What is it about?
Companies often face difficulties in the implementation of Enterprise Risk Management (ERM). In this paper, an empirical research has been carried out to understand the companies' strategies in the implementation of ERM. The article discusses the four strategies: rudimentary, anticipatory, resilient and transformation. Two case studies in large insurance companies in India and UK demonstrate how companies are able to deal with several challenges in the implementation of ERM and progressed for enhanced implementation. The findings reflected that companies need to adopt strategic change from learning and cognitive lens for improvement in their current state of risk management.
Featured Image
Why is it important?
The empirical findings are supportive for practitioners in improving their current state of ERM. The article also presents a roadmap for the implementation of ERM for organisations building upon other organisations experience.
Perspectives
The article presents a perspective that risk management needs a strategic change in the thinking. The value of risk management is understood when it is implemented effectively. When and how the risk management strategies should change is an important subject and is the theme of the paper.
Dr Ruchi Agarwal
Management Development Institute
Read the Original
This page is a summary of: Strategic Change in Enterprise Risk Management, Strategic Change, July 2016, Wiley,
DOI: 10.1002/jsc.2072.
You can read the full text:
Contributors
The following have contributed to this page
