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ALIGNING ENTERPRISE RISK MANAGEMENT WITH BUSINESS STRATEGY AND INFORMATION SYSTEMS
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Business leaders recognise effective risk management as one of the main success drivers for enterprises. Even though the Enterprise Risk Management (ERM) concept has evolved significantly in the past years, in the aftermath of recent economic crises it became evident some of its critical challenges still need to be addressed. The review of subject literature led to a conclusion that current ERM approaches failed to protect enterprise value in turbulent and risky market conditions. Therefore, this paper aims to provide a conceptual analysis of the most common ERM practices and frameworks, in order to identify their shortcomings and areas requiring development. It is further aimed to provide guidance to business practitioners in implementing more integrated and effective Enterprise Risk Management (ERM) solutions. This research recognises the importance of aligning ERM programmes with business strategies, and with consolidated Information Systems. A “New Approach ERM Model” is developed as guidance for a successful alignment of ERM with enterprise business strategy, and for an effective adaption of Information Systems to requirements of ERM programmes. The “New Approach ERM Model” steers risk management initiatives and strategies in the same direction, and consequently allows enterprises to improve organisational effectiveness, increase shareholders value, and gain competitive advantage in the market.
Keywords: Enterprise Risk Management (ERM), Business Strategy, Competitive Advantage, Organisation Performance, Information Systems (IS).
Abraham Althonayan,Joanna Keith,Anna Misiura, - Personal Name
NONE
Management
English
1-21
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