The Concept of Enterprise Risk Management

Tankiso Moloi () and Tshilidzi Marwala ()
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Tankiso Moloi: University of Johannesburg, Johannesburg Business School
Tshilidzi Marwala: United Nations University

Chapter Chapter 4 in Enterprise Risk Management in the Fourth Industrial Revolution, 2023, pp 35-48 from Springer

Abstract: Abstract This chapter discusses the concept of enterprise risk management. Enterprise risk management is a holistic approach towards managing organisational risks. It differs from the old way of managing risks in silos, which has limitations regarding integrating risks and optimal resource allocation to manage and mitigate risks. The move towards enterprise risk management was, to an extent, necessitated and catapulted by the changes in the world, which has become more volatile, full of uncertainties, complexities, and ambiguities. Therefore, corporates could not continue with business as usual as they began to face other types of risk such as operational, strategic, and reputational risks. As such, ERM evolved to encompass a broader range of risks. This required a more integrated approach that involved collaboration between different departments and stakeholders, and a deeper understanding of the interconnectedness of risks.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-6307-2_4

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DOI: 10.1007/978-981-99-6307-2_4

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