Enterprise risk management: a review and conceptual framework encompassing management and accounting and finance disciplines Online publication date: Fri, 07-Jun-2024
by Sankalp Purushottam Naik; Ch. V.V.S.N.V. Prasad
International Journal of Risk Assessment and Management (IJRAM), Vol. 26, No. 2, 2023
Abstract: Enterprise risk management (ERM) has gained increasing traction from investors, lenders, and regulators alike because of the increasing complexity of risks, higher frequency of uncertain events, and ERM's perceived benefits of value creation and performance improvement, along with transparency and better compliance. However, the debate over the form and shape of ERM and the tangibility of its benefits still lingers among accounting and finance and management scholars - the two primary disciplines contributing to ERM research. This literature review aims to propose a conceptual framework identifying the core components of ERM and detail the role of ERM in firm performance and value creation by incorporating both accounting and finance and management perspectives. This study lays the theoretical foundations, identifies ERM components, and suggests future academic research opportunities. It also makes a strong case for the adoption of ERM by practitioners.
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