Risk management practices from risk maturity models perspective

Wieczorek-Kosmala, Monika

doi:10.5771/0949-6181-2014-2-133

Cited by 21 publications

(15 citation statements)

References 24 publications

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“…Enterprise risk management (ERM) is a systematic process to identify, measure, analyze, control, communicate, and manage uncertain events that may affect the company (Brighenti & Silva, 2016;Renn, 1992). This process, known as a holistic view of risks, creates a portfolio that encompasses the maximum risks and the interactions between these risks and the organization's strategic goals (Schiller & Prpich, 2014;Wieczorek-Kosmala, 2014). ERM is a multidirectional and interactive process, according to which components such as internal environment, objectives, and information influence each other (COSO, 2004).…”

Section: Enterprise Risk Management (Erm)mentioning

confidence: 99%

“…Most Brazilian family businesses are characterized, in terms of corporate governance, by their small and informal boards of directors, in which the members of the board are usually relatives of the owner, sometimes without independent directors (Bressan et al, 2019). At the same time, the main goal of this kind of company is to maintain the continuity of the business (Chua et al, 1999;Gulzar & Wang, 2010), which highlights how discussing ERM is important for the continuity of family businesses (Arena et al, 2017;Gordon et al, 2009;Schiller & Prpich, 2014;Weitzner & Darroch, 2010;Wieczorek-Kosmala, 2014). In this context, this research contributes to that end by presenting the relationship between specific characteristics of family businesses and these companies' risk management practices.…”

Section: Introduction Introductionmentioning

confidence: 99%

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Influence of Family Culture on Enterprise Risk Management in Brazilian Companies

2021

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Context: family involvement creates specific goals that include family interests and values, and is used to pursue the family’s vision, creating effective corporate governance and risk management practices. Objective: our objective is to evaluate the relationship between family influence and enterprise risk management in Brazilian family businesses. Method: data from 142 family businesses was analyzed using descriptive statistics and structural equation modeling. The construct of enterprise risk management comprised: identification, evaluation, response, and communication. Family influence was captured by power, experience, and culture. Results: the results broaden the understanding that, among the three family dimensions investigated, culture is the one that better explains risk management practices. Conclusions: we concluded that the higher the level of family culture, the higher the level of attention to enterprise risk management.

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Section: Enterprise Risk Management (Erm)mentioning

confidence: 99%

Section: Introduction Introductionmentioning

confidence: 99%

Influence of Family Culture on Enterprise Risk Management in Brazilian Companies

2021

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“…They also found that the risk maturity model could be applied to suppliers and producers to benchmark their risk management capability against the model. Risk maturity models provide a logical set of benchmarks applicable in assessing the current advancement of risk management practices (Wieczorek-Kosmala, 2014;Bititci, Garengo, Ates, and Nudurupati, 2015).…”

Section: Translation)mentioning

confidence: 99%

The risk maturity model: a new tool for improved risk management and feedback

Aas‐Haug¹,

Haskins²

2021

INCOSE International Symp

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Norwegian governmental institutions use their risk management regulations to acquire and manage projects and assess the institutional practices. After many years documenting a positive trend, the audit authority noticed a stagnation in process improvement across the organization. A literature review of the use of risk management maturity models from other industries suggested a method for achieving continuous improvement. A corresponding maturity model has been developed and tested with positive results. This research developed a risk maturity model based on compliance requirements for the Norwegian defense sector. The intended use of this model is as the foundation for conducting assessments through audits and provide explicit guidance toward given requirements that facilitate extensive improvement in application of the risk management system. Use of the model in performing maturity assessments of organizational elements within the defense sector showed that the model supports the subsequent improvement activities through providing better understanding of the existing situation, and explicit visual feedback on areas that are satisfactory and areas in need of improvement. A maturity model provides a stepwise path showing the next level of improvement on the way to achieve required performance.

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“…One of the key issues is how to effectively evaluate the quality of a company's risk management performance. The most important factor is the growth of a consistent risk culture and the independence of the board of director in determining the decision for integration process within the organization [25], [26], [27]. Therefore, it is also important to understand the role of individual, institutional and environmental within the organization as the primary prerequisites for improvement in raising awareness of the strategies used in each business process within the framework of a particular project or service [28].…”

Section: Literature Reviewmentioning

confidence: 99%