Enterprise risk manangement (ERM) emphasises a broader, holistic and philosophical approach to risk management (RM) through linking an organisation's goals and strategies with its RM processes. The evolution of ERM is increasingly fuelled by both global and local developments. New stringent requlatory requirements have been enacted as part of the global reform initatives on corporate governance and RM. This article presents evidence on the extent of ERM implementation, both globally and in Australia, by providing the results of three survey-based research projects. The implementation of ERM is not without problems, and the majority of firms are still transiting into this system of RM. It is concluded that it remains imperative that the alignment of RM to organisational outcomes be undertaken in a holistic manner.
Field of Research
150199 Accounting, Auditing and Accountability not elsewhere classified
Socio Economic Objective
910499 Management and Productivity not elsewhere classified