The Importance of Enterprise Risk Management in Large Companies in Colombia

Blanco‐Mesa, Fabio; Rivera-Rubiano, Julieth; Patiño-Hernandez, Xiomara; Martinez-Montaña, Maribel

doi:10.3846/tede.2019.9380

Cited by 17 publications

(14 citation statements)

References 66 publications

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“…According to Khan et al (2016), several factors motivate firms to engage in the ERM process, as follows: the probability of financial distress and associated costs, the low earnings performance, the growth opportunities, and the independence of the board. Also, a proper risk management strategy can become in competitive advantage supporting firms to grow (Blanco-Mesa et al 2019). This explains the vast body of research dedicated to ERM.…”

Section: Introductionmentioning

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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Section: Introductionmentioning

confidence: 99%

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

Anton

Nucu

2020

JRFM

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“…Enterprise risk management is believed to have effectiveness in increasing competitive advantage and company development through a framework built to identify, evaluate and manage risks (Khan et al, 2016;Blanco-Mesa et al, 2019). Risk management not only has an impact on performance, but reduces the impact on risk exposure and enhance the reputation of company (Florio & Leoni, 2017;Perez-Cornejo et al, 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

Entrepreneurial Risk Management of Buddhist Entrepreneurs

Mahadewi

Surachman

Hadiwidjojo

et al. 2022

IJBS

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This study aims to explore and understand the context of the behavior and perceptions of Buddhist entrepreneurs in the application of risk management in entrepreneurial activities. This study reveals the implementation of Buddhist values in the framework of entrepreneurial risk management. This study is set in the setting of Buddhist entrepreneurs in the city of Bekasi, West Java, through a phenomenological qualitative research approach. This study reveals that risk management is a process of reducing inefficiencies that arise from the causal relationship of the actions of Buddhist entrepreneurs in the perspective of Buddhism, Truth in Dhamma. The values of Buddha's teachings are the background for the risk management process which is characterized by an entrepreneurial spirit and character based on Buddhism. This implementation provides a form of motivation in an effort to eliminate risk in an attempt to create value from entrepreneurial activities for the beatitude of oneself and others by having an awareness that is focused on spiritual beatitude. Buddhist values color the formation of an entrepreneurial culture which is reflected in the practices of Buddhist entrepreneurial risk management. The findings of this study provide developments on stakeholder theory on the fulfillment of financial and social performance to stakeholders and its relevance to the fulfillment of spiritual aspects. This study provides the development of stakeholder theory on the interaction between stakeholder attributes and the essential meaning of entrepreneurship in economic, social and spiritual contexts. This study reveals an integrated theoretical model of Buddhist value-based entrepreneurial risk management practices that not only raises the spectrum of traditional risk management, but reflects the value of Buddhism in entrepreneurial activities in fulfilling the goals of Buddhist entrepreneurs in the form of holistic adherence to Buddhist values in personal and business life. Keywords: Entrepreneurial Risk Management, Risk Process, Buddhist Values

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“…Pada umumnya, masing-masing perusahaan memiliki cara atau proses yang berbedabeda dalam proses pengelolaan risikonya, hal ini terjadi karena adanya perbedaan karakteristik perusahaan baik dari internal, kebijakan, dan proses yang diterapkan oleh perusahaan dalam melakukan pengelolaan risiko tersebut negatif (Awalianti & Isgiyarta, 2014). Untuk itu, penerapan strategi manajemen risiko yang tepat dapat menjadi keunggulan kompetitif yang mendukung perusahaan untuk dapat terus bertumbuh dan berkembang (Blanco-Mesa et al, 2019). Dengan mempertimbangkan bahwa risiko diperlukan dalam mencapai tujuan bisnis, maka identifikasi serta assessment risiko harus menjadi satu kesatuan dalam rencana perusahaan dan keputusan operasional serta dalam proses pengembangan bisnis (Gagnon, 2019).…”

Section: Pendahuluanunclassified

Rancangan Manajemen Risiko Korporat Terintegrasi Pada Perusahaan Pertambangan Batu Bara Tahun 2023-2024

Sianitawati

Prasetyo

2022

Jurnalku

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Penelitian ini dilakukan untuk mengkaji rancangan manajemen risiko yang sesuai dengan karakteristik perusahaan pertambangan batubara untuk mencapai visi dan misi perusahaan, serta untuk menciptakan nilai lebih bagi perusahaan. Penelitian ini menggunakan pendekatan kualitatif deskriptif dengan jenis penelitian terapan yang mengacu pada ISO 31000, 2018. Objek dari penelitian ini adalah PT Bara Indonesia Tbk, satu dari sepuluh perusahaan tambang terkemuka di Indonesia, yang mempunyai beberapa anak perusahaan pemegang izin usaha pertambangan di Kalimantan dan Sumatera. Dari hasil penilaian risiko, maka diperoleh 105 risiko tingkat korporasi yang terdiri dari 6 risiko stratejik, 67 risiko operasional,15 risiko keuangan dan 17 risiko kepatuhan hukum. Dari analisa risiko, maka diperoleh 35 risiko prioritas yang akan dibuatkan rekomendasi perlakuan risikonya. Dari 35 risiko prioritas tersebut, diperoleh 3 risiko masuk kategori sangat tinggi sehingga perlu untuk dicegah dan dimitigasi, 30 risiko masuk kategori risiko tinggi hingga perlu dimitigasi dan 2 risiko masuk tingkat moderat sehingga perlu di cegah. Dengan adanya ekonomi skala global serta votalitas tinggi dalam industri batubara maka penting bagi perusahaan untuk segera menerapkan sistem manajemen risiko korporat terintegrasi.

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The Importance of Enterprise Risk Management in Large Companies in Colombia

Cited by 17 publications

References 66 publications

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

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

Entrepreneurial Risk Management of Buddhist Entrepreneurs

Rancangan Manajemen Risiko Korporat Terintegrasi Pada Perusahaan Pertambangan Batu Bara Tahun 2023-2024

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