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/v29i91789Abstract
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].
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