Rethinking Enterprise Risk Management

This book provides a critical analysis of existing enterprise risk management models and practices and proposes innovative solutions to address the challenges associated with implementing enterprise risk management strategies. Enterprise risk management activities are not high on the priority agenda of the senior management in both public and private sectors. Conceptual ambiguity and methodological gaps in current standards and frameworks make it difficult to effectively implement enterprise risk management.

Therefore, this book's approach to enterprise risk management aims to eliminate the unit-based silo approach of traditional risk management, adopting a function-based silo approach. It focuses on the management of fewer and more significant risks associated with high-level objectives, rather than all business processes of the organization, thus increasing the success of enterprise risk management implementation. The book would be a valuable read for business executives, internal and external auditors, business school students and academics.

Part 1: Introduction. - 1. Why Enterprise Risk Management Needs a Rethink. - Part II: The Zero Point of ERM: Risk, Uncertainty, and Risk Attitude. - 2. Conceptualizing Risk and Uncertainty in Decision-Making: A Historical Analysis. - 3. Risk Attitude: the CAPSTONE of the Enterprise Risk Management. - Part 3: Rethinking the Components of ERM. - 4. Uncertainty in Risk Definition and Its Impact on Enterprise Risk Management. - 5. Risk Assessment: Efficiency of Methods and Tools. - 6. Beyond Fight or Flight: Alternative Risk Response Strategies. - 7. Analysis of Recording, Monitoring and Reviewing Risks in Enterprise Risk Management. - Part 4: To Improve the Effectiveness of ERM. - 8. Barriers to Effective Risk Communication. - 9. Reputation Risk: Does an Increase in Reputation Risks Damage the Reputation of Risk Management? . - 10. The Nexus between Internal Control and Risk Management. - 11. A Theoretical Examination of the Overlaps and Distinctions between Risk Management and Crisis Management. - 12. Risk Management in Digital Era: Opportunities and Challenges. - Part 5: An Overview of ERM Literature. - 13. Enterprise Risk Management: A Bibliometric Review.