The feasibility of implementing the Committee of Sponsoring Organizations of the Treadway Commission enterprise risk management framework in South African small, medium and micro enterprises: a literature review

Masama, Bruce; Bruwer, Juan Pierré; Gwaka, Leon

doi:10.1504/ijbcrm.2022.125288

Cited by 6 publications

(7 citation statements)

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“…An understanding of SDM in SMMEs is important, as their long-term survival is important for any economy. This is specifically true for developing countries, in general, and South Africa, in particular (Bruwer 2020;Fatoki 2020;Masama & Bruwer 2018;Mlotshwa & Msimango-Galawe 2020). Such additions to the body of knowledge could assist SMMEs to understand and improve their SDM and relevant environmental scanning and increase their chances of survival.…”

Section: Small- Medium-and Micro-enterprises and Strategic Decision M...mentioning

confidence: 98%

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Factors influencing strategic decision-making in South African small businesses

Wyk

Venter

2023

Acta commer.

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Orientation: Good strategic decision-making (SDM) is vital for continuous long-term business performance and sustainability.Research purpose: This study aimed to determine the influencing factors of SDM in small-, medium- and micro-enterprises (SMMEs) and how they relate to each other.Motivation for the study: Strategic decision-making literature for SMMEs is underrepresented, particularly in South Africa. This article addressed this gap by investigating these factors, thereby improving the current understanding of SDM and enhancing environmental scanning and effective SDM in SMMEs.Research design, approach, and method: A qualitative approach was adopted, implementing the interactive qualitative analysis (IQA) research technique involving a focus group session and interviews. Themes where identified through inductive and deductive coding. A total of 13 SMME owners participated in the study.Main findings: The main findings identified five categories of influencing factors, namely Risk, SMEracter, Operations, Limitations and/or Opportunities and/or Rewards. The sub-themes highlighted unique influencing factors such as ‘fuzzy feel good’, financial potential, time, capacity, core of the entity and ‘engine’. The findings also highlight how the five categories of influencing factors relate to each other in the SDM context.Practical/managerial implications: The findings provide SMME managers and/or owners with insight into that which influences their SDM, and how these factors relate to each other. Such knowledge improves SDM, environmental scanning, and assists in identifying how to mitigate influencing factors during SDM.Contribution/value-add: This article makes a theoretical contribution by providing additional insights pertaining to the influencing factors of SDM in SMME, and how they relate to each other, adding to the body of knowledge related to SDM in SMME.

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Section: Small- Medium-and Micro-enterprises and Strategic Decision M...mentioning

confidence: 98%

“…However, South African SMMEs have a high failure rate. Factors contributing to their failure rate are ineffective managerial practices (including strategic decision-making [SDM]), inadequate infrastructure and finances, risks emanating from economic factors and limited networks (Masama & Bruwer 2018;SEDA 2016).…”

Section: Introductionmentioning

confidence: 99%

Factors influencing strategic decision-making in South African small businesses

Wyk

Venter

2023

Acta commer.

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“…According to the Committee of Sponsoring Organizations of the Treadway Commission [17], ERM is a systematic approach aimed at identifying potential events that may affect a company and effectively managing these risks to ensure they remain within the company`s predetermined tolerance of risk. By doing so, ERM provides a fair level of confidence that the organization's goals will be achieved.…”

Section: Book Value Of All Assetsintangible Assets Negativementioning

confidence: 99%

Advanced Framework for Integrating Risks into an Organizational Setting

Yancey

2024

JEBI

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Enterprise risk management (ERM) is a systematic approach that strategically assesses risk management from a holistic standpoint, including the whole company or enterprise. The aforementioned approach is a top-down strategic methodology designed to detect, evaluate, and proactively address possible risks, threats, hazards, and other sources of damage that have the potential to impede an organization's operations and goals, or result in negative outcomes. ERM is a prominent framework that assists businesses in the identification, evaluation, and management of hazards at the enterprise level. Scholars identified many elements that serve as motivators for enterprises to participate in the process of ERM. These reasons include the likelihood of encountering financial hardship and the subsequent expenses, subpar profits performance, potential development prospects, and the autonomy of the board. The implementation of an effective risk management plan might potentially serve as a competitive advantage for organizations, facilitating their growth. This elucidates the extensive corpus of research devoted to ERM. This paper examines the fundamental connections between Enterprise Architecture and Risk Management and presents a proposed architectural framework for effectively incorporating risk considerations within the broader organizational context. This article presents a proposed strategy for attaining a comprehensive and shared perspective on hazards throughout an organization.

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“…This can be because SME owners/ managers frequently wear multiple hats (Kemp, Bowman, Blom, Visser, Bergoer, Fullard, Moses, Brown, Bornman & Bruwer, 2015;Padachi, 2010). According to Masama (2018), Bruwer (2016), and Mwangi and Gachunga (2014), it seems that the failure of SMEs is also associated with the inadequate attainment of financial objectives. The study opines that failure to monitor a business's financial status has an adverse impact on its survival and long-term viability.…”

Section: Effective Management Of Bookkeepingmentioning

confidence: 99%

Support from the government for SMEs in South Africa

Ramasimu,

Majadibodu,

Ladzani

2023

IJRBS

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This study intended to investigate how the Lephalale Local Municipality's small and medium companies (SMEs) are hampered by a lack of government support. This study also aims to demonstrate how SMEs face difficulties in surviving as a result of problems in the business environment. Consequently, the government of South Africa has programs to assist SMEs. The growth of SMEs is important for advancing innovation, wealth distribution, and employment. The majority of SMEs launch and maintain their businesses with their own money. By using a qualitative research approach and semi-structured in-person, phone, and email interviews to collect data, the goals of this study were met. There were 318 registered SMEs in the area. Using purposive sampling methods, data from operational enterprises with a lifespan of 0 to 5 years were gathered. Atlas TI 8 was used to evaluate the data. The primary conclusions of this study show that (i) small and medium-sized enterprises (SMEs) find it difficult to maintain their operations because they lack access to capital and business equipment. This fails if SMEs are not given the proper support. Because they lack the resources to compete with big companies, SMEs find it challenging. (ii) Small and medium-sized enterprises (SMEs) should think about enrolling in bookkeeping training and sending their staff to business training in order to network for the survival of the company. In order to assist SMEs in fulfilling the requirements for maintaining their enterprises, this study advises the government to examine present standards. With the right assistance, SMEs can create business plans and maintain operations, which will result in the creation of jobs, particularly for local communities. The government ought to think about mentoring and overseeing sponsored SMEs.

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The feasibility of implementing the Committee of Sponsoring Organizations of the Treadway Commission enterprise risk management framework in South African small, medium and micro enterprises: a literature review

Cited by 6 publications

References 0 publications

Factors influencing strategic decision-making in South African small businesses

Factors influencing strategic decision-making in South African small businesses

Advanced Framework for Integrating Risks into an Organizational Setting

Support from the government for SMEs in South Africa

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