What’s Wrong with Enterprise Risk Management?

John Fraser, Rob Quail and Betty Simkins ()
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John Fraser: Hydro One Networks Inc., Toronto, ON M5G 2P5, Canada
Rob Quail: Robert Quail Consulting, Toronto, ON M4E 3J5, Canada
Betty Simkins: Department of Finance, Spears School of Business, Oklahoma State University, Stillwater, OK 74078, USA

JRFM, 2024, vol. 17, issue 7, 1-11

Abstract: Enterprise risk management (ERM) was introduced in the 1990s and has since become expected by boards of directors and regulators as a sign of good management and good corporate governance. However, many organizations struggle to implement ERM, and still seek practical advice on ERM implementation. This article explains many of the reasons why organizations are unsuccessful in their efforts at implementation and provides practical solutions provided by an experienced risk manager and consultant, an ex-Chief Risk Officer, and an academic, all of whom have written extensively on the subject. This article should be of interest to practitioners involved in implementing ERM, to consultants in ERM, and to academics teaching courses on ERM, risk management, and related topics. This article also provides a base against which further future research can be performed as ERM best practices continue to evolve.

Keywords: enterprise risk management; corporate governance; risk; risk management; COVID-19 (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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