Optimizing enterprise risk management: a literature review and critical analysis of the work of  Wu and Olson

2015 ◽  
Vol 237 (1-2) ◽  
pp. 281-300 ◽  
Author(s):  
Yongrok Choi ◽  
Xiaoxia Ye ◽  
Lu Zhao ◽  
Amanda C. Luo
2020 ◽  
Vol 13 (11) ◽  
pp. 281
Author(s):  
Sorin Gabriel Anton ◽  
Anca Elena Afloarei Nucu

The Enterprise Risk Management (ERM) process has heterogeneously developed across the world, although it represents a leading paradigm, supporting organizations to identify, evaluate, and manage risks at the enterprise level. Academics have studied the process, but there is no complete picture of the determinants and implications of such an integrated risk management process. Therefore, we present a systematic empirical literature review on ERM, based on a research protocol. The review highlights that the ERM literature can be divided into four general lines of research: the ERM adoption, the determinants of the ERM implementation, the effects of ERM adoption, and other aspects. In contrast to the richness of studies devoted to ERM engagement in small and medium-sized enterprises (SMEs), studies exploring ERM adoption in banks or insurance are relatively few. The literature review has revealed that the most frequently investigated effect of ERM is on firm performance. Little effort has been dedicated to the analysis of the effectiveness of ERM by its components and to institutional, individual, and organizational factors that affect ERM adoption. The study can serve as a starting point for scholars to explore research gaps related to ERM, while the practitioners can rely on the presented findings to identify the effects of the ERM implementation.


2020 ◽  
Vol 6 (1) ◽  
pp. 10
Author(s):  
Kin Bee Tay

A literature review was conducted on risks in businesses, types of risks and risk management in general, and further research was conducted for three of the selected global specialty chemical distributors, namely Brenntag, IMCD and Univar. The purpose of the research is to identify the risks and types of risk confronting the specialty chemical distribution sector, how they identify their risks, manage them, and quantify their risks, if at all.The stakeholder theory approach was adopted for the research on enterprise risk management. There was strong convergence on the risks identified from the research and the differences being only on the extent of the impact each of the risk had on the specific company. The choice of the global specialty chemical distributors, Brenntag, IMCD and Univar, for the research was justified because of their prominence in the global market space and the risks identified would be representative of the risks in the chemical distribution sector. Different companies identify their risks and the type of risks differently, but there are many similarities on the risks identified between each of them. Many of the risks identified revolves around issues in financial, operational, legal and regulatory, economics and political, markets, and safety, health and the environment.The depth of the risks identified and analyzed by Brenntag, IMCD and Univar varies in their risk management process but they all have invested significant effort in their financial risks, especially the impact in fluctuations of interest and foreign exchange rates on their financial performances.


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