The Characteristics of Firms That Hire Chief Risk Officers

Pagach, Donald P.; Warr, Richard S.

doi:10.1111/j.1539-6975.2010.01378.x

Cited by 287 publications

(301 citation statements)

References 43 publications

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“…Therefore, H2 is accepted and it has a significant influence on the relationship of the extent of ERM implementation on firm performance. Liebenberg (2009) andWarr (2011) found that firm complexity has positive relationship to ERM adoption. Gordon et al (2009) and Pagach & Warr (2011) found those complexes firms have higher tendency to implement ERM concept.…”

Section: Discussionmentioning

confidence: 99%

“…Liebenberg (2009) andWarr (2011) found that firm complexity has positive relationship to ERM adoption. Gordon et al (2009) and Pagach & Warr (2011) found those complexes firms have higher tendency to implement ERM concept. Bies (2007) claimed that ERM should be adopted depending on the size and level of complexity of the firm, while smaller firms applying ERM in less formal and less structured ways.…”

Section: Discussionmentioning

confidence: 99%

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The Impact of Enterprise Risk Management on Firm Performance: Evidence from Malaysia

Ping¹,

Muthuveloo²

2015

ASS

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This study examined the implementation of Enterprise Risk Management (ERM) on firm performance of Public Listed Companies (PLCs) on main market in Bursa Malaysia based on COSO (2004) ERM Integrated Framework. In addition, this study also investigated the moderating role of Board of Directors' (BODs) monitoring, firm complexity and firm size of the implementation of ERM on firm performance. Questionnaire survey was adopted as the research methodology for this study. Total of 103 questionnaires were successfully collected through mail questionnaire from PLCs. The data was analyzed by using Partial Least Squares and Structural Equation Modeling Tool (Smart-PLS 2.0 M3). Based on the analysis, implementation of ERM was found to have significant influence on firm performance. In addition, monitoring by BODs, firm size and firm complexity were found to significantly influence the relationship between ERM implementation to firm performance. The findings from this study enable organizations to better understand the status of their ERM implementation and assist them in identifying areas of improvement with regards to the processes within each ERM elements. It also contributes to the literature on the importance of good governance within ERM framework in organizations.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

The Impact of Enterprise Risk Management on Firm Performance: Evidence from Malaysia

Ping¹,

Muthuveloo²

2015

ASS

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“…Beasley, Clune and Hermanson (2005) revealed that the stage of ERM implementation is positively related to the presence of a Chief Risk Offi cer (CRO), board independence, CEO and CFO evident support for ERM, the presence of a Big Four auditor, as well as to companies in the banking, education and insurance industry. Liebenberg and Hoyt (2003) and Pagach and Warr (2011) fi nd fi nancial leverage is positively associated with ERM implementation, but Hoyt and Liebenberg (2011) fi nd, using a broader set of indicators, ERM has a negative relation to leverage. Because of the inconsistency of the results, the effect of leverage as a determinant of ERM should be further employed.…”

Section: Review Of the Literaturementioning

confidence: 99%

Managers’ Support – A Key Driver behind Enterprise Risk Management Maturity

Sprčić

Kožul²,

Pecina

2017

Zagreb International Review of Economics and Business

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1 Acknowledgments. We would like to thank the University of Zagreb for fi nancial support granted to the research project "Impact of Enterprise Risk Management on the company's fi nancial performance in a period of the global fi nancial crisis". Thanks are extended to delegates of the 1 st International Conference in Financial Analysis for valuable suggestions how to improve our research. We appreciate all the help we received, but any remaining errors are our own responsibility. *

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“…ERM has emerged as a holistic perspective that integrates and coordinates risk management across the entire organization (e.g., Beasley, Clune, & Hermanson, 2005;Liebenberg & Hoyt, 2003;Pagach & Warr, 2011). Selim and McNamee (1999), highlighted that "a common framework and language of risk is the hallmark of ERM."…”

Section: Background On Ermmentioning

confidence: 99%

“…Selim and McNamee (1999), highlighted that "a common framework and language of risk is the hallmark of ERM." The primary objective of ERM is to maximize stakeholders' value (COSO, 2004;Beasley et al, 2006;Hoyt & Liebenberg, 2011;Pagach & Warr, 2011). COSO (2004, p. 2) defines ERM as: A process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.…”

Section: Background On Ermmentioning

confidence: 99%

A Conceptual Framework of Potential Conflicts with the Role of the Internal Auditor in Enterprise Risk Management

Thompson

2013

AFR

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Internal auditors are expected to be increasingly involved in Enterprise Risk Management (ERM) by adding value to the organization and providing assurance that the entity's risk exposures are properly understood and managed. The Institute of Internal Auditors' (IIA, 2009) revised position paper defines the internal auditor's role in ERM as measuring and monitoring performance, and at the same time evaluating the effectiveness of management's risk monitoring process. In this paper, the author proposes a conceptual framework to assess whether potential conflicts exist with the role of the internal auditor in companies with fully implemented ERM frameworks. The existence of conflicts would depend on whether the internal auditor's independence and objectivity is impaired. The proposed conceptual framework suggests that the internal auditor's independence and objectivity would not be impaired when it leads and maintains the ERM framework. In addition, the internal auditor's independence and objectivity would not be impaired when it spends more time performing ERM consulting activities versus providing assurance on controls. Finally, the proposed conceptual framework suggests that the internal auditor's independence and objectivity would not be impaired when it reports to a separate board risk management committee. From the review of prior literature on the internal auditor's role in ERM, hypotheses are developed to suggest a relationship between the internal auditor's independence and objectivity with performing a leading and maintaining role in ERM, providing assurance on controls and consulting services, and reporting to a separate risk management committee that can be empirically tested in future research.

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The Characteristics of Firms That Hire Chief Risk Officers

Cited by 287 publications

References 43 publications

The Impact of Enterprise Risk Management on Firm Performance: Evidence from Malaysia

The Impact of Enterprise Risk Management on Firm Performance: Evidence from Malaysia

Managers’ Support – A Key Driver behind Enterprise Risk Management Maturity

A Conceptual Framework of Potential Conflicts with the Role of the Internal Auditor in Enterprise Risk Management

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