходів щодо вирішення проблем діяльності підприємства.
3
Сема, І. М. "Enterprise risk management system formation." Thesis, Чернігів, 2020. http://ir.stu.cn.ua/123456789/20042.
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Sema, І. М. Enterprise risk management system formation=Формування конкурентної стратегії розвитку підприємства : дипломна робота : 073 Менеджмент / І. М. Сема ; керівник роботи Дука А. П. ; Національний університет «Чернігівська політехніка», кафедра публічного управління та менеджменту організацій. – Чернігів, 2020. – 76 с.The work is devoted to theoretical and practical aspects of revealing the essence of formation of competitive strategy of enterprise development. The work consists of three sections, introduction and conclusions. The introduction substantiates the relevance of the topic, purpose and objectives of the thesis. The first section reveals the theoretical foundations of the concept of competition, competitiveness. The system of measures of formation is considered. The questions of formation of competitive strategy of the enterprise are covered. In the second section the methodical aspects of formation of competitive strategy for the enterprise are considered. Features of application of competitive advantages according to M. Porter are revealed. Based on the generalization of the agricultural sector in Ukraine, the position of the enterprise is analyzed, the PEST-analysis of the formation of market advantages is carried out. general characteristics of risk management. This section contains a description of the activities of the enterprise, covers issues of economic activity of LLC agro-industrial enterprise "RESSKI". The third section contains proposals for the formation of a competitive strategy for the development of LLC, recommendations for the implementation of a competitive strategy for the company. The conclusions contain generalizations of the problems of the enterprise, measures to solve the problems of the enterprise.
Робота присвячена теоретичним та практичним аспектам розкриття сутності формування конкурентної стратегії розвитку підприємства. Робота складається з трьох розділів, вступу та висновків. У вступі обґрунтовується актуальність теми, мета і завдання дипломної роботи. У першому розділі розкриті теоретичні основи поняття конкуренції, конкурентоспроможності. Розглянуто систему заходів формування висвітлені питання формування конкурентної стратегії підприємства. У другому розділі розглянуто методичні аспекти формування конкурентної стратегії для підприємства Розкриті особливості застосування конкурентних переваг за М. Портером. На основі узагальнення аграрної сфери в Україні, проаналізовано позизії підприємства, здійснено PEST-аналіз формування переваг на ринку. загальної характеристики управління ризиками. У цьому розділі міститься характеристика діяльності підприємства, висвітлені питання особливостей господарської діяльності ТОВ агропромислового підприємства «РЕССКІ». Третій розділ містить пропозиції щодо формування конкурентної стратегії розвитку ТОВ, наведені рекомендації з впровадження конкурентної стратегії для підприємства. У висновках містяться узагальнення проблем підприємства, заходів щодо вирішення проблем діяльності підприємства.
4
Rodriguez, Eduardo. "Knowledge management applied to enterprise risk management." Thesis, Aston University, 2010. http://publications.aston.ac.uk/15785/.
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Risk and knowledge are two concepts and components of business management which have so far been studied almost independently. This is especially true where risk management (RM) is conceived mainly in financial terms, as for example, in the financial institutions sector. Financial institutions are affected by internal and external changes with the consequent accommodation to new business models, new regulations and new global competition that includes new big players. These changes induce financial institutions to develop different methodologies for managing risk, such as the enterprise risk management (ERM) approach, in order to adopt a holistic view of risk management and, consequently, to deal with different types of risk, levels of risk appetite, and policies in risk management. However, the methodologies for analysing risk do not explicitly include knowledge management (KM). This research examines the potential relationships between KM and two RM concepts: perceived quality of risk control and perceived value of ERM. To fulfill the objective of identifying how KM concepts can have a positive influence on some RM concepts, a literature review of KM and its processes and RM and its processes was performed. From this literature review eight hypotheses were analysed using a classification into people, process and technology variables. The data for this research was gathered from a survey applied to risk management employees in financial institutions and 121 answers were analysed. The analysis of the data was based on multivariate techniques, more specifically stepwise regression analysis. The results showed that the perceived quality of risk control is significantly associated with the variables: perceived quality of risk knowledge sharing, perceived quality of communication among people, web channel functionality, and risk management information system functionality. However, the relationships of the KM variables to the perceived value of ERM are not identified because of the low performance of the models describing these relationships. The analysis reveals important insights into the potential KM support to RM such as: the better adoption of KM people and technology actions, the better the perceived quality of risk control. Equally, the results suggest that the quality of risk control and the benefits of ERM follow different patterns given that there is no correlation between both concepts and the distinct influence of the KM variables in each concept. The ERM scenario is different from that of risk control because ERM, as an answer to RM failures and adaptation to new regulation in financial institutions, has led organizations to adopt new processes, technologies, and governance models. Thus, the search for factors influencing the perceived value of ERM implementation needs additional analysis because what is improved in RM processes individually is not having the same effect on the perceived value of ERM. Based on these model results and the literature review the basis of the ERKMAS (Enterprise Risk Knowledge Management System) is presented.
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Agarwal, Ruchi. "Implementation of Enterprise Risk Management practices." Thesis, University of Edinburgh, 2017. http://hdl.handle.net/1842/25823.
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The existence of complexity, uncertainty and ambiguity in current business environment promotes corporates need to establish good risk governance. Enterprise Risk Management (ERM) has been considered as a way to achieve good risk governance to deal with both upside (e.g. exploit opportunities) and downside (e.g. reduce insolvency) of risk and uncertainty. ERM holistically treats all risk to achieve organisation objective in normal, volatile and crisis situations. The thesis tackles issues in the implementation of ERM and how it has been adopted and implemented in Indian and UK insurance market. Mixed research methods have been employed from a qualitative stand point to explore the research issues, consisting of two surveys in UK and India, over 50 interviews and two case studies in the Indian and UK insurance markets. The research revealed that there is an ambiguity in the understanding of the definitions of ERM and risk appetite across both countries. Major issues in ERM implementation in Indian insurance market are fraud, under-risk reporting and insufficient resources to develop an appropriate risk culture. In the UK insurance market issues are related to customer complaints, fines/penalties, over-risk reporting and lack of capital efficiency. Regulatory risk seen as a major risk in both market, though, in the Indian market lack of regulation is the issue whereas in the UK insurance market lack of clarity in insurance regulation has been emphasised. From intuitional theory and strategic change perspective, the research presents cross-country comparative case studies highlighting four emerging ERM strategies based on the different state of development and maturity of companies: ‘Rudimentary’, ‘Anticipatory’, ‘Resilient’ and ‘Transformatory’ strategies. The case studies highlight the issues within the two insurance companies both internally and externally in a nascent and a mature market. Before companies can adopt a transformatory strategy, both companies require a fundamental understanding of strategic change that eventually can pave the way to good risk governance. Adopting the cognitive lens of strategic change will not only enhance company specific risk-based capabilities but it will improve industry risk-based capabilities through development of professional competence.
6
Misiura, Anna. "Enterprise risk management in the airline industry : risk management structures and practices." Thesis, Brunel University, 2015. http://bura.brunel.ac.uk/handle/2438/11087.
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This thesis expands on the literature in the under-researched field of airline risk management by exploring organisational structures and practices of airline risk management systems and their technical and institutional drivers. In particular, it focuses on the phenomenon of Enterprise Risk Management (ERM) and its alignment to the requirements of airline business contexts. The theoretical framework informing this study combines structural contingency theory with two strands of institutional theory, namely old institutional economics and new institutional sociology. In this thesis, the phenomenon of risk management is investigated in situ as an organisational practice through a two-stage empirical study. Firstly, an exploratory field study was undertaken in a panel of ten international airlines. Secondly, the field study was complemented with findings from two explanatory case studies. This study explains how in developing risk management systems airlines balance the sometimes conflicting technical and institutional demands of their respective task and institutional environments. The adoption and implementation of ERM in airlines are found to be driven primarily by coercive and normative pressures, and expectations of improved organisational effectiveness and efficiency. This study additionally improves general understanding of the nature of ERM and its coupling and fluidity in the organisational settings of airlines. It lends evidence for systematic variations in roles, uses, and organisational design choices of ERM systems. It shows the interdependent nature of airlines’ ERM systems and other management systems. The study also demonstrates that the adoption of ERM in airlines drives development of new institutions, rules, and routines for comprehensive management of risks. Consistent with the tenets of contingency theory, this study conveys lack of a universally appropriate design of an airline ERM system. The main contribution of this thesis is to assess airline risk management systems, identify core drivers of effective risk management practice, and provide a framework with the aim of guiding airlines in the development of enterprise-wide risk management approaches aligned with the requirements of their institutional and technical contexts. Furthermore, this research overcomes the limitations of previous, mostly quantitative studies of ERM coupling and dynamics in organisations, as it explores and explains the structures, practices, and rationales of airline risk management systems within wider organisational contexts through the use of qualitative methodologies.
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Benjamin, Nicolas James. "A systematic approach to enterprise risk management." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/96939.
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Thesis (MEng)--Stellenbosch University, 2015.ENGLISH ABSTRACT: In the current economic climate where credit crises, fluctuating commodity prices, poor governance, rising unemployment and declining consumer spending exist, risk management is of utmost importance. Proclaiming the existence of a risk management strategy is not enough to ensure that an enterprise achieves its objectives. The implementation of a holistic enterprise-wide risk management framework is required in order to execute strategies and achieve objectives effectively and efficiently Two types of risk management have emerged in industry, namely quantitative and qualitative risk management. On the one hand, qualitative analysis of risk can be done quickly and with minimal effort. However, these methods rely on the opinion of an individual or group of individuals to analyse the risks. The process may be highly subjective and does not fully consider the characteristics of the enterprise. This renders qualitative risk analysis as an ineffective singular strategy although it has been shown to be effective when the risks are well understood. Quantitative analysis, on the other hand, is particularly effective when the risks are not well understood. These methods have been shown to provide substantially more information regarding risks compared to qualitative analysis. However, many quantitative risk management methods presented in literature are studied in isolation and not within the context of a holistic risk management process. Furthermore, quantitative methods tend to be complex in nature and require a reasonable understanding of mathematical and statistical concepts in order to be used effectively. In view of this, there is a need for an enterprise risk management framework that emphasises the use of qualitative methods when the risks are well understood and quantitative methods when in-depth analyses of the risks are required. In this study, a systematic enterprise-wide risk management framework that incorporates both quantitative and qualitative methods was developed. The framework integrates these methods in a logical and holistic manner. The quantitative methods were found be to be largely practical while the qualitative methods presented are simple and easy to understand.
AFRIKAANSE OPSOMMING: In die huidige ekonomiese klimaat waar krediet krisisse, wisselende kommoditeitspryse, swak bestuur, stygende werkloosheid en dalende verbruikersbesteding bestaan, is risikobestuur van die uiterste belang. Die verkondiging van die bestaan van 'n risiko bestuurstrategie is nie genoeg om te verseker dat 'n onderneming sy doelwitte bereik nie. Die implementering van 'n holistiese ondernemings- breë risikobestuursraamwerk is nodig om strategieë en doelwitte doeltreffend en effektief te bereik. Twee tipe risikobestuur het na vore gekom in die bedryf, naamlik kwantitatiewe en kwalitatiewe risikobestuur. Aan die een kant , kan kwalitatiewe ontleding van risiko vinnig en met minimale inspanning gedoen word. Hierdie metode is gewoontlik die mening van 'n individu of 'n groep individue wat die risiko ontleed. Die proses kan hoogs subjektief wees en nie ten volle die eienskappe van die onderneming in ag neem nie. Kwalitatiewe risiko-analise kan dan gesien word as 'n ondoeltreffende enkelvoud strategie maar dit is wel doeltreffend wanneer daar verstaan word wat die onderneming se risiko is. Kwantitatiewe analise, aan die ander kant, is veral effektief wanneer die risiko's nie goed verstaanbaar is nie. Hierdie metode het getoon dat daar aansienlik meer inligting oor die risiko's, in vergelyking met kwalitatiewe ontleding, verskaf word. Daar is egter baie kwantitatiewe risikobestuur metodes wat in literatuur verskaf word, wat in isolasie bestudeer word en nie binne die konteks van 'n holistiese risikobestuur proses nie. Verder is, kwantitatiewe metodes geneig om kompleks van aard te wees en vereis 'n redelike begrip van wiskundige en statistiese konsepte sodat kwantitatiewe analise effektief kan wees. In lig hiervan, is daar 'n sterk behoefte vir 'n onderneming om 'n risikobestuursraamwerk in plek te het. Die risikobestuursraamwerk sal beide die gebruik van kwalitatiewe metodes, wanneer die risiko goed verstaan word, en kwantitatiewe metodes, wanneer daar in diepte-ontledings van die risiko is, beklemtoon. In hierdie studie was 'n sistematiese onderneming-breë risikobestuursraamwerk ontwikkel wat beide kwantitatiewe en kwalitatiewe metodes insluit. Die raamwerk integreer hierdie metodes in 'n logiese en holistiese wyse. Die kwantitatiewe metodes is gevind om grootliks prakties te wees, terwyl die kwalitatiewe metodes wat aangebied word, eenvoudig en maklik is om te verstaan.
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Ewers, Robin B. "Enterprise Risk Management in Responsible Financial Reporting." Thesis, Walden University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10637579.
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Despite regulatory guidelines, unreliable financial reporting exists in organizations, creating undue financial risk-harm for their stakeholders. Normal accident theory (NAT) identifies factors in highly complex integrated systems that can have unexpected, undetected, and uncorrected system failures. High-reliability organization (HRO) theory constructs promote reliability in complex, integrated systems prone to NAT factors. Enterprise risk management (ERM) integrates NAT factors and HRO constructs under a holistic framework to achieve organizational goals and mitigate the potential for stakeholder risk-harm. Literature on how HRO constructs promote ERM in responsible integrated financial systems has been limited. The purpose of this qualitative, grounded theory study was to use HRO constructs to identify and define the psychological factors involved in the effective ERM of responsible organizational financial reporting. Standardized, open-ended interviews were used to collect inductive data from a purposeful sample of 13 reporting agents stratifying different positions in organizations that have maintained consistent operational success while attenuating stakeholder risk-harm. The data were interpreted via transcription, and subsequent iterative open, axial, and narrative coding. Results showed that elements of culture and leadership found in the HRO construct of disaster foresightedness and mitigation fostered an internal environment of successful enterprise reporting risk management to ethically achieve organizational goals and abate third-party stakeholder risk-harm. The findings will contribute to positive social change by suggesting an approach for organizations to optimize strategic objectives while minimizing stakeholders’ financial risk-harm.
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Lategan, Neil. "Epirismm: an enterprise information risk management model." Thesis, Nelson Mandela Metropolitan University, 2006. http://hdl.handle.net/10948/541.
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Today, information is considered a commodity and no enterprise can operate without it. Indeed, the information and the supporting technology are pivotal in all enterprises. However, a major problem being experienced in the business environment is that enterprise risk cannot be managed effectively because business and information-related risk are not congruently aligned with risk management terminology and practices. The business environment and information technology are bound together by information. For this reason, it is imperative that risk management is synergised in the business, ICT (Information and Communication Technology) and information environments. A thorough, all inclusive, risk analysis exercise needs to be conducted in business and supporting environments in order to develop an effective internal control system. Such an internal control system should reduce the exposure of risk and aid the safeguarding of assets. Indeed, in today’s so-called information age, where business processes integrate the business and ICT environments, it is imperative that a unary internal control system be established, based on a holistic risk management exercise. To ensure that the enterprise, information and ICT environments operate free of the risks that threaten them, the risks should be properly governed. A model, EPiRISMM (Enterprise Information Risk Management Model) is proposed that offers to combine risk management practices from an ICT, information, governance, and enterprise perspective because there are so many overlapping aspects inherent in them. EPiRISMM combines various well-known standards and frameworks into one coherent model. By employing EPiRISMM, an enterprise will be able to eliminate the traditional segmented approach of the ICT department and thus eliminate any previous discontinuity in risk management practices.
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Hays, Douglas C. "Enterprise risk management solutions a case study /." Monterey, Calif. : Naval Postgraduate School, 2008. http://handle.dtic.mil/100.2/ADA483512.
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"Submitted in partial fulfillment of the requirements for the degree of Master of Business Administration from the Naval Postgraduate School, June 2008."Advisor(s): San Miguel, Joseph ; Summers, Don. "June 2008." "MBA professional report"--Cover. Description based on title screen as viewed on August 8, 2008. Includes bibliographical references (p. 41). Also available in print.
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Wyma, Kaleb Matthew. "Enterprise Risk Management Strategies for Organizational Sustainability." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7777.
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The purpose of this single case study was to explore enterprise risk management strategies that nonprofit business leaders used to maintain and improve organizational sustainability. The study population included 3 executive leaders from a rehabilitation and social services nonprofit agency located in the northeastern United States. The Committee of Sponsoring Organizations integrated enterprise risk management framework was the conceptual lens used in this study. Data were collected through semistructured interviews with the 3 executive leaders of the client organization and review of internal, external, and publicly available documents. Data and information from documents and interviews were manually coded. Findings were validated through data triangulation and member checking to help ensure accuracy, consistency, and credibility. Several overarching themes emerged from data analysis related to managing risk for sustainability: a commitment to culture and the mission, vision and values; operational efficiencies to build a financially strong organization; engagement of executive staff and board members; and addressing staffing needs for ongoing operations to meet client needs. Findings from this study might contribute to positive social change by providing nonprofit leaders with enterprise risk management strategies and processes to maintain and improve organizational performance, thereby helping to ensure leaders’ ability to serve and improve their communities.
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ALOINI, DAVIDE. "Risk management in enterprise resource planning projects." Doctoral thesis, Università degli Studi di Roma "Tor Vergata", 2009. http://hdl.handle.net/2108/837.
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In recent years Enterprise Resource Planning (ERP) systems have received much
attention. ERP are extremely complex information systems, whose implementation
is often a complex adventure for business enterprises. The organizational
relevance and risk of ERP projects make it important for organizations to focus
on ways to make ERP implementation successful.
However, dealing with risk management in ERP project introduction is an ambitious
task. Numerous risk factors have to be taken into account which include
technological and managerial aspects, both psychological and sociological; moreover
they can be deeply interconnected and have indirect e ects on the project.
Therefore, the risk management process is highly difficult and uncertain.
The general purpose of this study is to develop an innovative risk management
methodology supporting the formulation of risk treatment strategies and actions
during ERP introduction projects in order to nally improve the success rate.
In this thesis, the research context, framework and methodology are presented;
then main phases are introduced and results discussed.
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Bach, Štěpán. "Standardy v oblasti Enterprise Risk Managementu." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-3662.
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Faktory, jako například rostoucí globalizace, technologický vývoj, Internet a zvyšující se nároky vlastníků na vedení organizací v oblasti řízení rizik, vedly organizace ke změně jejich přístupu k řízení rizik. Nový přístup se označuje jako ?Enterprise Risk Management? (ERM). Podstatou ERM je efektivně řídit všechna rizika, kterým organizace čelí, a to na všech úrovních organizace jednotným a integrovaným způsobem. Práce charakterizuje ERM včetně důvodů vzniku, vývoje, definice obecného ERM procesu, současné situace a trendů. Podrobně jsou popsány vybrané čtyři nejvýznamnější standardy a rámcové publikace v oblasti ERM včetně jejich srovnání.
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Amien, Ishtiaq. "Learning from risk : facilitating organisational learning through enterprise risk management." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/86517.
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Thesis (MPhil)--Stellenbosch University, 2014.ENGLISH ABSTRACT: Modern business environments are characterized by rapid changes and organizations that are able to survive and to thrive in such environments must be able to adapt and respond to this environmental change. Risk management is an activity that strives to continuously evaluate and deal with changes to the environment. Organisational learning is the capability of organizations to evaluate stimuli from the environment, to interpret the signals and to learn. Organisational learning can thus be seen as the capability to adapt to environmental change. First the thesis considers the concepts of risk and risk management by looking at its historical development as a discipline. The concept is situated in a broader societal perspective of the risk society in which the individual is expected to carry a much greater burden of risk, where self-criticism is an inherent feature of life and risk management is essential for everyone. Current risk management practice has seen the establishment of enterprise-wide risk management as an extension of traditional risk management practice, which seeks to manage all the risks facing the organization, but also to manage it in an integrated manner. Increased regulation and policies, as a result of organizational failures such as Enron, has called for organizations to better manage risk in order to establish more resilient organizations and to protect shareholder value in an increasingly turbulent business environment. As a result we see development of enterprise risk management frameworks and standards. Most of these standards and frameworks recommend similar risk management activities, such as objective and context setting; risk assessment (risk identification, analysis and evaluation); risk treatment or response determination; and risk communication, monitoring and reporting. Next the thesis considers some of the defining features of organizational learning, such as the differences between organizational learning and learning organizations, the individual and organizational perspective on learning, and the role of the individual in organizational learning. Selected organizational learning models are described that focus on scanning, interpreting and learning, and the aspects that have an impact on organizational learning, including organizational memory and mental models, organizational culture, uncertainty and ambiguity, single and double loop learning, and tacit and explicit knowledge. Lastly the thesis identifies points of convergence in theory and practice between enterprise risk management and organizational learning. It is shown that principles and processes governing enterprise risk management activities and techniques can be utilized as management activities to formalise and support organizational learning.
AFRIKAANSE OPSOMMING: Die moderne besigheidsomgewing word deur vinnige veranderinge gekenmerk en organisasies wat in staat is om te oorleef in sulke omgewings moet noodwendig op omgewingsverandering kan reageer en aanpas. Risiko-bestuur is 'n aktiwiteit wat probeer om veranderinge in die omgewing deurlopend te monitor en daarop te reageer. Organisatoriese leer is die vermoë van organisasies om stimuli uit die omgewing te kan opmerk, evalueer en interpreteer ten einde te leer. Organisatoriese leer kan dus gesien word as die vermoë om by omgewingsverandering aan te pas. Die tesis oorweeg ten eerste die konsepte van risiko en risiko-bestuur deur na die historiese ontwikkeling van die dissipline te kyk. Die konsep word gesitueer in 'n breër samelewingsperspektief, naamlik die risiko samelewing wat gekenmerk word deur 'n groter risiko las vir individue, waar self-kritiek 'n inherente kenmerk van die lewe is en risikobestuur vir almal relevant word. Huidige risiko-bestuurspraktyk sluit die vestiging van ondernemingswye risiko-bestuur as 'n verlengde van tradisionele risiko-bestuur, wat poog om alle risikos waaraan 'n onderneming blootgestel is op 'n geïntegreerde manier te bestuur. Toenemende regulasie en strenger beleid, as 'n gevolg van organisatoriese skandale soos Enron, vra van organisasies om risiko beter te bestuur en sodoende meer volhoubare organisasies te bewerkstelling en aandeelhouers se waarde te beskerm in turbulente besigheidsomgewings. Die resultaat was die ontwikkeling van ondernemingsrisiko-bestuur raamwerke en standaarde. Die meeste van hierdie raamwerke en standaarde stel soortgelyke risiko-bestuursaktiwiteite voor, soos doel- en kontekstelling, risiko identifikasie, -analise, en –evaluasie, risiko behandeling of responsbepaling, en risiko kommunikasie, -monitering, en –verslagdoening. Die tesis oorweeg van die uitstaande kenmerke van organisatoriese leer, soos die verskil tussen organisatoriese leer en die lerende organisasie, die individuele en organisatoriese perspektiewe op leer, en die rol van die individu in organisatoriese leer. Geselekteerde organisatoriese leer modelle word beskryf wat fokus op skandering, interpretasie en leer, en die aspekte wat impak het op organisatoriese leer, insluitend organisatoriese geheue en wêreldbeelde, organisasie kultuur, onsekerheid en dubbelsinnigheid, enkel- en dubbellusleer , en versweë en eksplisiete kennis. Laastens word sameloopspunte in die teorie en praktyk tussen ondernemingsrisiko-bestuur en organisatoriese leer geïdentifiseer. Daar word getoon hoe beginsels en prosesse wat ondernemingsrisiko-bestuur se aktiwiteite en tegnieke onderlê, ook gebruik kan word as bestuurspraktyke om organisatoriese leer te formaliseer en te ondersteun.
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Pillay, Levina. "Risk practitioner experiences of enterprise risk management in financial institutions." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52296.
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The ability of financial institutions to strengthen enterprise risk management following the global financial crisis has been challenging. The uncertainties of the external environmental within which these organisations operate and the complexity and speed of internal operations required to respond have continued to evolve. As a result, focus on the discipline of enterprise risk management has emerged, within academia and industry, to determine the broader risk implications to which financial institutions are exposed.
A qualitative study was undertaken with 16 risk practitioners engaged in daily risk management activities within financial institutions. The purpose of this research was to explore their experiences of enterprise risk management. This research intended to obtain a view of their involvement in various key components of the discipline, and to determine the challenges experienced with respect to effective management of enterprise risk, according to perception.
The results of the study identified a need for key components of enterprise risk management within financial institutions to be more effective in terms of; framework adoption, risk committee oversight, chief risk officer capabilities, and risk practitioner and business stakeholder education and coordination of risk.
The main findings identified the need for an evolved enterprise risk management model that acknowledged these key components and which were incorporated into an existing model. The results of this research provided additional insight to enhance the development of the enterprise risk management discipline within financial institutions.Mini Dissertation (MBA)--University of Pretoria, 2015.
vn2016
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Sithipolvanichgul, Juthamon. "Enterprise risk management and firm performance : developing risk management measurement in accounting practice." Thesis, University of Edinburgh, 2016. http://hdl.handle.net/1842/20949.
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The current extremely volatile business world requires firms to deal with a wide range of risks that pose threats to their organisations. The poor practices of risk management, based on Traditional Risk Management (TRM), was cited time and time again in the aftermath of the recent Global Crisis. Enterprise Risk Management (ERM) has been advocated as a solution to the problems of TRM. The aim is to centralise the management of risk within the organisation and ensure that the board deals with the risk. Hence strategic, external, internal, operational, compliance and reputational risk are dealt with jointly. In doing so, it is expected that ERM will bring value creation to firms. One of the main limitations facing researchers is the lack of a good standardised measurement of ERM implementation; therefore, it has not been possible to establish whether ERM does actually bring benefit to firms. In addition, many companies have set up ERM initiatives, but they lack a clear understanding of the factors that will lead to successful ERM implementation. The remaining unanswered problematic situation has led to two unanswered questions that will determine whether the solution to ERM implementation is avoiding potential pitfalls and improving business sustainability. Firstly, does ERM implementation have an impact on firm performance? And secondly, which is the firm-specific characteristic that leads to better ERM implementation level? This thesis answers the aforementioned questions by proposing a reliable ERM measurement method, and then testing whether firms that adopt ERM actually improve financial performance and determine the influential factor of ERM implementation. The proposed method for measuring ERM implementation is based on the components developed from the current ERM frameworks, where contribution scoring can be standardised to measure ERM implementation level. To demonstrate its viability, data was collected from publicly listed firms in Thailand and was then compared to three alternative methodologies: cluster analysis (CA), principal component analysis (PCA) and partial least squares (PLS). The results show that the proposed method did well compared to the alternatives, both statistically and in prediction performance. The relationship between the proposed ERM measurement and firm performance is then considered by taking appropriate control variables into account, such as the firm’s size and characteristics, industry effects, sales growth and the external environment: technology, market uncertainty, as well as economic factors. By using data from the Thailand Stock Exchange, it was found that implementing ERM could improve firm performance in term of Tobin's Q, ROE and ROA. The results show that ERM and firm performance are related. For the influential factor of ERM implementation, the empirical results show that a firm’s size and economic factors have a statistically positive relationship with a high level of ERM implementation, while lower ERM scores show more revenue volatility than those who have well-implemented ERMs. Furthermore, technology and growth are positively related to each ERM in the scoring system considered.
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Nöth-Zahn, Stephanie. "Enterprise Risk Management : insights on emerging risks from the German banking sector." Thesis, Edinburgh Napier University, 2017. http://researchrepository.napier.ac.uk/Output/1023156.
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IT innovations have reshaped banking and will continue to do so. They are a manifestation of indispensable progress, yet risks emerge from IT innovations. Historic data and accounts of emerging risk experiences are rather scarce. Hence, they present a special challenge to risk management as they are hard to identify. Moreover, traditional risk management practices, relying on historic data, may not be fully adequate. What solutions can be offered by risk management to manage these risks? When is an uncertainty understood as an emerging risk? Who needs to be involved in the risk management process?The research asks the seemingly obvious question, yet this important topic has been regularly neglected in academics as well as in practice. Both literature and theoretical basis have only recently developed so as of yet there is little availability of varying viewpoints and reliable theories. 70% of the banks interviewed do notactively consider emerging risks in their risk management process. The banks take a reluctant position in general, waiting to see how things develop. Only three banks have a proactive approach and manage emerging risks from IT innovation in using an enterprise-wide approach such as Enterprise Risk Management (ERM).Therefore, this work develops a conceptual framework which aims to fill the research gap between ERM as an approach to holistic portfolio risk management and the lack of academic and practical work on emerging risks. The conceptual framework explores how banks can apply ERM to manage emerging risks in the future. Researching this topical phenomenon, extending today's common application and understanding of emerging risks and ERM in practice and academia is one of the most challenging tasks confronting future risk management (Bromiley et al., 2015).To the author's knowledge, this project is one of the first to take this challenge.
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Schrenk-Sigismund, Nina <1992>. "Risk Tolerance in Development NGOs. Developing a Risk Management Process as Part of Enterprise RIsk Management." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17898.
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This thesis is an attempt to develop a methodology on how to approach the topic of Risk Tolerance, as one crucial element of Enterprise Risk Management in Development Organizations. The private sector has utilized the approach for several years and it could be beneficial for NGOs to draw from the experience of private sector firms, to adapt the concept to their needs and apply it to their operations at all levels.
Adapting the private sector concept of Risk Management in general and Risk Tolerance in particular, to the needs of Non-Governmental Organizations is subdivided as follows: Part 2 analyzes the evolving concept of ERM and assesses one of multiple ERM frameworks, namely the "COSO Enterprise Risk Management - Integrated Framework". The chapter concludes with an exploration of the Solvency II directive for (Re)Insurances as an example of a highly sophisticated risk management system from the private sector. This chapter is followed by part 3, which outlines the benefits and limitations of ERM and Risk Tolerance for development aid organizations in a changing environment. Drawing from chapters 2 and 3, a process is proposed, on how an NGO could systematically develop a risk tolerance within an Enterprise Risk Management framework.
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Malik, Muhammad Farhan. "Enterprise risk management and firm performance: Role of the risk committee." Thesis, Queensland University of Technology, 2017. https://eprints.qut.edu.au/110348/1/Muhammad%20Farhan_Malik_Thesis.pdf.
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This thesis examines the impact of enterprise risk management (ERM) on firm performance. It also seeks to investigate whether this relationship is strengthened or weakened by the structure and composition of the risk committee. The sample comprises of 260 firm-year observations from FTSE-350 companies in the UK that have implemented ERM processes and established board-level risk committees during the study period from 2012 to 2015. The results show that ERM significantly and positively affects firm performance. Further, the number of financial experts and female members in the risk committee strongly strengthen this relationship. However, risk committee size, meetings, and independence weaken the impact of ERM on firm performance.
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Tseng, Chih-Yang. "Internal control, enterprise risk management, and firm performance." College Park, Md. : University of Maryland, 2007. http://hdl.handle.net/1903/7287.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2007.Thesis research directed by: Business and Management: Accounting & Information Assurance. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Uwizeye, Patrick Bugabo. "Enterprise-wide risk management (EWRM) : identification, analysis and management of implementation barriers within an African telecommunications enterprise." Thesis, Heriot-Watt University, 2013. http://hdl.handle.net/10399/2628.
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This research study investigated the implementation barriers associated with the introduction of EWRM within an African telecommunications enterprise. Six research questions were developed from the literature which provided a focus for data collection. Based on MTN Group, a single case study method was adopted. Three sub-cases of MTN companies formed the main data sources. In-depth interviews were conducted with senior and middle level management of each sub-case. The research design was based on the established procedures and quality controls associated with qualitative case study method within a critical realism paradigm. Analysis was based primarily on in-case and intra-case analyzes and pattern matching for the purpose of analytic generalization about the research questions. The study concluded that to overcome the implementation barriers people need a platform where they can share knowledge and be rewarded for knowledge transfer, additionally key performance indicators (KPI’s) linked to knowledge transfer and sharing must also be created and utilized. Ultimately, this study has contributed to EWRM implementation strategies for MTN and the creation of associated KPI metrics; both the researcher and MTN consider the research and its outcomes to have been advantageous. More generally the research has also contributed to the wider risk management debate, shedding light on barriers to implementation and suggesting holistic strategies that should embed EWRM more effectively and efficiently.
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Melinder, Daniel, and Mia Jervelius. "Att verka inom ramarna : riskhanteringsramverk samt Enterprise Risk Management." Thesis, Uppsala University, Department of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8004.
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Den omgivning organisationer idag ställs inför blir alltmer krävande. En allt hårdare reglering, hot från nya teknologier, samt de företagsskandaler som härjat i media, har lett till att dagens organisationer ser på risk på ett nytt sätt. En utveckling som nyligen skett inom riskhantering är Enterprise Risk Management (ERM). Denna uppsats undersöker den roll ERM, och i synnerhet ett nyutvecklat ramverk som används för att implementera ERM, har i en organisations riskarbete. Ramverket, COSO:s ERM, består av åtta kontrollpunkter som enligt ramverket bör finnas i en organisation som utför sitt ERM-arbete på ett korrekt sätt.
Studiens syfte är att undersöka likheter och olikheter mellan en organisations riskarbete och COSO:s riskhanteringsramverk samt den teoribildning som skapats kring Enterprise Risk Management. En fallorganisation studerades med hjälp av intervjuer och analyseras efter förekomsten av ramverkets kontrollpunkter samt ERM-teori.
Författarna fann att ramverkets alla kontrollpunkter till viss mån kunde utläsas i fallorganisationens riskarbete, men inte fullt ut. Under varje punkt kunde element utläsas som var i likhet med ramverket, men även element där fallorganisationen arbetade annorlunda. De största olikheterna mot ramverket var att en integrering mellan riskaptit och strategisättning inte kunde utläsas, att fallorganisationen inte använde sig av ramverkets fyra målområden samt att kommunikationen av risk inte förmedlades ut i organisationen.
Förutom de olikheter som uppmärksammats anser författarna att fallorganisationen till stor del skapat ett riskarbete präglat av ERM. En implementering av COSO-ramverket skulle inte nödvändigtvis resultera i bättre riskhanteringsrutiner, men skulle däremot kunna bidra till en tydligare struktur i arbetet.
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Павленко, O. M. "Formation of a risk management system at the enterprise." Thesis, Чернігів, 2020. http://ir.stu.cn.ua/123456789/20039.
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Pavlenko, O. M. Formation of a risk management system at the enterprise=Формування системи управління ризиками на підприємстві : дипломна робота : 073 Менеджмент / О. М. Павленко ; керівник роботи Філіпова Н. В. ; Національний університет «Чернігівська політехніка», кафедра публічного управління та менеджменту організацій. – Чернігів, 2020. – 52 с.The purpose of the final qualification work is to investigate and improve the risk management system at PE "Night Express" Achieving the goal necessitated the solution of the following tasks: - to analyze the essence of risk as an economic category and its role in the management process; - consider the procedure for making management decisions in terms of risk, identify factors that affect the risk of management decisions; - analyze methods for determining the degree of risk when making management decisions; - to develop an economic and mathematical model for risk assessment and identification of opportunities for its minimization, which can actually be used in the process of making management decisions in modern trucking companies; - to consider the means of influencing the risk and methods of reducing it in accordance with the financial condition of the enterprise in modern business conditions, to improve the gradation of areas of financial stability; The object of research is the activity of PE "Night Express". The subject of research is the activity of PE "Night Express" and risk management system. To study the effectiveness of risk management, factual data from the activities of PE "Night Express" were used. The information base of the study was also scientific articles in the field of management and development of the enterprise, press materials, electronic Internet sources, internal documents, regulations and basic information about the enterprise, financial and statistical reporting, as well as the results of own research. The method of generalization, structural-logical analysis, method of comparison and integration, methods of expert evaluation, survey and method of analysis of non-quantitative indicators are used in the work; analytical graphic method. Information was collected using the method of observation, survey and analysis.
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Centini, Francesca <1995>. "Enterprise Risk Management: the Case of European Space Agency." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/16950.
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L’argomento che vado a trattare nella mia tesi magistrale riguarda principalmente la Gestione del Rischio Aziendale, definita in inglese Enterprise Risk Management.
La tesi sarà scritta completamente in inglese e nel suo finale verrà anche analizzato un caso specifico. Infatti, ho iniziato una collaborazione con l’European Space Agency, con sede a Parigi, per trattare alcuni loro aspetti riguardanti la loro gestione del rischio.
Il fulcro di questa tesi, quindi, e quello di dividerla in due parti: nella prima verranno trattati argomenti più specifici alla teoria dell’Enterprise Risk Management, nei quali capitoli cercherò di spiegare che cos’e questa “nuova” gestione di rischio, la sua storia, perché è cosi importante, quali sono i suoi modelli e quale potrebbe essere la sua implementazione; nella seconda parte, invece, verrà analizzato il caso specifico dell’European Space Agency, nella quale verranno introdotte delle statistiche per misurare la performance del Risk Management sulla base del loro database Risk Register
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Kucuk, Yilmaz Ayse. "Airport enterprise risk management model a study on airport business management and airline management." Saarbrücken VDM Verlag Dr. Müller, 2007. http://d-nb.info/988015919/04.
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Leece, Ryan Don. "Enterprise Risk Management, Earnings Predictability and the Cost of Debt." Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/37506.
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The extant academic literature considers enterprise risk management (ERM) to be the fundamental paradigm for managing the portfolio of risks confronting organizations. However, there is debate as to whether ERM actually enhances stakeholder value. This study investigates whether ERM is associated with increased earnings predictability and a lower risk of firm failure, two theoretical predications regarding ERMâ s impact on stakeholder value.
My research utilizes the Security and Exchange Commissionâ s (SEC) enhanced proxy statement disclosures as of February 28th, 2010 to measure ERM performance. Additionally, in order to quantify the operational construct, textual analysis is performed to develop a measure of ERM performance to be used in econometric analyses.
The analyses presented in this paper investigate whether key predicted benefits of ERM are observable. Results support the proposition that ERM is associated with increased earnings predictability. Specifically, earnings and accruals are found to be more persistent for firms with better ERM performance. Additionally, analystsâ earnings forecasts are more accurate in the presence of enhanced ERM performance. Results are inconclusive with regards to ERMâ s ability to influence the risk of firm failure during this studyâ s sample period (i.e., 2007-2009). One explanation for this departure, the economic volatility during the financial crisis of 2008-2009, may make it difficult to empirically detect the relationship between ERM performance and the risk of firm failure.Ph. D.
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Farrell, Mark Andrew. "Enterprise risk management : maturity progression, value creation & future evolution." Thesis, Queen's University Belfast, 2016. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.706462.
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It is critical to determine whether ERM creates value to ensure that the significant resources deployed in ERM programmes result in tangible corporate value. This thesis analyses the valuation implications of ERM maturity using The Risk and Insurance Management Society Risk Maturity Model (RIMS RMM) data collected from 2006 to 2011 using a 5-point maturity scale. The results, measured by Tobin’s Q, suggest that firms that have reached mature levels of ERM exhibit higher firm values, demonstrating a statistically significant positive relation to the magnitude of 25 percent. Upon decomposition of the maturity score, the most meaningful aspects of ERM relate to top-down executive engagement and the resultant cascade of ERM culture throughout the firm. In addition to serving as one of the first studies to establish strong empirical evidence for ERM increasing firm value, the thesis extends its contribution to examine the firm performance implications of ERM maturation under different models, specifically identifying characteristics that engender or inhibit the aforementioned valuation implications. A discussion of how an ERM programme could significantly affect an organisation’s policies and relationship with stakeholders is also explored. ERM is theoretically projected to be a means to help strengthen the relationship that companies have with regulators, reinforce or repair relationships with shareholders, strengthen interactions with supply chain stakeholders, enhance reputational relations with clients and improve auditor partnerships. The thesis concludes by arguing that ERM has now reached a critical mass, such that further adoption and development of the ERM discipline is now inevitable.
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Maschio, Olimpia <1988>. "Enterprise Risk Management e struttura organizzativa: analisi dello scenario europeo." Master's Degree Thesis, Università Ca' Foscari Venezia, 2013. http://hdl.handle.net/10579/3569.
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La tesi verterà sullo studio della gestione integrata del rischio d'impresa. Partendo da un'analisi del Risk Management si arriverà a trattare la gestione integrata del rischio, in particolare approfondendo la componente organizzativa. Per affrontare tale studio verrà inviato a un set d'imprese un questionario finalizzato all'individuazione delle principali chiavi organizzative adottate nell'applicazione della gestione integrata del rischio. Il risultato del questionario, oltre ad analizzare la struttura organizzativa che supporta una corretta gestione del rischio, servirà per fornire i dati necessari a una valutazione del valore di mercato delle imprese intervistate, al fine di individuare se vi sia o meno un legame tra l'adozione del sistema di gestione integrata e il valore di mercato dell'impresa.
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Keith, Joanna Lucyna. "Enterprise risk management : developing a strategic ERM alignment framework, finance sector." Thesis, Brunel University, 2014. http://bura.brunel.ac.uk/handle/2438/10981.
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This thesis investigates the evolutionary process of risk management practices associated with the implementation of enterprise risk management (ERM) across the finance sector. Despite the increasing number of ERM adoptions in the finance industry in recent years, ERM was still at an early stage of development and further research is recommended. The literature review identifies a gap in the ERM literature, prompting the development of a theoretical framework to investigate key organisational factors critical to effective implementation of the strategic framework. A strategic ERM Alignment Framework was developed to address key shortcomings of existing ERM practices in the industry and to provide practical guidance to academics and practitioners. The research was conducted as a two-stage empirical study in the finance sector, employing sequential mixed methods of data collection and analysis: a series of 35 semi-structured qualitative interviews with senior enterprise risk managers representing a variety of financial organisations, followed by a quantitative questionnaire survey of 115 finance industry professionals. The literature supports the industry view of continuous internal and external pressures towards ERM implementation across financial organisations. The research findings confirm that ERM is perceived to have slowly transformed from a process of compliance to a strategic tool and become a source of value creation and competitive advantage. The study also shows that aligning ERM with core organisational strategies and enterprise risk culture have been the underlying factors driving a strategic ERM framework sustainable over time. Inadequate senior management support for ERM and an insufficiently dynamic enterprise risk culture are identified as the greatest challenges to ERM sustainability. Major benefits of ERM are revealed as well informed risk-adjusted decision making and a strategic enterprise-wide view of key risks. The main contribution to knowledge of this research is the development of a strategic ERM Alignment Framework for the finance sector and practical guidelines for its effective implementation. Specifically, this research offers academics and finance industry practitioners a better understanding of organisational factors critical to the implementation of a strategic ERM Alignment Framework, supported by empirical evidence. Key limitation of the research was identified as the complexity of the ERM Alignment Framework that can be mitigated by undertaking future research to simplify the framework following its practical application. The researcher recommends that future research should focus on intangible elements and qualities of ERM that are important to the Alignment Framework, such as developing a strong and consistent enterprise risk culture, or investigating how the framework can add value to the organisation.
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Parrondo, Tort Luz. "Relationship between earnings management and corporate strategies: social responsibility and enterprise risk management." Doctoral thesis, Universitat Pompeu Fabra, 2016. http://hdl.handle.net/10803/385916.
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This thesis revolves around financial transparency and its relationship with social transparency (CSR disclosure) and risk management at the managerial level. The first chapter identifies regulatory (10K) reports as the preferred disclosing channel for “social-transparent” companies (social-disclosing firms which are “high” in social activities) while “social-labeled” companies (social-disclosing firms which are “low” in social activities) choose to initiate disclosure in voluntary standalone CSR reports. The second chapter uses this identification strategy to examine whether “social-transparent” companies are also financially transparent. I find that “social-labeled” firms decrease the quality of financial information in the first period after first issuance of a CSR voluntary report. Contrarily, “social-transparent” firms increase the quality of their financial reporting after initiation of CSR disclosure on the 10K, suggesting equal financial and social transparent behavior. In the last chapter, I show how the implementation of an Enterprise Risk Management Committee (ERMC) has a negative impact transaction-based earnings management but not clear impact on accrual based earnings management.Esta tesis gira en torno a la transparencia financiera y su relación con la transparencia social (RSC) y con la gestión de riesgos a nivel gerencial. En el primer capítulo identifico las cuentas anuales (10K) como el canal de divulgación seleccionado por las empresas "socio-transparentes" (empresas divulgadoras con altos niveles previos de actividad social), mientras que las empresas "socio-etiquetadas" (empresas divulgadoras con bajos niveles previos de actividad social) optan por emitir esta información en informes voluntarios no oficiales. En el segundo capítulo se utiliza esta estrategia de identificación para examinar si las empresas socialmente transparentes son también empresas transparentes en su comunicación financiera. Los resultados sugieren que las empresas "socio-etiquetadas” incrementan la discrecionalidad contable durante el periodo inmediatamente posterior a la emisión de un informe de RSC voluntario. Por el contrario, las empresas "socio-transparentes" incrementan su calidad financiera tras iniciar la comunicación de su actividad social en las cuentas anuales, mostrando igual intención de ser transparentes tanto social como financieramente. En el último capítulo se muestra cómo la implementación de un Comité de Gestión de Riesgo Empresarial (ERMC) reduce la discrecionalidad la manipulación contable realizada a través de transacciones, pero no muestra evidencia de impacto sobre la manipulación realizada a nivel contable.
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Parrondo, Tort Luz. "Relationship between earnings management and corporate atrategies: social responsibility and enterprise risk management." Doctoral thesis, Universitat Pompeu Fabra, 2016. http://hdl.handle.net/10803/385916.
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This thesis revolves around financial transparency and its relationship with social transparency (CSR disclosure) and risk management at the managerial level. The first chapter identifies regulatory (10K) reports as the preferred disclosing channel for “social-transparent” companies (social-disclosing firms which are “high” in social activities) while “social-labeled” companies (social-disclosing firms which are “low” in social activities) choose to initiate disclosure in voluntary standalone CSR reports. The second chapter uses this identification strategy to examine whether “social-transparent” companies are also financially transparent. I find that “social-labeled” firms decrease the quality of financial information in the first period after first issuance of a CSR voluntary report. Contrarily, “social-transparent” firms increase the quality of their financial reporting after initiation of CSR disclosure on the 10K, suggesting equal financial and social transparent behavior. In the last chapter, I show how the implementation of an Enterprise Risk Management Committee (ERMC) has a negative impact transaction-based earnings management but not clear impact on accrual based earnings management.Esta tesis gira en torno a la transparencia financiera y su relación con la transparencia social (RSC) y con la gestión de riesgos a nivel gerencial. En el primer capítulo identifico las cuentas anuales (10K) como el canal de divulgación seleccionado por las empresas "socio-transparentes" (empresas divulgadoras con altos niveles previos de actividad social), mientras que las empresas "socio-etiquetadas" (empresas divulgadoras con bajos niveles previos de actividad social) optan por emitir esta información en informes voluntarios no oficiales. En el segundo capítulo se utiliza esta estrategia de identificación para examinar si las empresas socialmente transparentes son también empresas transparentes en su comunicación financiera. Los resultados sugieren que las empresas "socio-etiquetadas” incrementan la discrecionalidad contable durante el periodo inmediatamente posterior a la emisión de un informe de RSC voluntario. Por el contrario, las empresas "socio-transparentes" incrementan su calidad financiera tras iniciar la comunicación de su actividad social en las cuentas anuales, mostrando igual intención de ser transparentes tanto social como financieramente. En el último capítulo se muestra cómo la implementación de un Comité de Gestión de Riesgo Empresarial (ERMC) reduce la discrecionalidad la manipulación contable realizada a través de transacciones, pero no muestra evidencia de impacto sobre la manipulación realizada a nivel contable.
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Heyneke, Petrus Erasmus. "Application of enterprise risk management models during new business development / P.E. Heyneke." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4473.
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Enterprise is often described as risk for reward, but it may be possible to reduce
the risk while improving returns. According to SEDA, failure rates of SMMEs in
South Africa range from 70 to 80 percent. The need for this study arose when it
was found that most SMMEs did not have a formal system in place to mitigate their
risks right from the outset in the feasibility study, the business plan design and the
start–up of the business. This lack of mitigation controls could be a result of a lack
of understanding of the enterprise risk management (ERM) methodology or an
inappropriate ERM decision–making model to assist them in a way that would
mitigate their risk and minimise financial losses.
The ERM approach can anticipate unplanned occurrences and is a systematic way
of foreseeing the future. Entrepreneurs and business owners take on risks to
pursue new business objectives within their respective risk appetites. This study
also evaluated several models of risk identification and the ERM methodology. In
this study an ERM model, ISO 31000, was applied in a business case and a
comparison was made between the risks identified in the business plan and the
ERM approach.Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2011.
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Martins, Sofia Alexandra Casanova. "ANA, SA: a risk management approach." Master's thesis, NSBE - UNL, 2010. http://hdl.handle.net/10362/10335.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsIn 2007, following a series of sector transformations and wanting to be up to speed on industry best practices, ANA – Aeroportos de Portugal, SA, the Portuguese airports manager, adopts an Enterprise Risk Management (ERM) model. In 2009, with a challenging new regulatory model in sight and the idea of an imminent privatization, the company reassesses and restructures the model. This case study follows this transition process, the implementation of the new ERM model and the intricacies brought by the new regulatory model.
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Ahmad, Saudah. "Modelling the Determinants, Barriers and Outcomes of Enterprise Risk Management Implementation." Thesis, Griffith University, 2017. http://hdl.handle.net/10072/377584.
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Enterprise risk management (ERM) proponents held that implementing ERM to mitigate business risks in today’s more complex and challenging environment also adds value as well as beneficial. However, the extant literature on ERM implementation is limited, mixed and inconclusive while concentrated on some geographical jurisdictions. Not much is known about ERM implementation among Australian companies despite the emphasis given to effective risk management and its related disclosures by the Australian corporate governance authorities. This study developed and examined, using PLS-SEM, a path relationships model consisting of determinants, barriers and outcomes of ERM implementation among a sample of 2009 Top 300 Australian listed companies. PLS-SEM results were proven to have predictive quality in terms of ability and power. Empirical evidence shows that ERM is widely embraced by the sample firms as 85% of them implemented the holistic risk management approach while the extent of implementation was more likely greater among sample firms in services or regulated industries. Firms in services industries also gained more benefits from ERM implementation in terms of improved risk reporting, better-informed decisions, competitive advantage and increased probability of goals and objectives achievement. The model also highlights the importance of ERM implementation as the results revealed that ERM implementation not only positively impacted organisational performance directly but also mediated the impact of risk culture on financial and overall organisational performance. This is signalling the capability of ERM implementation to directly and indirectly (by mediating risk culture) improve broad organisational performance as, risk culture alone only conveyed direct positive influence on non-financial performance. Overall, the findings pertaining to causal relationships among the variables contribute evidence that the institutionalisation of ERM implementation among the sample firms were indeed aimed at minimising agency costs and risk information asymmetry while signalling efforts toward managing risks holistically and effectively to capital markets. Hence, this study supports the three underpinning theoretical frameworks while offering several theoretical and practical contributions.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Dept Account,Finance & Econ
Griffith Business School
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Crosson, Steven C. "Improving SPAWAR PEO C4I organizational alignment to better enable enterprise technical risk management." Thesis, Monterey, California: Naval Postgraduate School, 2017. http://hdl.handle.net/10945/52965.
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Approved for public release; distribution is unlimitedThis thesis examined how the Navy's Program Executive Office Command, Control, Communications, Computers and Intelligence (PEO C4I) has performed enterprise risk management (ERM). Based on ERM literature, the study developed an analytical framework to assess PEO C4I's ERM practices against documented ERM best practices, including evaluating a new risk in terms of its impact on existing risks and ensuring risks are managed at the most detailed level possible. The thesis also utilized organizational alignment literature to include organizational alignment principles in the evaluation. Key principles include 1) every employee has the responsibility to manage risk and 2) multiple teams are able to manage a single risk. The resultant analytical framework was applied to PEO C4I and documented for application to other organizations. PEO C4I performed well in the areas of 1) evaluating risks in areas other than the originating program office and 2) providing the framework to elevate risks to leadership. PEO C4I could use improvement in cross-team risk coordination and development of enterprise models to provide context for enterprise risks. Recommended interventions focus on having more functional areas involved in risk mitigation and developing a common enterprise architecture to improve understanding of potential areas of risk.
Civilian, Department of the Navy
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Reynecke, Werner Nielen. "Enterprise risk management in the South African insurance industry / W.N. Reynecke." Thesis, North-West University, 2008. http://hdl.handle.net/10394/4215.
Full textAbstract:
The purpose of this dissertation is to investigate Enterprise Risk
Management (ERM) in the South African insurance industry. Firstly,
this dissertation attempts to ascertain the current composition of the
different facets of ERlVL These different facets are discussed in detail
in the dissertation.
The first of these include the insurance industry's definition of ERM
followed by the tools and techniques involved in implementing Efu\1-
driven risk management programmes. The third facet is the regulatory
measures which form part of the industry. This provides a proper link
with the fourth facet, namely that of the exponents applying ERM and
how their roles are governed by regulatory bodies. Another facet is the
training programmes that exist to educate insurance industry players
and entrants to efficiently use EM1. The sixth facet motivates why
ERM is actually used by delineating the benefits connected with Efu\1
processes.
The dissertation furthermore investigates the extent to which ER11 is
already incorporated in the South African insurance industry. A
questionnaire ,vas completed by industry members in order to obtain an
insight into the practical side of ERM that reigns in South Africa today.Thesis (M.Sc. (Risk Analysis)--North-West University, Potchefstroom Campus, 2009.
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Sharma, Atul 1973. "A systems approach to enterprise risk management in high-tech industry." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33827.
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Thesis (S.M.)--Massachusetts Institute of Technology, System Design & Management Program, 2005.Includes bibliographical references (p. 105-106).
The high-tech industry is showing increased interest in developing an enterprise wide approach to risk management. There are three reasons for this increased interest; first as the industry has matured, as evidenced by slower growth, increasing consolidation and global competition, managing "costs" has moved to center stage; second, technology product life cycles have progressively shrunk leading to increased technology strategy risk; and third larger events such as 9/11 and corporate scandals have created an awareness of new risks to be managed. In these changed circumstances, the old days of rapid growth and localized & reactive risk management techniques need to be replaced with a capacity to understand risks and manage them effectively across the entire enterprise. Although, risk management has been practiced in the high-tech industry for some time the approaches are based on silo techniques such as insurance, finance, strategy or operations. The challenge is that these varied approaches fall short of holistic risk management and further maintain risk silos that generate additional risks to the organization. To address these silos and develop an enterprise risk management approach we have devised a "generic" and "scalable" risk management framework that could be used by a firm irrespective of its current risk management maturity to achieve a higher level of risk management sophistication. Our approach is based on a three step process; identifying the risks in each of the organizational silos, analyzing their gaps and thereafter developing common risk language and measurement capability across the whole enterprise to close these gaps. To accomplish these three steps a firm can use a 3-T knowledge management assessment framework
(cont.) and a 4-R risk management process methodology. We have also devised a risk management maturity model that helps a firm assess its current risk management sophistication, determine the level of maturity the firm would like to target and so clarify the next steps to get there. We combine these frameworks and methodologies together to create what we call Integrative Corporate Risk Management (ICRM) architecture to help high-tech firms develop a state of the art enterprise risk management capability.
by Atul Sharma.
S.M.
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Etges, Ana Paula Beck da Silva. "The economic enterprise risk management innovation program for healthcare organizations : E2RMhealthcare." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2018. http://hdl.handle.net/10183/185804.
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A Gestão de Riscos Corporativos (ERM), a partir das publicações da ISO 31000 em 2009 e do guia do COSO em 2007, vem sendo aplicada e adaptada às especificidades de múltiplos mercados. O contexto hospitalar, caracterizado pela necessidade de avanços em sistemas e métodos gerenciais que permitam maior acurácia de informações e sustento na orientação à tomada de decisão, passou a, também, interessar-se pelo valor da ERM. Influenciado pelos programas de qualidade e segurança do paciente e de gestão de riscos assistencial, presentes na cultura hospitalar mundial, gestores estratégicos à frente de organizações de saúde começaram a procurar por metodologias que possam ser adaptadas à complexidade de um hospital e apoiem a implementação da ERM. A literatura prévia ao desenvolvimento desta tese não apresenta um modelo que consolida e orienta a operacionalização da ERM em organizações de saúde, mas destaca em múltiplas publicações a necessidade que os hospitais têm de atentar a metodologias que permitam gerir de forma proativa e estratégica seus negócios, que estão expostos a riscos internos e externos. Motivada pela lacuna descrita, esta tese explorou o mercado brasileiro e norte americano através de entrevistas, estudos de caso e survey, e propôs um modelo global de ERM para organizações de saúde: o E2RMhealthcare. Este sugere requisitos para a operacionalização global da ERM e é fragmentado em 4 níveis: risk baseline, education, quantitative e governance que orientam uma implementação gradual, considerando a maturidade de gestão da organização. Formas de como explorar as características do hospital e capital humano para exercer a ERM também foram estudadas, sendo proposto uma relação entre as equipes de avaliação de tecnologias de saúde hospitalar e de ERM no processo de criação de valor da organização através de um mapa de causa e efeito. Como destaque do negócio saúde, essa tese inova propondo o primeiro inventário de riscos corporativos orientado a organizações de saúde que foi validado por gestores de múltiplos países, identificando o risco de ataques cibernéticos como o principal. Por fim, o uso de métodos de análise multicriterial e de custeio por atividade são aplicados como soluções inovadoras para a priorização e avaliação econômica de riscos ao longo dos níveis Baseline e Quantitative do E2RMhealthcare. O avanço do E2RMhealthcare com estas metodologias incorporadas para um software com capacidade de inteligência artificial é deixado como sugestão de trabalhos futuros além da sua real aplicação em múltiplos casos.Since the ISO 31000 publication in 2009 and the COSO guide in 2007 Enterprise Risk Management (ERM) has been applied and adapted to the specificities of different business markets. The hospital context characterized by the demand for advances in management systems and methods that allow to improve information accuracy and to support the decision-making process, also became interested in the value of ERM. Influenced by quality and patient safety and healthcare risk management programs presents in the global hospital culture, managers at the top of healthcare organizations started to look for methodologies that can be adapted to the hospital management complexity to support the ERM implementation. The literature, prior to the development of this thesis, does not present a model that consolidates a guide to operationalize ERM in healthcare organizations. Although emphasizes, in multiple publications, the urgency for methodologies that enable proactive and strategic management of healthcare businesses, which are exposed to internal and external risks. Motivated by the described gap, this thesis explored the Brazilian and American healthcare market through interviews, case studies and survey, and proposed a global ERM model for healthcare organizations: E2RMhealthcare. It suggests requirements for global operationalization of the ERM and is organized in 4 levels: risk baseline, education, quantitative and governance that guide a gradual implementation, considering the maturity of the organization management. Different manners to explore the features of the hospital and human capital to operate the ERM were also studied, and it was proposed a relation between the hospital healthcare technology assessment teams and the ERM in the value creation process of the organization through a cause and effect map. Focusing on the healthcare business, this thesis innovates by proposing the first enterprise risk inventory aimed at healthcare organizations that was confirmed by risk managers from different countries. Cyber-attack was identified as the main enterprise risk in healhtcare. Finally, the use of multicriterial analysis methods and activity-based costing are applied as innovative solutions for prioritization and economic assessment of risks throughout the Baseline and Quantitative levels of E2RMhealthcare. The progress of E2RMhealthcare with these incorporated methodologies for a software with artificial intelligence capacity is left as a suggestion for future studies, in addition to its actual application in multiple cases.
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Самойлікова, Анастасія Вікторівна, Анастасия Викторовна Самойликова, and Anastasiia Viktorivna Samoilikova. "The enterprise risk management and financing innovation in modern market realities." Thesis, ТОВ "ДД "Папірус", 2014. http://essuir.sumdu.edu.ua/handle/123456789/37538.
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Today not only governments but more and more enterprises are realizing the importance of innovation to gain competitive advantage. The modern tendencies in national and world economy, global markets development, dynamic business and informational environment, high level of market competition, socioeconomic and political instability in Ukraine, rapidly changing customer needs and many other factors have caused the necessity to discover what opportunities exist now, or are likely to emerge in the future. Thus enterprises are engaging themselves in various innovative activities, ranging from manufacturing processes to product improvement, service propositions and brand building initiatives, because innovation is the only factor which can sustain long-run growth.
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Fernandes, Marcelo Agapito. "Enterprise-wide risk management: um modelo de gestão integrada de riscos." reponame:Repositório Institucional do FGV, 2001. http://hdl.handle.net/10438/5595.
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Previous issue date: 2001-10-22T00:00:00ZExistem diversos tipos de riscos que uma organização pode correr. Normalmente eles são gerenciados isoladamente em casa unidade ou divisão. Diante do cenário mais volátil da nova economia, é proposto um modelo de gerenciamento de risco que busca integrar todos os diferentes tipos de risco, chamado de Enterprise-Wide Risk Management (EWRM). O modelo organiza a gestão de riscos, sob a ótica de portfolio, interferindo na estratégia da empresa e criando valor ao acionista. O trabalho mostra a evolução dos modelos de gerenciamento de risco até o EWRM, propondo uma metodologia para sua implementação assim como os fatores chave para seu sucesso
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Oliveira, Kyllbert Wougran Nogueira de. "Fatores críticos de sucesso associados à implementação do Enterprise Risk Management." Universidade Federal Fluminense, 2016. https://app.uff.br/riuff/handle/1/4292.
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Made available in DSpace on 2017-08-24T13:58:40Z (GMT). No. of bitstreams: 1 Dissert Kyllbert Wougran.pdf: 2480740 bytes, checksum: e0cfe25e9cd0bcff174b7d88759b1608 (MD5) Previous issue date: 2016-05-12
Apesar da evolução do conceito de Enterprise Risk Management – ERM e difusão no contexto das organizações, existem poucas pesquisas que abordam o referido tema, o que é um ponto fraco frente ao desafio de apoiar as empresas na importante missão de garantir a sobrevivência, crescimento e perpetuidade dos negócios em um ambiente de forte integração tecnológica, concorrência global e diversos contextos políticos, culturais e econômicos. Nesta linha argumentativa, esta pesquisa tem como principal objetivo identificar quais fatores críticos de sucesso mais influenciam na implementação das ações de gestão de riscos corporativos no ambiente de projetos. Para tanto, realizou-se uma revisão de literatura de forma estruturada e sistematizada com o apoio das bases de pesquisas com maior abrangência de artigos científicos sobre a temática abordada, com o objetivo de descrever e esclarecer as questões centrais da pesquisa a luz do estado da arte sobre o tema em questão. Com a conclusão desta etapa, foram identificados dez Fatores Críticos de Sucesso - FCS que serviram como base para fundamentar a pesquisa e para desenvolver o questionário, que foi utilizado para mapear a percepção dos especialistas de uma corretora de seguros em relação aos fatores que podem influenciar no sucesso das iniciativas de gerenciamento de riscos corporativos. Por fim, com a análise dos dados obtidos com o auxílio do referido instrumento de pesquisa, foram propostas ações com foco na maximização de oportunidades relacionadas aos principais fatores identificados como críticos para o sucesso de iniciativas de ERM.
Despite the evolution of the concept of Enterprise Risk Management – ERM - and it’s dissemination in the organizations context, there are few researches that cover the theme, which is a weak point considering the challenge to support companies in the important task of ensuring the survival, growth and perpetuity of the business in an strong technological integration environment, global competition and diversified political, cultural and economic contexts. In this sense, this research has the main objective of identifying which critical success factors influences the most on Enterprise Risk Management implement in project environment. To achieve this goal, a structured and systemized review of the literature was performed, supported by the research bases with the widest coverage of scientific articles on the subject addressed, in order to describe and clarify the central problem of the research according to the state of the art on the topic researched. After completing this stage, ten Critical Success Factors - FCS - were identified, and served as the basis to support the research and to develop the questionnaire that was used to map the perceptions of experts of an insurance broker company, regarding the factors that can influence the success of the Enterprise Risk Management initiatives. In the end, after analyzing the data obtained with the support of the aforementioned research instrument, actions were proposed focusing on maximizing opportunities related to the main identified factors as critical for the success of ERM initiatives.
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Vo, Dinh-Tri. "Essays on enterprise risk management : the case of european insurance industry." Thesis, Université Paris-Saclay (ComUE), 2016. http://www.theses.fr/2016SACLE018/document.
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Dans un monde de plus en plus intégré, les entreprises doivent affronter un grand nombre de risques avec une plus grande complexité. Gérer les risques complexes avec une vision globale, holistique à tous les niveaux est vital pour les assureurs car le risque est dans leur cœur de leur métier. Toutefois, à périmètre réglementaire constant, les différentes stratégies de gestion de risques ne donneraient toujours pas les mêmes résultats.Cette thèse de doctorat cherche à examiner trois aspects de la gestion des risques des entreprises (ERM) pour le secteur de l'assurance européenne :i) les typologies s des compagnies d’ assurance qui mettent en œuvre l'ERM,ii) l'impact de l'ERM sur les performances de l'entreprise,et iii) la relation entre ERM et solvabilité.Bien que le marché européen de l’assurance représente un tiers du marché mondial, la majorité des études empiriques portant sur l’ERM dans le marché de l’assurance sont basées sur des données américaines. En outre, les exigences de Solvabilité II ont poussé les assureurs en Europe de se conformer à l’ERM. Le premier essai de la thèse étudie les caractéristiques de (101) cent-un compagnies d’assurance cotées dans l'Union Européenne, comprenant notamment la taille, l’ancienneté, l’effet de levier, le type d'entreprise, la diversification des activités, les investissements à long terme, et certains indicateurs de performance (les ratios combinés, ROA, Tobin's Q, et EPS). En utilisant le modèle Probit sur des données de panel avec les effets aléatoires, les résultats obtenus montrent que les compagnies d'assurance ont tendance à adopter l'ERM lorsqu’elles ont un niveau d’endettement élevé, une taille importante et une concentration sur leur cœur de métier. De plus, ces entreprises investissent davantage sur le long terme, ont une valeur de marché élevée, et se trouvent dans les marchés développés. Ces résultats corroborent les conclusions de plusieurs études dans la littérature i.e. Pagach and Warr (2011), Hoyt and Liebenberg (2011).Dans le deuxième essai, j'étudie l'impact de l'ERM sur la performance de l'entreprise au regard de deux indicateurs: valeur de marché et valeur comptable. Suivant les résultats de l’identification des éléments déterminant l’adoption de l’ERM (premier essai), l’échantillon de base peut être divisé en deux groupes de compagnies d’assurance: un groupe avec ERM et un groupe sans ERM. Afin de tenir compte d’éventuel problème d’endogénéité entre la performance et l’ERM, et de possibles biais relatifs à la sélection de l'échantillon, l’approche d’estimation en deux étapes de Heckman (avec le ratio de Mills inversé) et les instruments internes de Hausman-Taylor sont utilisés. Les résultats obtenus sont en faveur de l’hypothèse selon laquelle l'ERM a un impact positif et significatif sur la performance des entreprises. Ces résultats complètent les études précédentes qui préconisaient l'adoption de l'ERM i.e. Nocco and Stulz (2006), McShane et al. (2011), Hoyt and Liebenberg (2011), Eckles et al. (2014).Le troisième essai examine la solvabilité des compagnies d’assurance qui disposent d’un système de gestion des risques - l'ERM. Avec une approche similaire à celle du deuxième chapitre, je confirme que l'adoption de l'ERM a un impact positif sur la solvabilité de la société d'assurance. Cette nouvelle approche par la solvabilité des compagnies d’'assurance contribue à une vision alternative de la valeur de l'ERM.Les résultats de cette thèse ont des implications pour les parties prenantes majeures telles que les gestionnaires de risques, les régulateurs et les actionnaires: l'adoption de l'ERM a un impact positif et significatif sur la performance de l'entreprise et sa solvabilité. Par ailleurs, l'adoption de l'ERM est corrélée à certaines typologies des entreprises telles que le niveau de la dette, la taille de l'entreprise, l'investissement à long terme et la diversificationIn a world that becomes more and more integrated, every firm has to cope with increasing complexity of different risks. Managing complex risks with a global view, holistic at all firm levels for insurers is vital because risks are their businesses. Over the last two decades, enterprise risk management (ERM) has become a crucial framework to provide firms with methods and processes to manage risks and augment the likelihood of business success. However, even within the same regulatory framework, different risk management strategies and risk management activities would lead to different outcomes.This doctoral thesis aims to examine three aspects of ERM in the European insurance industry:i) the characteristics of insurers that implement ERM,ii) the impact of ERM on firm performance,and iii) the relationship between ERM and solvency.Although the market share of the EU market is more than one-third of the world's maket share, most of empirical studies on ERM in the insurance industry based on the US data. Moreover, the Solvency II pushed insurers in this continent more close to ERM.The first essay investigates the characteristics of 101 publicly traded EU insurers, including firm size, firm age, leverage, business type, diversification, long-term investment, and some performance indicators (combined ratio, ROA, Tobin's Q and EPS). Using a Probit model with random-effects panel data, the obtained results show that European insurance firms are more likely to adopt ERM when they are more leveraged, bigger, and focus more on their core businesses. In addition, they have higher firm value, invest more over the long-term horizon and are mostly located in developed markets. Our evidence is consistent with the findings of some previous studies, i.e. Pagach and Warr (2011), Hoyt and Liebenberg (2011).In the second essay, I study how ERM impacts firm performance via both market value and book-value indicators. With constraints in the identification of ERM evidence, I have two groups of ERM insurers and non-ERM insurers. As a result, I have to solve the problems of endogeneity (included reverse causality) and sample selection bias by using comprehensive methods: Heckman's two-step (with inverse Mills ratio), Treatment Effects, and Hausman-Taylor estimators. With comprehensive methods employed, the findings support the hypothesis that ERM have a positive impact on firm performance. These results thus complement previous studies advocating ERM adoption i.e. Nocco and Stulz (2006), McShane et al. (2011), Hoyt and Liebenberg (2011), Eckles et al. (2014).The third essay examines the solvency of insurers that have adopted an ERM system. Using a similar approach as in the second essay, I find that ERM adoption has a positive and significant impact on insurance firm solvency. This new investigation into insurance solvency contributes an alternative view of the value of ERM.The findings of this thesis have some implications for major stakeholders such as risk managers, regulators, and shareholders: ERM adoption does have a positive and significant impact on firm performance and firm solvency. Moreover, ERM adoption is associated with certain firm characteristics such as leverage, firm size, long-term investment, and diversification
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Gibin, Stefano <1990>. "Corporate Governance ed Enterprise Risk Management: un'analisi empirica dello Stoxx 200." Master's Degree Thesis, Università Ca' Foscari Venezia, 2015. http://hdl.handle.net/10579/6307.
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Trolese, Giorgia <1998>. "Enterprise risk management in ambito bancario e inclusione dei rischi ESG." Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21789.
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Al giorno d’oggi la tematica sostenibile ha dimostrato un crescente interesse all’interno di molteplici ambiti, compreso quello finanziario e specialmente quello bancario. L’evoluzione è stata a sua volta accompagnata da cambiamenti della normativa, che hanno messo in luce la necessità di integrare le dimensioni di sostenibilità all’interno del Risk management, inserendosi oltretutto in ottica olistica e non più a silos dei rischi. L’integrazione della tematica sostenibile all’interno de contesto bancario, infatti, rappresenta una svolta fondamentale e nonostante la letteratura in tema di rischio bancario sia ancora scarsa, tale elaborato si propone di analizzare quanto le dimensioni di sostenibilità impattino nella rischiosità degli istituti bancari stessi.
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Lilja, Nellie, and Frida Hesselbom. "Riskhantering under Covid-19 pandemin : En fallstudie om Enterprise Risk Management på Scania i Oskarshamn." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-105624.
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Magisteruppsats (4FE18E), Civilekonomprogrammet - Inriktning Controller, Ekonomihögskolan vid Linnéuniveristetet i Växjö, Vårterminen 2021. Titel: Riskhantering under Covid-19 pandemin - En fallstudie om Enterprise Risk Management på Scania i Oskarshamn Bakgrund: Riskhantering blev ett mycket aktuellt ämne efter finanskrisen 2008 till följd av identifierade svagheter i organisationers riskhanteringssystem. I den förändrade tid som var efter finanskrisen 2008 fick bland annat konceptet Enterprise Risk Management (ERM) mer uppmärksamhet att potentiellt lösa de problem organisationer hade med sina riskhanteringssystem. ERM till skillnad från traditionell riskhantering innefattar en mer systematisk och övergripande riskhantering som integrerar risk i företagsstrukturen och involverar alla individer i företaget. Tidigare forskning har påvisat relationen mellan intern riskstruktur och riskkultur som viktig för att genererar en effektiv riskhantering utifrån ERM. Däremot finns det ett forskningsgap hur dessa komponenter samverkar i praktiken för att funktionen av ERM. Syfte: Syftet med denna studie är att öka kunskapen om relationen mellan riskstruktur och riskkultur för funktionen av ERM. Detta genom en fallstudie på Scania för att beskriva och analysera arbetet med ERM under Covid-19 pandemin. Metod: Denna fallstudie är av kvalitativ karaktär med en deduktiv ansats vilket innebär att befintlig litteratur om ERM testas i praktiken. Studiens empiri är insamlad från semistrukturerade intervjuer med krisgruppen på Scania i Oskarshamn. Empiri samlades även in från enkäter besvarade av Scanias medarbetare för att förstå Scanias riskhantering utifrån ERM. Slutsats: Genom en kartläggning av Scanias riskhanteringsprocess och hur den uppmuntrar till en riskkultur präglad av ett högt säkerhetstänk gick det att identifiera följande områden där relationen mellan riskkultur och riskstruktur spelar en viktig roll för funktionen av ERM; Målsättning & Systematisk riskhantering, Uppmuntran till riskmedvetenhet, Värdet av riskhantering, Riskåtgärder & Förtroende för riskhantering, Information & kommunikation, Öppenhet & Transparens och Tonen uppifrån. Hur relationen mellan intern riskstruktur och riskkultur styrs i dessa områden har således en påverkan för effektiviteten av ERM.Master thesis (4FE18E), Degree of Master of Science in Business and Economics - Controller, School of Business and Economics at Linnaeus University in Växjö, Spring semester 2021. Title: Risk Management during the Covid-19 pandemic - A case study about Enterprise Risk Management on Scania Background: Risk management became a topic after the financial crisis in 2008 as a result of identified weaknesses in organizations' risk management systems. The concept of Enterprise Risk management gained more attention after the financial crisis in 2008 as the solution to potentially solve the problems organizations had with their risk management systems. ERM, unlike the traditional risk management, includes a more systematic and comprehensive risk management that integrates risk into the structure of the company and involves all individuals in the company. Previous research has established the relationship between internal risk structure and risk culture as important for generating effective risk management based on ERM. However, there is a research gap on how these components interact in practice for the function of the ERM. Purpose: The purpose of this study is to increase knowledge about the relationship between risk structure and risk culture for the function of ERM. This through a case study at Scania to describe and analyze the work with Enterprise Risk Management during the Covid-19 pandemic. Method: This case study is of a qualitative nature with a deductive approach, which means that existing literature concerning ERM is tested in practice. The study's empirical data is collected from semi-structured interviews with the crisis group at Scania in Oskarshamn. Empirical data were also collected from surveys answered by Scania's employees to understand Scania's risk management based on ERM. Conclusion: Through a survey of Scania's risk management process and how it encourages a risk culture characterized by a high level of security thinking, it was possible to identify the following areas where the relationship between risk culture and risk structure plays an important role in the functioning of the ERM; Objectives & Systematic risk management, Encouragement of risk awareness, The value of risk management, Risk response & Trust for risk management, Information & Communication, Openness & Transparency and the Tone from top. How the relationship between internal risk structure and risk culture is governed in these areas has an impact on the effectiveness of ERM.
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Hidalgo, Valdez Cristina Cecilia. "IS/IT Risk Assessment in the Implementation of a Business Continuity Plan : An integrated approach based on Enterprise Risk Management and Governance of Enterprise IT." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Informatik, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-27618.
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Business continuity is an area of research that ensure continuity of enterprise operations. Business continuity requires knowledge and input from business and IT leaders to assess and manage risks associated with critical business processes to develop a plan that can allow the organization to resume operations. Organizations that have a holistic enterprise risk management approach can better manage business and technology risks. The increasing dependency on technological resources asserts the need to assess business and technology risks to develop business continuity. Nevertheless, governance and enterprise leaders find difficult to determine the scope and impact of risks associated with enterprise operations. In organizational contexts, business continuity planning is perceived as an element of contingency instead of an opportunity for improvement. In addition, there is a lack of academic literature related to the organizational implementation of a business continuity plan. For this reason, there is a need to merge enterprise risk management and governance of enterprise IT views to provide an integrated perspective of business and technological risk in the im-plementation of a business continuity plan.The objective of the study relies on assessing how the implementation of a business continuity plan is conducted, together with its challenges and benefits, to provide insights on the elements that facilitates a business continuity plan implementation. The study focuses on the preparation phase of a business continuity plan, where enterprise risks are identified, evalu-ated and mitigated. The study results are based on a case study performed at a multination retail and manufacturing enterprise in Spain. The results indicates that awareness from the higher governance body and senior management on the dependency that enterprises have developed on IS/IT key resources is a factor that influence how risk management and technology risk is perceived in organizations. This influence how the higher governance body views the need to implement enterprise risk management, governance of enterprise IT and business continuity initiatives. Likewise, the elements facilitating a business continuity imple-mentation are associated with the sponsorship and leadership from organizational actors, the involvement of an external organizational agent that can bring expertise and methodology related to business continuity planning, identification of enterprise critical areas and processes and the creation of business and IT risk scenarios to depict threats to the organization operations and processes. This internal reflection brings challenges and benefits to the or-ganization and both are addressed in the study.The study concludes with the presentation of two high level frameworks that can aid enter-prise leaders to visualize and understand the influence that enterprise risk management and governance of enterprise IT has on the implementation of a business continuity plan and the underlying elements that facilitate a business continuity plan implementation in organizations.
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Truter, Mark Christopher. "Implementation of enterprise risk management as a tool for improving corporate governance within the public sector." Thesis, University of South Africa, 2007. http://hdl.handle.net/10500/58.
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This purpose of the research is to investigate the relationship between the implementation
of an Enterprise Risk Management (ERM) and corporate governance within the public
sector. Furthermore, the study focused on the role of internal audit in ERM implementation
as well as the relationship between ERM and risk communication. Questionnaires designed
to collect data were e-mailed to risk managers; internal auditors and senior managers.
The survey confirmed a positive association between the implementation of an ERM
framework and corporate governance as well as risk communication. The majority of
respondents further confirmed that corporate governance concerns were the main driving
force behind the implementation followed by the impact of HIV/AIDS on their respective
organisations. Of those surveyed 38% confirmed that their ERM process is embedded and
they have also created the position of chief risk officer or similar.
However, it is important to note that the role of internal audit in ERM implementation is not
fully integrated.
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Carraro, Irene <1989>. "Enterprise Risk Management e valore d’impresa: un’analisi empirica delle società quotate europee." Master's Degree Thesis, Università Ca' Foscari Venezia, 2014. http://hdl.handle.net/10579/4157.
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Le variazioni che l’ambiente economico ha subito negli ultimi anni hanno messo in evidenza la complessità del business, l’elevata volatilità dei mercati, la maggiore difficoltà nelle transazioni, la crescente situazione di incertezza e la conseguente nascita di nuovi rischi e minacce cui le imprese possono essere esposte. Per fronteggiare tali eventi aleatori, le tradizionali metodologie di gestione (Traditional Risk Management) appaiono inadeguate e obsolete, in quanto non in grado di cogliere la natura dei nuovi rischi e le loro relazioni. Si evidenzia quindi la necessità di adottare un nuovo approccio di tipo integrato: l’Enterprise Risk Management (ERM). Tale processo non solo permette la gestione dei rischi aziendali in maniera globale, ma ha anche come fine ultimo la creazione di valore. L’analisi empirica, svolta su un campione di 200 imprese quotate europee, si propone un duplice obiettivo. In primo luogo quello di verificare se l’adozione del processo produca o meno degli effetti sul valore delle imprese. I risultati ottenuti mostrano che il ROE risente della presenza di società di revisione membri dei Big Four e della nomina di un Chief Risk Officer come responsabile del processo di Risk Management. In secondo luogo determinare quali siano le variabili che influenzano l’implementazione del processo stesso da parte del management; particolarmente significativi in questo caso sono la nomina di un CRO, l’adozione del COSO Framework ed il coinvolgimento del Consiglio di Amministrazione nell’implementazione dell’ERM.
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Doimi, Anna <1991>. "Integrated Reporting ed Enterprise Risk Management. Analisi delle performance nello scenario Europeo." Master's Degree Thesis, Università Ca' Foscari Venezia, 2016. http://hdl.handle.net/10579/7795.
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Questa tesi mira ad investigare le relazioni esistenti tra l’Integrated Reporting e l’utilizzo dei modelli di Enterprise Risk Management. Il primo e secondo capitolo approfondiscono le tematiche recenti sull’Integrated Reporting e sulle pratiche di gestione integrata del rischio, accumunate da una visione olistica dell’azienda. Il terzo capitolo si concentrerà invece su un’analisi empirica per indagare se sussistono delle relazioni tra questi due aspetti. Lo studio si focalizzerà in particolare sullo scenario Europeo confrontando le aziende Europee partecipati al Pilot Programme dell’IIRC con un campione di aziende, omogeneo per quanto riguarda dimensione e settore di appartenenza, ma che non applica i principi dell’Integrated Thinking. Lo scopo dell’analisi è quello di indagare se l’utilizzo di un orientamento integrato, requisito fondamentale dell’IR e dell’ERM, abbia un impatto positivo sulle performance rispetto alle altre organizzazioni europee.
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Kove, Matteo <1995>. "The impact of Enterprise Risk Management and Corporate Governance on Firm Value." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17413.
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The aim of this dissertation is to investigate the impact of Enterprise Risk Management (ERM) and Corporate Governance on Firm Value. In particular, the first part of the thesis introduces the theory about Risk Management and its evolution until ERM, and discusses the relationship between ERM and Corporate Governance. Then, the study presents the empirical analysis in which the aim is to question whether the adoption of ERM and a structured Corporate Governance have a positive impact on firm value. In order to answer, a panel of data containing information about firms of the STOXX 50 Europe index has been constructed for the period going from 2019 to 2010. With this purpose, information regarding ERM's adoption have been found in the annual reports, while an index regarding the complexity of the corporate governance structure of each firm has been developed. In addition, an analysis on the determinants for ERM's adoption has been elaborated through a fixed effects logit regression.