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Integrating Enterprise Risk Management with Strategic Planning for Improved Firm Performance

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  • Mohamed Santigie Kanu

    (Open University of Switzerland, Switzerland)

Abstract

The purpose of this paper is to investigate whether the integration of ERM at the strategic planning stage improves a firm's financial performance measured in terms of return on assets. Many researches in the literature have focused on the determinants of ERM implementation and its effects on firm performance. In most of these studies, the ERM concept has been measured dichotomously. A comprehensive measure of ERM is used in this study from primary data gathered based on an established ERM framework. The results show that ERM implementation is not significantly related to firm performance. However, empirical evidence is provided that if ERM is integrated with strategic planning, firm performance shall significantly improve. The comprehensive ERM measure provided contributes to the literature as it enables risk practitioners to assess the level of risk management in their organizations. ERM researchers can use this measure to do away with the dichotomous ERM measure. Furthermore, the study provides evidence of strategic planning, serving as a mediator in the ERM and firm performance relationship in a less investigated context of Africa.

Suggested Citation

  • Mohamed Santigie Kanu, 2020. "Integrating Enterprise Risk Management with Strategic Planning for Improved Firm Performance," European Journal of Business and Management Research, European Open Science, vol. 5(5), September.
    • Handle: RePEc:epw:ejbmr0:v:5:y:2020:i:5:id:50488
    DOI: 10.24018/ejbmr.2020.5.5.488
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