The challenges of implementing enterprise risk management: a study on manufacturing companies in the Tehran Stock Exchange
by Setareh Fasihi; Seyed Ali Hosseini; Nelson Waweru; Ali Rahmani
International Journal of Accounting, Auditing and Performance Evaluation (IJAAPE), Vol. 18, No. 3/4, 2022

Abstract: Implementing enterprise risk management (ERM) is one of the important solutions in reducing the uncertainty and survival of companies. The study aims to explore the challenges of implementing ERM and possible solutions that may address these challenges in the manufacturing companies listed in the Tehran Stock Exchange. In the study, semi-structured interviews with the ERM experts among selected Iranian manufacturing companies are used. The identified challenges related to implementing ERM include intra-organisational and extra-organisational challenges. Intra-organisational challenges include risk governance, risk culture, ERM process, and infrastructures. Besides, extra-organisational challenges include the roles of government and policymakers, political and economic conditions, international restrictions, and the lack of a competitive environment (exclusiveness). Our study found that establishment of a risk committee, strengthening risk culture through ERM training top management commitment to ERM and the provision of sufficient funds were the factors that may be used to mitigated ERM implementation challenges.

Online publication date: Wed, 19-Apr-2023

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