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Running Head: ENTERPRISE RISK MANAGEMENT ANNOTATED BIBLIOGRAPHY

ENTERPRISE RISK MANAGEMENT ANNOTATED BIBLIOGRAPHY 2

Enterprise Risk Management Annotated Bibliography

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Moshesh, R., Niemann, W., & Kotzé, T. (2018). Enterprise Risk Management Implementation Challenges: A Case Study in a Petrochemical Supply Chain. South African Journal of Industrial Engineering, 29(4), 230–244. https://doi.org/10.7166/29-4-1782

The article considers Enterprise Risk Management (ERM) as one of the strategies for reducing risks. However, the authors are concerned about effectiveness of ERM. To prove this, the researchers evaluated implementation of erm in the supply chain of a petrochemical firm.

The findings revealed that when planners do not align plans and measures to different stakeholders, the ERM may not succeed. This means that for effective implementation of ERM, planners should consider the needs of each and every stakeholder.

Hudakova, M., Masar, M., Luskova, M., & Patak, M. R. (2018). The Dependence of Perceived Business Risks on the Size of Smes. Journal of Competitiveness, (4), 54–69. https://doi.org/10.7441/joc.2018.04.04

The article considers risk management as crucial precursor for competitiveness within small and medium enterprises. It helps such businesses and enterprises cope with the dynamic. They revealed that ERM is key because it allows the managers assess market, financial, economic and personnel risks.

They concluded that assessing such risks will bring the situations in better conditions. The article helps in identifying some of the risks that should be considered when doing ERM. However, it is not clear whether the same can be applied to the big corporations.

Saeidi, P., Saeidi, S. P., Sofian, S., Saeidi, S. P., Nilashi, M., & Mardani, A. (2019). The impact of enterprise risk management on competitive advantage by moderating role of information technology. Computer Standards & Interfaces, 63, 67–82. https://doi.org/10.1016/j.csi.2018.11.009

The article was designed to determine the relationship between the ERM and the competitive advantage. The researchers used Iranian financial institutions as the subjects of the research. The institutions were given surveys and then the responses were analyzed using Partial Least Squares Structural Equation Modelling.

They concluded that ERM had a positive relationship with the firms' competitive advantage. They further observed that ERM is even more effective if information technology component is included.

Su-Mian Peng. (2017). Study on enterprise risk management assessment based on picture fuzzy multiple attribute decision-making method. Journal of Intelligent & Fuzzy Systems, 33(6), 3451–3458. https://doi.org/10.3233/JIFS-16298

The article attempted to demonstrate how enterprise risk management can be used in commercial banks. The article revealed that enterprise risk management is crucial because it helps commercial banks see some of the risks that couldn’t have been visible under normal situation. That is why they used the concept of picture fuzzy.

They concluded that the ERM is indeed practical in cases where the risks are complex and cannot be determined easily. This is because ERM has some models that can help risk managers to comprehensively identify different types of risks.

Shad, M. K., Lai, F.-W., Fatt, C. L., Klemeš, J. J., & Bokhari, A. (2019). Integrating sustainability reporting into enterprise risk management and its relationship with business performance: A conceptual framework. Journal of Cleaner Production, 208, 415–425. https://doi.org/10.1016/j.jclepro.2018.10.120

The article focuses on the sustainability reporting, ERM and business performance. The study was based on the fact that effective adoption of ERM could enhance the business performance. The researchers wanted to determine the nature of effect if sustainability reporting is factored in. This is because they believe that sustainability reporting is critical input for strategic management and corporate planning.

They concluded that ERM works well with the sustainable reporting in improving the performance of the company. The findings reinforces the need for managers to consider ERM as a central element in company’s performance. It is upon businesses to identify the suitable framework and use it to adopt ERM.

Ogutu, J., Bennett, M. R., & Olawoyin, R. (2018). Closing the Gap: Between Traditional & Enterprise Risk Management Systems. Professional Safety, 63(4), 42–47. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=128783049&site=ehost-live

The study attempted to compare the traditional and enterprise risk management system. The goal is to determine the nature of gaps and to tell which of the risk management system is better. The study stresses the fact that ERM can be applied in organizational risk planning for human well-being.

Based on the findings, it is clear that ERM serves to foster well being of the employees if utilized well. Although it shares some features with traditional risk management system, ERM seems superior and hence it is best for organizations which are planning to improve their risk management system.

Messer, R. (2017). Risky business: Using enterprise risk management at an airport. Journal of Airport Management, 11(2), 202–213. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=122621512&site=ehost-live

The article started by acknowledging how risky it is to operate an airport. It then hypothesize that one way of strategic planning is to identify, assess and manage risks. This is why the concept of ERM comes in. Messer went on to identify key elements of ERM.

Evidently, the ERM is crucial because it can help organization identify both known an unknown risks. It also helps organization prioritize on the risks that should be given much attention. In airport, for example, ERM identified 220 risks. Among these risks, 74 are considered above the risk tolerance level. It can therefore be concluded that ERM is indeed a strategic planning tool.

Chu, C.-P., Hsiao, Y.-L., Cho, C.-M., & Chen, Y.-C. (Cindy). (2017). Applying compound options in logistics enterprise risk management. Journal of Industrial & Production Engineering, 34(2), 135–146. https://doi.org/10.1080/21681015.2016.1241307

The study evaluated the role of ERM in management of logistics during the peak season when the demand for the manufactured products is so high. The researchers wanted to come up with compound option mechanism that can help manufacturers and logistical system ensure that the demand uncertainty is addressed amicably.

They revealed that by coming up with such mechanism, the parties involved (manufacturers and suppliers) can work optimally because it allows manufacturers an option to outsource logistic carriers in event that the demand is too high. Similarly, the outsourcing logistic carrier can use the mechanism to use outside carriers depending on the orders on demand. This means that ERM can be used in solving demand uncertainty risk and can also help in reducing hedging costs.

Clyde-Smith, J. (2014). Utilising enterprise risk management strategies to develop a governance and operations framework for a new research complex: a case study. Journal of Higher Education Policy & Management, 36(3), 327–337. https://doi.org/10.1080/01587919.2014.899051

The study explores the role of ERM in development of the regulatory and operational framework. The article describes ERM as a product of the fall of Wall Street and that the ERM report can be used by different stakeholders to shape and influence how operations should be carried out.

It helps organizations assess risks and put in place measures for controlling such risks and hence serves as a tool for achieving competitive advantage. The study concluded that ERM helps in development of regulatory and operational framework. It gives participants holistic picture of risks existing in organization.

Mandru, L. (2016). How to Control Risks? Towards a Structure of Enterprise Risk Management Process. Journal of Public Administration, Finance & Law, (9), 80–92. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=117309176&site=ehost-live

The article attempts to identify the best ERM structure which businesses should adopt. It also attempts to identify steps that business should follow so as to develop effective ERM. Mandru found out that a standard ERM consists of setting goals, risk identification, risk evaluation, risk response planning and risk monitoring and control.

The findings from the articles are crucial to all managers who are planning to come up with ERM. It serves as a guide on steps they should take. The article also stresses the fact that ERM can help company in achieving competitive advantage.

Hallowell, M. R., Molenaar, K. R., & Fortunato, B. R. (2013). Enterprise Risk Management Strategies for State Departments of Transportation. Journal of Management in Engineering, 29(2), 114–121. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000136

The study attempts to demonstrate how ERM serves as a crucial tool in management of a multitude of human, technological, political, technical, and natural resources. ERM, according to the study is a crucial tool in an environment full of uncertainties where different elements interacts. The ultimate goal was to identify executive strategies that may be useful to Department of Transport leadership for enterprise-wide risk management.

The researchers concluded that ERM is very important in DOT and that all stakeholders should be involved in the implementation of ERM strategies. They also recommended that the organizations should fund the ERM appropriately because it is a crucial strategic planning tool.

Zhao, X., Hwang, B.-G., & Low, S. P. (2013). Developing Fuzzy Enterprise Risk Management Maturity Model for Construction Firms. Journal of Construction Engineering & Management, 139(9), 1179–1189. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000712

The study describes ERM as a strategy used to identify potential events that may affect the entity. It is also a strategy that helps in managing risks within its risk appetite. ERM, based on previous studies, can lead to increased profitability and earnings. It also forms basis for better decision making and is also a strategy for achieving competitive advantage.

Focusing on ERM maturity, the researchers reveals that the sophistication of ERM influence its maturity. The focus for the study was the implementation of ERM in construction firms. The study concluded that it is crucial to evaluate the ERM maturity because it will help firms get a clear view of their ERM implementation and come up with ways to improve weak areas.

Choi, Y., Ye, X., Zhao, L., & Luo, A. (2016). Optimizing enterprise risk management: a literature review and critical analysis of the work of Wu and Olson. Annals of Operations Research, 237(1/2), 281–300. https://doi.org/10.1007/s10479-015-1789-5

The article describes the ERM as a systematic and integrated way of managing all risks that organization faces. The study is based on a review of literature review. The researchers identified different risks and their unique mitigation methods.

They concluded that each risks is unique and hence need unique intervention measures. This is why ERM, which is systematic way is very crucial in risk management. They also revealed that if ERM is implemented appropriately, it will increase the competitiveness of the organization. However, one thing stressed is that the first thing is to identify unique risks and not to generalize.

Blaskovich, J., & Taylor, E. Z. (2011). By the Numbers: Individual Bias and Enterprise Risk Management. Journal of Behavioral & Applied Management, 13(1), 5–23. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=76550293&site=ehost-live

The article attempted to compare how ERM is viewed theoretically and how it is applied practically so as to determine whether what is found in theoretical realm is applied in practical realm. In theory, it is considered as a tool for assessing, identifying and managing the holistic portfolio of risks facing the entire organization.

They concluded that the need for ERM is urgent because of ever-changing business environment. Changing business environment contribute to uncertain and risky environment. ERM is urgent because it promises a structured approach for managers to manage such uncertainties. They however noted that since ERM agitate for holistic risk management, it may not be practical to achieve it.

References

Blaskovich, J., & Taylor, E. Z. (2011). By the Numbers: Individual Bias and Enterprise Risk Management. Journal of Behavioral & Applied Management, 13(1), 5–23. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=76550293&site=ehost-live

Hallowell, M. R., Molenaar, K. R., & Fortunato, B. R. (2013). Enterprise Risk Management Strategies for State Departments of Transportation. Journal of Management in Engineering, 29(2), 114–121. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000136

Hudakova, M., Masar, M., Luskova, M., & Patak, M. R. (2018). The Dependence of Perceived Business Risks on the Size of Smes. Journal of Competitiveness, (4), 54–69. https://doi.org/10.7441/joc.2018.04.04

Mandru, L. (2016). How to Control Risks? Towards a Structure of Enterprise Risk Management Process. Journal of Public Administration, Finance & Law, (9), 80–92. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=117309176&site=ehost-live

Messer, R. (2017). Risky business: Using enterprise risk management at an airport. Journal of Airport Management, 11(2), 202–213. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=122621512&site=ehost-live

Ogutu, J., Bennett, M. R., & Olawoyin, R. (2018). Closing the Gap: Between Traditional & Enterprise Risk Management Systems. Professional Safety, 63(4), 42–47. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=128783049&site=ehost-live