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Is enterprise risk management real?

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  • Marika Arena
  • Michela Arnaboldi
  • Giovanni Azzone

Abstract

Moving from the growing relevance of the enterprise risk management (ERM) concept, this paper provides empirical evidence of ERM in practice. The paper presents ERM actual uses in a panel of nine Italian companies from different industrial fields and legislative settings and analyses the relationship between the uses and the characteristics of the ERM tool implemented in each case. The data analysis highlights the existence of different activities that are supported by the ERM tool and also different types of use (i.e. responsive, discoursive and prospective) corresponding to a different contribution of ERM to managerial action. These uses related to the specific characteristics of the tools generally indicated with the label 'ERM'.

Suggested Citation

  • Marika Arena & Michela Arnaboldi & Giovanni Azzone, 2011. "Is enterprise risk management real?," Journal of Risk Research, Taylor & Francis Journals, vol. 14(7), pages 779-797, August.
    • Handle: RePEc:taf:jriskr:v:14:y:2011:i:7:p:779-797
    DOI: 10.1080/13669877.2011.571775
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    Cited by:

    1. Desheng Wu, 2016. "Risk management and operations research: a review and introduction to the special volume," Annals of Operations Research, Springer, vol. 237(1), pages 1-5, February.
    2. Chiara Mio & Marco Fasan & Carlo Marcon & Silvia Panfilo, 2022. "Exploring Corporate Crisis Communication after COVID-19: The Role of Enterprise Risk Management in (Re)Building Trust," Working Papers 05, Department of Management, Università Ca' Foscari Venezia.
    3. Ena Pecina & Danijela Miloš Sprčić & Ivana Dvorski Lacković, 2022. "Qualitative Analysis of Enterprise Risk Management Systems in the Largest European Electric Power Companies," Energies, MDPI, vol. 15(15), pages 1-19, July.
    4. Xin Liu, 2019. "The Role of Enterprise Risk Management in Sustainable Decision-Making: A Cross-Cultural Comparison," Sustainability, MDPI, vol. 11(10), pages 1-15, May.
    5. Elisabetta Mafrolla & Felice Matozza, 2014. "Risk management and firm size: a survey of Italian private companies," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2014(3), pages 87-108.
    6. Tsan-Ming Choi & Kannan Govindan & Xiang Li & Yongjian Li, 2017. "Innovative supply chain optimization models with multiple uncertainty factors," Annals of Operations Research, Springer, vol. 257(1), pages 1-14, October.
    7. Sorin Gabriel Anton & Anca Elena Afloarei Nucu, 2020. "Enterprise Risk Management: A Literature Review and Agenda for Future Research," JRFM, MDPI, vol. 13(11), pages 1-22, November.
    8. Florio, Cristina & Leoni, Giulia, 2017. "Enterprise risk management and firm performance: The Italian case," The British Accounting Review, Elsevier, vol. 49(1), pages 56-74.
    9. Elisane Brandt & Márcia Zanievicz da Silva & Franciele Beck, 2021. "Influence of Family Culture on Enterprise Risk Management in Brazilian Companies," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 25(6), pages 190082-1900.
    10. Cristiana Cattaneo & Gaia Bassani, 2019. "Enterprise Risk Management e Managemen Accounting Systems in una Banca di Credito Cooperativo," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2019(1 suppl.), pages 13-33.
    11. Ivana Dvorski Lacković & Nataša Kurnoga & Danijela Miloš Sprčić, 2022. "Three-factor model of Enterprise Risk Management implementation: exploratory study of non-financial companies," Risk Management, Palgrave Macmillan, vol. 24(2), pages 101-122, June.
    12. Therese R. Viscelli & Mark S. Beasley & Dana R. Hermanson, 2016. "Research Insights About Risk Governance," SAGE Open, , vol. 6(4), pages 21582440166, November.
    13. Enny Nurdin Sutan Maruhun & Wan Razazila Wan Abdullah & Ruhaya Atan & Sharifah Norzehan Syed Yusuf, 2018. "The Effects of Corporate Governance on Enterprise Risk Management: Evidence from Malaysian Shariah-Compliant Firms," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(1), pages 865-877, January.
    14. Yongrok Choi & Xiaoxia Ye & Lu Zhao & Amanda C. Luo, 2016. "Optimizing enterprise risk management: a literature review and critical analysis of the work of Wu and Olson," Annals of Operations Research, Springer, vol. 237(1), pages 281-300, February.
    15. Yongrok Choi & Xiaoxia Ye & Lu Zhao & Amanda Luo, 2016. "Optimizing enterprise risk management: a literature review and critical analysis of the work of Wu and Olson," Annals of Operations Research, Springer, vol. 237(1), pages 281-300, February.
    16. Desheng Wu, 2016. "Risk management and operations research: a review and introduction to the special volume," Annals of Operations Research, Springer, vol. 237(1), pages 1-5, February.
    17. Hafizah Zainol Abidin & Siti Zaleha Abdul Rasid & Haliyana Khalid & Rohaida Basiruddin & Shathees Baskaran, 2019. "Effectiveness of Enterprise Risk Management Practices: A Case Study," Business Management and Strategy, Macrothink Institute, vol. 10(2), pages 213-233, December.
    18. Mark Abkowitz & Janey Camp, 2017. "Structuring an Enterprise Risk Assessment Protocol: Traditional Practice and New Methods," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 20(1), pages 79-97, March.
    19. Alessandra Allini & Raffaela Casciello & Marco Maffei & Martina Prisco, 2022. "The national culture as a determinant of ERM quality: Empirical evidence in the European banking context," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2022(1), pages 79-102.

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