Navigating Risk in the Modern Business Landscape: Strategies  and Insights for Enterprise Risk Management Implementation

Oluwaseun Oladeji Olaniyi; Samuel Oladiipo Olabanji; Anthony Idoko Abalaka

doi:10.9734/jsrr/2023/v29i91789

Research Article Open access CC BY 4.0

Navigating Risk in the Modern Business Landscape: Strategies and Insights for Enterprise Risk Management Implementation

Oluwaseun Oladeji Olaniyi, Samuel Oladiipo Olabanji, Anthony Idoko Abalaka

Journal of Scientific Research and Reports · pp. 103–109 · Published 19 Sep 2023

10.9734/jsrr/2023/v29i91789

Abstract

As businesses actively seek ways to safeguard their valuable data and resources, efficient defense techniques are paramount [1]. The surge in cyber threats, driven by malicious attacks and cybercrime fueled by internet technology and mobile apps, emphasizes the urgency for comprehensive risk management strategies [2]. Effective risk management strategies have become indispensable for competitive businesses [1]. ERM entangles determining, evaluating, and thwarting potential hazards that endanger business objectives [3]. Successful ERM implementation faces challenges like corporate culture, board knowledge, excessive risk lists, undefined timeframes, and engagement barriers [4]. Solutions include fostering transparency, improving board education, focusing on crucial risks, defining timeframes, and making ERM engaging for employees [4]. Key components of effective ERM include governance, strategy, performance assessment, communication, and information sharing [5]. For future research, exploring the integration of emerging technologies in ERM and studying the long-term impacts of successful ERM implementations holds promise [6]. A strong risk culture, defined roles, and transparent communication are essential for sustainable ERM success [7]. To thrive in a dynamic business landscape, organizations must build a robust risk culture that permeates every level of their operations [7].

Corporate culture governance strategy performance assessment communication information sharing technology challenges solutions

Cited by 20

The Function of Social Entrepreneurship in Tackling Social Development Issues in South Africa

Hloniphile C. Zwane · E-Journal of Humanities, Arts and Social Sciences · 2025

AI for Identity and Access Management (IAM) in the Cloud: Exploring the Potential of Artificial Intelligence to Improve User Authentication, Authorization, and Access Control within Cloud-Based Systems

Samuel Oladiipo Olabanji, Oluwaseun Oladeji Olaniyi, Chinasa Susan Adigwe · 2024

Critical Analysis of Innovative Leadership through Effective Data Analytics: Exploring Trends in Business Analysis, Finance, Marketing, and Information Technology

Chinasa Susan Adigwe, Anthony Idoko Abalaka, Oluwaseun Oladeji Olaniyi · Asian Journal of Economics, Business and Accounting · 2023

Auditing Risks of Web 3.0

Shubham Rajivkumar Rai, Kevin Shah, Kruthi Yedavalli · Advances in Information Security, Privacy, and Ethics · 2024

Evaluating and Establishing Baseline Security Requirements in Cloud Computing: An Enterprise Risk Management Approach

Tunbosun Oyewale Oladoyinbo, Olubukola Omolara Adebiyi, Jennifer Chinelo Ugonnia · Asian Journal of Economics, Business and Accounting · 2023

Construction and Empirical Study of a Multidimensional Risk Early Warning Model for Construction Enterprises Based on Deep Belief Networks

Qing Xu, Tieqiang Yin, Chao Pan · 2025 IEEE 3rd International Conference on Computer, Vision and Intelligent Technology (ICCVIT) · 2025

Leveraging FinTech Compliance to Mitigate Cryptocurrency Volatility for Secure US Employee Retirement Benefits: Bitcoin ETF Case Study

Samuel Oladiipo Olabanji, Tunbosun Oyewale Oladoyinbo, Christopher Uzoma Asonze · Asian Journal of Economics, Business and Accounting · 2024

IoT Security in the Era of Ubiquitous Computing: A Multidisciplinary Approach to Addressing Vulnerabilities and Promoting Resilience

Oluwaseun Oladeji Olaniyi, Olalekan Jamiu Okunleye, Samuel Oladiipo Olabanji · Asian Journal of Research in Computer Science · 2023

AI-Driven Cloud Security: Examining the Impact of User Behavior Analysis on Threat Detection

Samuel Oladiipo Olabanji, Yewande Alice Marquis, Chinasa Susan Adigwe · Asian Journal of Research in Computer Science · 2024

Incorporating Privacy by Design Principles in the Modification of AI Systems in Preventing Breaches across Multiple Environments, Including Public Cloud, Private Cloud, and On-prem

Samuel Ufom Okon, Omobolaji Olateju, Olumide Samuel Ogungbemi · 2024

Expectations and Realities: The Views and Experiences of HIV/AIDS Patients on Ghana’s National Health Insurance Scheme — shares topic coverage
Challenges in the Management of Childhood Cancer Patients in a Tertiary Hospital in Southern Nigeria — shares topic coverage
Mitigating Challenges to Effective Management of Post-Intensive Care Syndrome (PICS) — shares topic coverage
Strategic Environmental Assessment: Current Status, Practices and Challenges in Bangladesh — shares topic coverage
Electronic Waste Components in Developing Countries: Harmless Substances or Potential Carcinogen — shares topic coverage

Access this article

View at publisher

Cite this article

Oluwaseun Oladeji Olaniyi, Samuel Oladiipo Olabanji, Anthony Idoko Abalaka (2023). Navigating Risk in the Modern Business Landscape: Strategies and Insights for Enterprise Risk Management Implementation. Journal of Scientific Research and Reports , 103–109. https://doi.org/10.9734/jsrr/2023/v29i91789

Affiliations

Oluwaseun Oladeji Olaniyi — University of the Cumberlands, 104 Maple Drive, Williamsburg, KY 40769, United States of America.
Samuel Oladiipo Olabanji — Midcontinent Independent System Operator (MISO Energy), 720 City Center Drive, Carmel, Indiana 46032, USA.
Anthony Idoko Abalaka — Ashland University, 401 College Avenue, Ashland OH, 44805, United States of America.

Metrics

0
Views: 0
Downloads: 20
Citations: 0
Outbound

Full metrics

Article metrics

Real usage data collected on this platform.

0

Page views

0

PDF downloads

0

Outbound clicks

20

Citations

Views by country

Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".

No views recorded yet.

Traffic sources

Referring site, by host.

No traffic recorded yet.

Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.