In recent years there has been an increased focus on enterprise risk management (ERM). There is a strong belief that ERM provides the adequate tool for balancing the conflicts inherent in exploring opportunities on the one hand, and avoiding losses, accidents, and disasters, on the other. Different standards and frameworks have been developed to effectively identify, assess and manage enterprise risk, including the COSO enterprise risk management framework and the ISO 31000 standard on risk management.
There is broad similarity when it comes to the basic underlying ideas of these frameworks and standards and considerable agreement exists on the steps needed for proper risk management, from the definition of critical functions to risk assessment, risk evaluation and risk control. However, there are a number of challenges related to the scientific basis of these frameworks and standards, for example related to how to define and describe enterprise risk, and how to deal with uncertainties in a practical ERM decision-making context. Further research is required. The present special issue addresses these challenges.
Suitable topics for papers include but are not limited to:
- The definition and understanding of enterprise risk
- How to express enterprise risk
- Principles for assessing enterprise risk
- How to deal with uncertainties in enterprise risk assessments and management
- Use of risk acceptance criteria in ERM
- Evaluations of ERM frameworks and standards
- ERM and value generation
- Communicating risk and uncertainties in an ERM context
- Case studies
Submission of manuscripts due: 10 October 2010
The review process will be fast and the aim is to produce a set of papers ready for the publishing process before the end of February 2011.