Implementing Enterprise Risk Management

Lam, James

doi:10.1002/9781118922415

Cited by 37 publications

(29 citation statements)

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“…exposed to risks are most important? ); The organizational structure of ERM implementation process consists of four parts (Lam, 2017a):…”

Section: Theoretical Approachmentioning

confidence: 99%

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Risk Assessment and Quantification in Manufacturing Enterprise

Godmanis

2020

SCEE

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In this research first time in Latvia a multidimensional risk assessment is carried out in a manufacturing enterprise in the pharmaceutical industry according to the only international risk management standard ISO 31000:2018. The key multisided risks were identified and prioritized in the manufacturing pharmaceutical enterprise by applying the common metrics method: obtaining evaluations of risk occurrence and impact severity, made by the two highest levels of enterprise management, i.e. Board and senior line managers. A Top 10 of key risks was created from identified 64 different risks and the convergence and divergence in the risk rankings, evaluated by the enterprise's Board and senior line management were obtained and analyzed. The main conclusion is that manufacturing enterprises in the pharmaceutical industry have specifics regarding exposure to multisided risks, where the main key risk is a regulatory risk and not different financial risks. Different rankings of enterprise operational risks, investment assessment risks, technological innovations risks made by the enterprise Board and senior line managers are signalling that exactly in these directions of the enterprise's business activities it is necessary to review the strategic and operational planning with the aim to mitigate the potential risk impacts.

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“…exposed to risks are most important? ); The organizational structure of ERM implementation process consists of four parts (Lam, 2017a):…”

Section: Theoretical Approachmentioning

confidence: 99%

“…The risks to which industrial enterprise can be exposed are multisided (Hillson, 2016 Therefore a modern ERM has to be multidimensional (Lam, 2017a;2017b).…”

Section: Introductionmentioning

confidence: 99%

Risk Assessment and Quantification in Manufacturing Enterprise

Godmanis

2020

SCEE

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“…Strategic risk is risk due to inaccuracy in making and / or implementing a strategic decision and failure to anticipate changes in the business environment. Strategic risk can be defined as any risk that influences or adheres to a business strategy, strategic objectives and corporate strategy execution [4].…”

Section: Strategic Riskmentioning

confidence: 99%

Stakeholder Analysis Approach: Who Is Authorized to Regulate the National Health Insurance Benefits?

Tunjungwulan

Hanani

2019

IJPS

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BPJS Kesehatan (Badan Penyelenggara Jaminan Sosial Kesehatan) is an agency that liable to organize the nationalhealth security system in Indonesia. The health services director of BPJS Kesehatan has issued three regulations as an effort to control deficits which currently hit since 2014. The issuance of the regulations reaped controversy over its contents governing the limitation of health benefits that assured by BPJS Kesehatan. Besides that, BPJS Kesehatan has assumed not an authorized institution to issue that policy. This study aims to analyze the issuance of the regulations as a public policy. Data collection is obtained by in-depth interviews with top-level management, literature review and observation. Stakeholder analysis used to find out where the position of BPJS Kesehatan in the national health security system environment is. It will help in carrying out its functions and roles to succeed that program. Through stakeholder analysis is known that the government and the participants are the primary stakeholders of the national health security system. While BPJS Kesehatan is an agent representing the government providing health benefits to the participants. BPJS Kesehatan is not the primary stakeholder but secondary stakeholder, then the determination of any health benefits provided to the participants is an authority of the government rather than BPJS Kesehatan. Inaccuracy in the reading relationship between stakeholders could be at risk for BPJS Kesehatan in making a strategic decision. BPJS Health's lack of understanding of its authority, lead to ineffective decision-making and policies. The ineffectiveness of policies or decisions makes the goals of BPJS Health as providers of national health security programs difficult to achieve. By understanding the limits of its authority, BPJS Kesehatan able to take strategic steps according to the company's goals.

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“…ERM is a process that manage all types of risk in an integrated way across the organisation, which typically involve all business units to meet the company goalss (Pathak et al 2013). Fundamentally, SRM is an extension to ERM approach that specifically addresses the emerging risks and non-quantifiable risks arising from sustainability issues (Lam 2017). The main motivations behind SRM are to achieve sustained success and to drive improvements in environmental and social performances (Lam and Quinn 2014).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Stakeholders are more interested in understand how the company manage sustainabiity issues affecting society. Sustainability risk management (SRM) touches every aspect of company ability to manage environmental and social responsibility risks to enhance stakeholder value for long-term company survival (Lam, 2017). Precisely, SRM assists the companies to have better preparedness to address sustainability risks with a range of tools such as stress testing and scenario analysis.…”

Section: Introductionmentioning

confidence: 99%

Meeting the Stakeholder Needs and Sustaining Business Through Sustainability Risk Management Practices: A Case Study of Malaysian Environmentally Sensitive Companies

Aziz

Manab

2019

Sustaining Our Environment for Better Future

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Sustainability issues such as climate change, carbon emissions, and energy consumption have become increasingly important issues among business organisations, academics and policy makers. Considering this complexity, stakeholders currently demanding companies to have a sound risk management that are aligned to their interest. Sustaining business requires a strong foundational on the economic, environmental and social aspects to address risks and capture value. Sustainability risk management (SRM) is a process that systematically integrates environmental, social, and economic aspects to address emerging risks and other non-quantifiable risk for company survival. This study aims to examine the impact of SRM practices on the company survival among the environmentally sensitive companies in Malaysia. A case study was carried out to examine the SRM implementation among the environmentally sensitive companies. The finding shows that leadership and compliance are considered as important factors in implementing SRM programme. Other factors such as sound risk culture, adequate risk management tools, and effective business continuity planning are crucial to support SRM implementation. Overall findings revealthat the companies are at the early stage implementing SRM programme and denote there is much room for improvement in the risk management process to create long-term value creation for the stakeholders. This study provides empirical evidence on the significance of SRM factors to the company survival. Given the huge environmental and social costs arising from sustainability issues, companies should intensify their effort to fully implement SRM programme across the organisation to sustain longer.

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Implementing Enterprise Risk Management

Cited by 37 publications

References 0 publications

Risk Assessment and Quantification in Manufacturing Enterprise

Risk Assessment and Quantification in Manufacturing Enterprise

Stakeholder Analysis Approach: Who Is Authorized to Regulate the National Health Insurance Benefits?

Meeting the Stakeholder Needs and Sustaining Business Through Sustainability Risk Management Practices: A Case Study of Malaysian Environmentally Sensitive Companies

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