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The End of Enterprise Risk Management

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  • Martin, David
  • Power, Michael
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    Abstract

    Enterprise risk management (ERM) has grown in significance since the mid-1990s to become a key resource in the conceptualization and design of risk management systems. We argue that this emphasis is misplaced and contributes to the problem of a divide between analysis and action. ERM may be relevant for regulators and others in need of proof of good governance, but its formulations have become progressively detached from the reality of modern financial organizations. We argue that buy-side risk management practices provide an alternative conception of risk management which is more grounded in operations and which avoids the problems of actionability created by controls-based ERM.

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    Bibliographic Info

    Paper provided by Regulation2point0 in its series Working paper with number 454.

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    Date of creation: Aug 2007
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    Handle: RePEc:reg:wpaper:454

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    Web page: http://regulation2point0.org/

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    Cited by:
    1. Arena, Marika & Arnaboldi, Michela & Azzone, Giovanni, 2010. "The organizational dynamics of Enterprise Risk Management," Accounting, Organizations and Society, Elsevier, vol. 35(7), pages 659-675, October.

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