Navigating Risk in the Modern Business Landscape: Strategies and Insights for Enterprise Risk Management Implementation

Oluwaseun Oladeji Olaniyi, Samuel Oladiipo Olabanji and Anthony Idoko Abalaka
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Oluwaseun Oladeji Olaniyi: University of the Cumberlands, 104 Maple Drive, Williamsburg, KY 40769, United States of America.
Samuel Oladiipo Olabanji: Midcontinent Independent System Operator (MISO Energy), 720 City Center Drive, Carmel, Indiana 46032, USA.
Anthony Idoko Abalaka: Ashland University, 401 College Avenue, Ashland OH, 44805, United States of America.

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Abstract: As businesses actively seek ways to safeguard their valuable data and resources, efficient defense techniques are paramount [1]. The surge in cyber threats, driven by malicious attacks and cybercrime fueled by internet technology and mobile apps, emphasizes the urgency for comprehensive risk management strategies [2]. Effective risk management strategies have become indispensable for competitive businesses [1]. ERM entangles determining, evaluating, and thwarting potential hazards that endanger business objectives [3]. Successful ERM implementation faces challenges like corporate culture, board knowledge, excessive risk lists, undefined timeframes, and engagement barriers [4]. Solutions include fostering transparency, improving board education, focusing on crucial risks, defining timeframes, and making ERM engaging for employees [4]. Key components of effective ERM include governance, strategy, performance assessment, communication, and information sharing [5]. For future research, exploring the integration of emerging technologies in ERM and studying the long-term impacts of successful ERM implementations holds promise [6]. A strong risk culture, defined roles, and transparent communication are essential for sustainable ERM success [7]. To thrive in a dynamic business landscape, organizations must build a robust risk culture that permeates every level of their operations [7].

Date: 2023-09-19
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Published in Journal of Scientific Research and Reports, 2023, 29 (9), pp.103-109

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