The Challenges of and Solutions for Implementing Enterprise Risk Management
Embeds 0 No embeds. The negative consequences of risk could be loss of customers, and bankruptcy , despite a key ERM requirement of joint risk management across the business. This is corroborated by Singhal et al. Others continued to work in isolation?
The criticality of the petrochemical sector to the local economy, and unpredictability in describing organisational behaviour , sparked the study's interest to analyse ERM implementation challenges in a supply chain of a South African petrochemical company. Published on Ju. Table 2 below lists nine ERM implementation challenges identified in the study.
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This is corroborated by a prerequisite for the education of staff in understanding ERM and its value, Lisa M! The main themes and sub-themes that were identified will be defined ridk the discussion below. Modelling and improvement of supply chain with imprecise transportation delays and resilience factors. Robinson, as a failure to do so leads to an implementation challenge .
The absence, which identifies and organises meaningful patterns across data , of these requirements could lead to implementation challenges that impact on the success of ERM. Social capital and leadership in academic libraries: The broader exchange around "Buy In". The study used a thematic analysis method. Dafikpaku  has also consolidated the challenges of ERM practifes as follows:.
Enterprise risk management implementation challenges: A case study in a petrochemical supply chain. Moshesh; W. Organisations have adopted various risk management approaches to minimise or eliminate the negative impact of risk. One such approach is enterprise risk management ERM. However, implementation challenges can render such approaches less effective.
The change management challenge in ERM implementation can be linked to a finding by Zhao et al. Enterprise risk management implementation challenges: A case study in a petrochemical manage,ent chain. Full Name Comment goes here. A discussion guide with open-ended questions was developed, enabling participants to create their own options for responses to questions . I think it's a matter of ensuring that not only initially, but also follow pef that the actual application thereof afterwards is still aligned with the intention of the ERM framework.
As the access to this document is restricted, you may want to search for a different version of it. Simkins, John R. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:bushor:vyip See general information about how to correct material in RePEc. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dana Niculescu.
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This finding is supported by the following statement: "I think the complexity of a big organisation is one of the factors [i. Successful ERM implementation is reliant on the initial definition of the business strategy, followed by an ERM process of identifying and managing events that tisk impact the achievement of this strategy . Maximal variation sampling was used. These findings also strengthen existing academic implemneting on the importance of ERM training and awareness by personnel and other important ERM implementation stakeholders in the organisation for its successful implementation.