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From risk management to ERM

Author

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  • Rochette, Michel

Abstract

At one point in time, there was self-insurance. Then came risk management. Now comes the era of enterprise risk management (ERM). Traditional risk management will always be necessary, but ERM will complement existing risk activities by extending the field to cover all core risks as well as emerging and strategic opportunities, because without taking risks, organisations gain no value. In addition, ERM will be taken seriously by financial participants and stakeholders if an organisation has a risk champion in the guise of a CRO, an emerging C-level position with its own set of requirements and proper training. This paper will present the main elements of an ERM framework and characteristics of different types of ERM. It will elaborate on the main roles and responsibilities of a CRO along with potential designations that would contribute to making the position fully valued and recognised by society.

Suggested Citation

  • Rochette, Michel, 2009. "From risk management to ERM," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 2(4), pages 394-408, September.
    • Handle: RePEc:aza:rmfi00:y:2009:v:2:i:4:p:394-408
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    Citations

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    Cited by:

    1. Allaj, Erindi & Sanfelici, Simona, 2023. "Early Warning Systems for identifying financial instability," International Journal of Forecasting, Elsevier, vol. 39(4), pages 1777-1803.
    2. Basse, Tobias & Desmyter, Steven & Saft, Danilo & Wegener, Christoph, 2023. "Leading indicators for the US housing market: New empirical evidence and thoughts about implications for risk managers and ESG investors," International Review of Financial Analysis, Elsevier, vol. 89(C).
    3. Gamze Ozturk Danisman & Pelin Demirel, 2019. "Corporate risk management practices and firm value in an emerging market: a mixed methods approach," Risk Management, Palgrave Macmillan, vol. 21(1), pages 19-47, March.
    4. Stanley Chege & Gregory Wanyembi & Constantine Nyamboga, 2023. "Enterprise Risk Management Practices in Kenya," Journal of International Business Research and Marketing, Inovatus Services Ltd., vol. 8(1), pages 15-26, April.
    5. Nadine Gatzert & Michael Martin, 2015. "Determinants and Value of Enterprise Risk Management: Empirical Evidence From the Literature," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 18(1), pages 29-53, March.

    More about this item

    Keywords

    ERM; CRO; risk management; risk designation; risk framework; risk culture; governance; risk intelligence; risk capital;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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