The Role of Enterprise Risk Management in Sustainable Decision-Making: A Cross-Cultural Comparison

Liu, Xin

doi:10.3390/su11102939

Cited by 15 publications

(18 citation statements)

References 74 publications

(150 reference statements)

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“…The impact of cultural factors on ERM adoption. There is a pilot work of Liu (2019) who analyzed this aspect in a cross-cultural context of China and the US, acknowledging the importance of cultural factors. However, this stream of research is new, and more research is welcomed, for example, on the impact of culture on different components of ERM.…”

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confidence: 99%

Enterprise Risk Management: A Literature Review and Agenda for Future Research

Anton

Nucu

2020

JRFM

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The Enterprise Risk Management (ERM) process has heterogeneously developed across the world, although it represents a leading paradigm, supporting organizations to identify, evaluate, and manage risks at the enterprise level. Academics have studied the process, but there is no complete picture of the determinants and implications of such an integrated risk management process. Therefore, we present a systematic empirical literature review on ERM, based on a research protocol. The review highlights that the ERM literature can be divided into four general lines of research: the ERM adoption, the determinants of the ERM implementation, the effects of ERM adoption, and other aspects. In contrast to the richness of studies devoted to ERM engagement in small and medium-sized enterprises (SMEs), studies exploring ERM adoption in banks or insurance are relatively few. The literature review has revealed that the most frequently investigated effect of ERM is on firm performance. Little effort has been dedicated to the analysis of the effectiveness of ERM by its components and to institutional, individual, and organizational factors that affect ERM adoption. The study can serve as a starting point for scholars to explore research gaps related to ERM, while the practitioners can rely on the presented findings to identify the effects of the ERM implementation.

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confidence: 99%

Enterprise Risk Management: A Literature Review and Agenda for Future Research

Anton

Nucu

2020

JRFM

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“…In this first research, it was not included since following the principles defined by the ISO 31.000:2018, the risk management has to be tailored to each organization [5], and it implies that each one establishes its own assessment criteria. It would be very interesting if this evaluation were carried out on different Western countries operating in China, to contrast with previous studies on how culture influences risk assessment [64,73].…”

Section: Discussionmentioning

confidence: 99%

“…Liu [73] examined how cultural differences moderate the effectiveness of an organization's enterprise risk management (ERM) program in sustainable decision making. She found that Chinese participants were characterized by a stronger prevention focus, whereas American participants were characterized by a stronger promotion focus.…”

Section: Risk Perception Considering the Cultural Approachmentioning

confidence: 99%

Identifying Risks for Better Project Management between Two Different Cultures: The Chinese and the Spanish

et al. 2020

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Business globalization causes all project managers, sooner or later, to face the challenge of understanding cultural differences. Identifying the risks associated with these differences has become an essential task today when discussing international projects. This paper shows how to improve the management of projects carried out in China by Spanish organizations, identifying risks related to differences between societies. To determine this set of risks, the cultural dimensions of Hofstede and Meyer were analyzed for the case of China and Spain, as well as the most critical values of the World Value Survey between both cultures. From there, and thanks to work done with a focus group formed of 29 Spanish project managers who are experienced in working in projects developed in China, risks were identified and classified into categories considering cultural dimensions. The results obtained show a record of risks of great interest for organizations working in international contexts, mainly in China. They reveal, in addition, the importance of considering this type of risks related to cultural differences, which have rarely been treated before.

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“…In order to reduce the risk of medical errors, operators invest in employee functional training, as the risk of medical errors affects the interaction of other risks, such as strategic risks, financial risks, and operational risks, which can affect the overall risk of the organization, as well as the sustainable development of the company (Liu 2019). Therefore, in financial management planning, an enterprise that invests in functional training can strengthen the functional ability of medical professionals (Senior 2017), improve the quality of professional personnel and medical quality, eliminate potential medical risks, and reduce the financial losses of the enterprise (Carver and Hipskind 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

The Criteria of Optimal Training Cost Allocation for Sustainable Value in Aesthetic Medicine Industry

Lin

Yen

2020

JRFM

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Medical disputes that result in medical compensation and losses affect the financial management and sustainable operational risks of enterprises. Employee training plays an important role in the sustainable growth of human resource management and also can help avoid any potential risks to enterprises’ operating revenue. Based on data of a company, this study’s model aims to establish a mathematical model to find the most suitable decision variables in order to provide decision-making analysis and judgment of a company’s individual economic behaviors. From the second-order differential modeling method, where the functional training time of the aesthetic medicine industry (including medical errors/dispute incidences, functional training costs, and medical benefits) links to a specific functional relationship, the optimal decision-making model and evaluation criteria for the proportion of this training time under the concept of sustainable management can be constructed. The method proposed herein reduces medical errors or disputes, strengthens risk and financial management, provides customers with the best service quality, and serves as the basis for decision-making evaluation of the maximum benefits of sustainable operations.

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The Role of Enterprise Risk Management in Sustainable Decision-Making: A Cross-Cultural Comparison

Cited by 15 publications

References 74 publications

Enterprise Risk Management: A Literature Review and Agenda for Future Research

Enterprise Risk Management: A Literature Review and Agenda for Future Research

Identifying Risks for Better Project Management between Two Different Cultures: The Chinese and the Spanish

The Criteria of Optimal Training Cost Allocation for Sustainable Value in Aesthetic Medicine Industry

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