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Enterprise risk management(ERM) began to take rootin the late 1990s and has since become generally recognized as an expectation of good management and corporate governance. However, as evidenced by surveys and research, many companies still struggle with ERM implementation. This article explores the challenges companies face when implementing ERM and offers solutions for firms struggling with the concepts and execution. We draw upon Hydro One’s experience in achieving ERM maturity as a best practice case study. The company’s ERM methods have been researched and documented extensively. With over 15 years of ERM success, Hydro One is an excellent organization to benchmark for ERM best practices.
In this article, we presented explanations from our research as to the challenges faced by implementers of ERM. We provided a summary of the basic techniques for implementing ERM and included some additional techniques that may be used when appropriate. Numerous surveys (Beasley et al., 2015) show that the successful implementation of ERM trails the expectations of senior management, boards, and regulators. This article provided specific practical explanations of the reasons for frequent failures, as well as simple, effective techniques and guidance on how to improve the chances of success in implementing ERM. Referencesto additional guidance materials on each critical aspect were proffered. It is our belief that in any organization that has successfully implemented ERM, the management team will deem it essential for continued good management and governance. This article should be of interest to organizations implementing ERM, to academics teaching ERM, and to risk professionals desiring to learn more on this evolving process.