MEANING AND USAGE OF A CONCEPTUAL ENTERPRISE RISK MANAGEMENT FRAMEWORK – A CASE STUDY

Abstract

Enterprise Risk Management (ERM) includes processes and methodologies for organizations to manage companies’ risks. Due to an increase in the environmental complexity, a standardized approach of managing risks and opportunities is not only useful, but absolutely essential for business continuation – the way organizations deal with such risks is the key role for success and can be seen in the company’s overall performance. In a previous paper the authors suggested a model for ERM assessment. In order to proof this model, this paper presents a case study of a production company with a working ERM to evaluate the model, based on a real example.

The results demonstrate that a suggested model to assess ERM and its performance is practically useable by organizations and might be further extended in future studies.