Enterprise Risk Management Across Europe

Maffei, Marco; Spanó, Rosanna

doi:10.1108/978-1-83867-245-420211016

Cited by 5 publications

(2 citation statements)

References 9 publications

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“…While we support calls for future research to focus on the relationship between ERM and behaviour, which Jeitziner et al (2017) refer to as the accounting literature's 'missing link' and which Bromiley et al (2015) argue management scholars can help close, such calls fail to draw attention to the relationship between ERM artefacts and MJDM. Understanding this relationship is essential to our understanding of ERM and behaviour, as ERM governance and management frameworks promote 'tool-rich environ-ments' (Hall et al, 2015;Maffei, 2021) where ERM artefacts are increasingly embedded in all types of managerial decisions. In addition, these calls do not address the suitability of theories currently employed in ERM studies.…”

Section: Study Motivations and Contributionsmentioning

confidence: 99%

The relationship between enterprise risk management and managerial judgement in decision‐making: A systematic literature review

Crawford

Jabbour

2023

Int J Management Reviews

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Enterprise risk management (ERM) promises to improve decision‐making and help organizations avoid wicked problems. Consequently, risk artefacts may play a significant role in managers’ decision‐making processes, but little is known about the relationship between ERM and managerial judgement in decision‐making (MJDM). The purpose of this paper is to present a systematic literature review of ERM, thereby filling this knowledge gap and providing an evidence‐based foundation for improving practice and advancing knowledge and theory development. Based on an analysis and synthesis of 33 articles published between 2009 and 2021, we identify four contextual, five technical, three social and five cognitive factors that interact with MJDM. We find that regulation and corporate governance, ERM artefact design reconfiguration and use, social capital interactions and spaces and perceptions have the most support. We distinguish between three different modes of judgement: risk measurement, risk envisionment and risk qualculation. We find that risk qualculation, which employs quantitative and qualitative data and social interpretations of risks and uncertainties, is more likely to be useful in managerial decision‐making, particularly when attempting to address wicked problems. We also find that human cognition significantly impacts ERM design, implementation and use, and how those change over time. This paper also develops a new narrative and conceptualization of the relationship between ERM and MJDM, which is presented in an integrative framework. Finally, we encourage researchers to adopt cognitive theories and related concepts that are better suited for examining the ERM–MJDM relationship and to take a cognitive turn in future ERM research.

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Section: Study Motivations and Contributionsmentioning

confidence: 99%

The relationship between enterprise risk management and managerial judgement in decision‐making: A systematic literature review

Crawford

Jabbour

2023

Int J Management Reviews

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“…The increasingly complex and uncertain environment that companies face due to various crises, such as the COVID-19 crisis, poses challenges for many companies (Kraus et al, 2020). In particular, crises and their effects might endanger the continued existence and stability of companies (Firfiray & Gómez-Mejía, 2021) and may generate additional risks (Maffei & Spanó, 2021;Santos et al, 2022). Especially family businesses (FBs) are threatened by the consequences of a crisis due to their specific ownership structure and limited (financial) resources (Kraus et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

Risk management during the COVID-19 crisis: insights from an exploratory case study of medium-sized family businesses

Riepl,

Mitter,

Kuttner

2024

J Manag Control

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Current crises pose uncertainties and threats to family businesses (FBs), demonstrating the importance of risk management (RM). Based on an explorative case study of nine Austrian medium-sized FBs, we examine the design of RM in FBs and how the COVID-19 crisis impacts their RM practices. The findings highlight that the medium-sized FBs analyzed generally rely on both formal and informal RM, and that these structures are strongly connected to their unique stewardship culture. In the wake of the COVID-19 crisis, formal RM gained increased relevance, prompting FBs to allocate additional resources for its professional upgrading. Likewise, when confronted with heightened risks during the COVID-19 crisis, informal practices such as family bonds and close ties to employees and customers are not only reinforced but also proven highly effective, resulting in increased loyalty. The COVID-19 crisis serves as a compelling illustration of how both informal and formal RM methods have grown in strength. The synergy between these RM methods enhances risk awareness within FBs, ultimately fostering resilience during unpredictable and uncertain times.

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The Development of Risk Management

Presti¹

2021

SIDREA Series in Accounting and Business Administration

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Enterprise Risk Management Across Europe

Cited by 5 publications

References 9 publications

The relationship between enterprise risk management and managerial judgement in decision‐making: A systematic literature review

The relationship between enterprise risk management and managerial judgement in decision‐making: A systematic literature review

Risk management during the COVID-19 crisis: insights from an exploratory case study of medium-sized family businesses

The Development of Risk Management

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