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A Comparison of the Main ERM Frameworks: How Limitations and Weaknesses can be Overcome Implementing IT Governance

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  • Michele Rubino

Abstract

The significance of the Enterprise Risk Management (ERM) is widely recognized by the academic and professional literature. Knowledge and management of business risks are an integral part of every successful business strategy and are increasingly becoming a primary factor of competitiveness. Although several risk management frameworks have been published and updated over time, these standards still have limitations. The advent of IT helped companies to better manage business risks. The rise of the IT governance has improved the management and the monitoring of business processes as well as the implementation of policies and procedures. The aim of this paper is twofold. First, a comparative analysis of the main risk management frameworks was carried out, highlighting their limits and weaknesses. Second, it was highlighted how the IT governance and the related frameworks as COBIT could contribute to a better implementation of the risk management process that allows to overcome the limitations of the examined standards.The significance of the Enterprise Risk Management (ERM) is widely recognized by the academic and professional literature. Knowledge and management of business risks are an integral part of every successful business strategy and are increasingly becoming a primary factor of competitiveness. Although several risk management frameworks have been published and updated over time, these standards still have limitations. The advent of IT helped companies to better manage business risks. The rise of the IT governance has improved the management and the monitoring of business processes as well as the implementation of policies and procedures. The aim of this paper is twofold. First, a comparative analysis of the main risk management frameworks was carried out, highlighting their limits and weaknesses. Second, it was highlighted how the IT governance and the related frameworks as COBIT could contribute to a better implementation of the risk management process that allows to overcome the limitations of the examined standards.

Suggested Citation

  • Michele Rubino, 2021. "A Comparison of the Main ERM Frameworks: How Limitations and Weaknesses can be Overcome Implementing IT Governance," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(12), pages 203-203, July.
    • Handle: RePEc:ibn:ijbmjn:v:13:y:2021:i:12:p:203
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    References listed on IDEAS

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    6. Michele Rubino & Filippo Vitolla, 2014. "Internal control over financial reporting: opportunities using the COBIT framework," Managerial Auditing Journal, Emerald Group Publishing, vol. 29(8), pages 736-771, August.
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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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