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Learning to organise risk management in organisations: what future for enterprise risk management?

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  • Frank Schiller
  • George Prpich

Abstract

Enterprise risk management (ERM) was originally developed to manage financial risks and was later transferred to other businesses, sectors and, crucially, government. ERM aims at a maximum of comprehensiveness suggesting the integration of all risks to an organisation's objective in a portfolio to inform organisational strategy. However, the concept suffers from unknown interdependencies between risks, implementation strategies that lack empirical validation and ambivalences and uncertainties arising from their management. It is only weakly rooted in organisational theory. Drawing on knowledge generation, theory key aspects for the empirical study of risk management in organisations are identified. These address the commensuration of risks, the comprehensiveness of the risk portfolio and the communication of explicit and tacit knowledge enabling organisational learning processes in different institutional contexts.

Suggested Citation

  • Frank Schiller & George Prpich, 2014. "Learning to organise risk management in organisations: what future for enterprise risk management?," Journal of Risk Research, Taylor & Francis Journals, vol. 17(8), pages 999-1017, September.
    • Handle: RePEc:taf:jriskr:v:17:y:2014:i:8:p:999-1017
    DOI: 10.1080/13669877.2013.841725
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    References listed on IDEAS

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    1. Johan P. Olsen & James G. March, 2004. "The logic of appropriateness," ARENA Working Papers 9, ARENA.
    2. Power, Michael, 2008. "Organized Uncertainty: Designing a World of Risk Management," OUP Catalogue, Oxford University Press, number 9780199548804, Decembrie.
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    Cited by:

    1. Przetacznik Sylwia, 2022. "Key Success Factors of Enterprise Risk Management Systems: Listed Polish Companies," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 30(1), pages 91-114, March.
    2. Marshall, Alasdair & Ojiako, Udechukwu & Wang, Victoria & Lin, Fenfang & Chipulu, Maxwell, 2019. "Forecasting unknown-unknowns by boosting the risk radar within the risk intelligent organisation," International Journal of Forecasting, Elsevier, vol. 35(2), pages 644-658.
    3. Lorren K. Haywood & Greg G. Forsyth & Willem J. Lange & Douglas H. Trotter, 2017. "Contextualising risk within enterprise risk management through the application of systems thinking," Environment Systems and Decisions, Springer, vol. 37(2), pages 230-240, June.
    4. Therese R. Viscelli & Mark S. Beasley & Dana R. Hermanson, 2016. "Research Insights About Risk Governance," SAGE Open, , vol. 6(4), pages 21582440166, November.
    5. Lenka Syrová & Jindřich Špička, 2023. "Exploring the indirect links between enterprise risk management and the financial performance of SMEs," Risk Management, Palgrave Macmillan, vol. 25(1), pages 1-27, March.
    6. Monia Castellini & Vincenzo Riso, 2020. "Risk Management and Management Control System, a close relationship in process: Isomorphism in the Italian Municipalities," Working Papers 2020039, University of Ferrara, Department of Economics.
    7. Ana Luís & Kenisha Garnett & Simon J. T. Pollard & Fiona Lickorish & Simon Jude & Paul Leinster, 2021. "Fusing strategic risk and futures methods to inform long-term strategic planning: case of water utilities," Environment Systems and Decisions, Springer, vol. 41(4), pages 523-540, December.
    8. 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.
    9. Elizabeth M. Pierce & James Goldstein, 2018. "ERM and strategic planning: a change in paradigm," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(1), pages 51-59, February.

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