Promoting ‘Enterprise Risk Management’ adoption in business enterprises - Implications and challenges

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dc.contributor.authorFadun, O. S.
dc.date.accessioned2024-05-03T15:12:16Z
dc.date.available2024-05-03T15:12:16Z
dc.date.issued2013
dc.descriptionScholarly article
dc.description.abstractThe study advocates the adoption of Enterprise Risk Management (ERM) by firms. Despite the benefits of ERM, few firms have adopted it in Nigeria. The paper identifies factors which influence firms to adopt ERM, and explores ERM implementation challenges and benefits of adopting ERM. It also recommended a suitable ERM framework for use in Nigeria. Using the literature, the study establishes that the understanding of ERM, its benefits, factors stimulating firms to adopt ERM, and ERM implementation challenges are necessary to promote the adoption of ERM by firms in Nigeria. The study reveals that business enterprises in Nigeria have not understood and embraced ERM; hence, ERM is not widely adopted in Nigeria. The implication of the findings for practice suggest that: the understanding of ERM is necessary to facilitate its adoption in Nigeria; ERM must start in the boardroom in order to positively influence the way firms’ thought about risk, and planned for eventualities; and firms should integrate risk management into their organisation’s philosophy, practices, and business plans, rather than being viewed or practised as a separate programme. The government also needs to create a viable environment for businesses to thrive in order to appropriate the benefits of ERM to firms and the nation at large.
dc.identifier.citationFadun, O. S. (2013). Promoting ‘Enterprise Risk Management’ adoption in business enterprises: Implications and challenges. International Journal of Business and Management Invention, 2(1), 69-78.
dc.identifier.urihttps://ir.unilag.edu.ng/handle/123456789/12848
dc.language.isoen
dc.relation.ispartofseriesInternational Journal of Business and Management Invention; 2(1)
dc.titlePromoting ‘Enterprise Risk Management’ adoption in business enterprises - Implications and challenges
dc.typeArticle
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