Authors: John P. Welch
Addresses: International School of Management, Menlo College, 870 Market Street #1166, San Francisco, CA 94102, USA
Abstract: Financial services firms have pushed for application of enterprise risk management (ERM) within their firms as a response to flawed risk management and in-house governance systems. The problem is that while enterprise risks continue to be managed with a fragmented strategy among risk managers in the financial services industry, aggregation of risk strategies remains problematic due to inconsistent views on effective ERM strategy among practitioners. This literature review explores a wide range of issues as well as different practices and strategies related to ERM, highlighting the knowledge needed for financial services firms to effectively aggregate differing concepts of risk among their managers in order to develop an effective ERM strategy.
Keywords: enterprise risk management; financial services; strategic management; strategic risk management; SRM; sustainability risk management.
International Journal of Teaching and Case Studies, 2018 Vol.9 No.2, pp.152 - 170
Received: 16 Aug 2017
Accepted: 16 Oct 2017
Published online: 23 Mar 2018 *