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JRFM
Special Issues
The Challenges and Opportunities for ERM Post-COVID-19
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The Challenges and Opportunities for ERM Post-COVID-19

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: closed (31 January 2023) | Viewed by 10172

Special Issue Editors

Prof. Dr. Don Pagach

E-Mail Website
Guest Editor
Director of Research, Enterprise Risk Management Initiative, NCSU College of Management, Raleigh, NC 27695, USA
Interests: enterprise risk management; time-series forecasting; financial statement analysis
Special Issues, Collections and Topics in MDPI journals
Dr. Monika Wieczorek-Kosmala

E-Mail Website
Guest Editor
College of Finance, University of Economics in Katowice, 40-287 Katowice, Poland
Interests: risk management (ERM process, risk financing, risk reporting and risk disclosures, alternative risk transfer); corporate finance (capital structure, financial slack, solvency, financial and liquidity risk); insurance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The global COVID-19 pandemic has created new challenges for the evolution of enterprise risk management (ERM). Although pandemic risk was recognized as a focus of risk management, the COVID-19 outbreak has shown that the impact of a pandemic was underestimated in both magnitude and dimension. Moreover, the inability to reliably estimate the persistence and effects of the pandemic has highlighted ERM’s role in evaluating and defining enterprises’ risk appetite and its importance in helping boards and management to create, preserve, and realize value. This recognition illustrates that pandemic risk is a threat to an entity’s overall strategic objectives and emphasizes that many organizations’ risk management approaches need a substantial redefinition. An effective ERM function focused on governance and culture, which helps an organization align risk management with strategy, will aid the organization in identifying opportunities that may be missed. Existing industries and processes will be transformed as risks change and evolve, creating significant transformation.

This Special Issue of the Journal of Risk and Financial Management (JRFM) calls for papers that will examine the preparedness, consequences, and response to COVID-19 risk from an ERM perspective. We invite papers that apply various methodologies in an interdisciplinary context. We particularly invite submissions that address the following issues and questions:

  • The identification, assessment, and evaluation of risks associated with pandemics such as COVID-19 and the derivative risks caused by a pandemic;
  • The role of ERM in identifying and monitoring specific high-impact low-probability risks;
  • The role of ERM in providing a framework for organizations to face the transformation of inherent risks by the COVID-19 pandemic;
  • The importance of ERM maturity in understanding and responding to COVID-19;
  • The role of culture in implementing a successful ERM response to COVID-19;
  • Use of methodologies to evaluate and monitor long-term trends and the risks that they pose;
  • Role of COVID-19 treatment: challenges, new risk management methods, and risk response strategies to COVID-19 disruptions in operating activities;
  • The effect of COVID-19 reporting and communication.

Prof. Dr. Don Pagach
Dr. Monika Wieczorek-Kosmala
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • COVID-19
  • enterprise risk management (ERM)
  • risk analysis
  • risk reporting

Published Papers (3 papers)

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Research

17 pages, 821 KiB  
Article
An Evolving Risk Landscape: Insights from a Decade of Surveys of Executives and Risk Professionals
by Mark Beasley, Bruce Branson and Don Pagach
J. Risk Financial Manag. 2023, 16(1), 29; https://doi.org/10.3390/jrfm16010029 - 4 Jan 2023
Viewed by 1735
Abstract
We report on the results obtained from ten annual surveys of global business executives on their perceptions of the most significant risks facing their organizations in the ensuing calendar year. These surveys of C-suite executives, directors and other risk professionals elicit their concerns [...] Read more.
We report on the results obtained from ten annual surveys of global business executives on their perceptions of the most significant risks facing their organizations in the ensuing calendar year. These surveys of C-suite executives, directors and other risk professionals elicit their concerns about risks that may affect their organization’s success over the near-term horizon (i.e., the next calendar year). After a decade, we believe these results provide an opportunity to examine how the global risk landscape has evolved. In addition, two additional survey questions allow us to examine how these executives view the overall risk context and how enterprise risk management (ERM) is deployed and augmented in the face of an escalating risk environment. On average, we find that executives view the risk landscape they face as persistently risky over the ten-year period, even during the relatively robust economic environments for much of that time frame. Two industries report much more volatility in their risk environments, with respondents from the Healthcare sector and in Technology, Media and Telecommunications acknowledging the largest volatility. We also observe an increase in entities’ decisions to devote more time and resources to risk management over the ten-year period, suggesting that ERM has become an essential mechanism for organizational success. Our goal is to highlight the realities of constantly changing risk conditions and how context (e.g., industry and time) is an important distinguishing factor that affects an organization’s given risk profile, which is relevant to both executives and academics. Collectively, our findings emphasize the importance of understanding the ever-changing context of an organization’s environment, that risk identification must be an ongoing process, and that there is no “one-size-fits-all” approach to risk governance. We believe all this signals the importance of future research to help organizations respond with robust risk governance. Full article
(This article belongs to the Special Issue The Challenges and Opportunities for ERM Post-COVID-19)
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28 pages, 1280 KiB  
Article
The Role of ERM and Corporate Governance in Managing COVID-19 Impacts: SMEs Perspective
by Monika Wieczorek-Kosmala and Thomas Henschel
J. Risk Financial Manag. 2022, 15(12), 587; https://doi.org/10.3390/jrfm15120587 - 7 Dec 2022
Cited by 2 | Viewed by 2170
Abstract
SMEs are perceived as more exposed to the consequences of external shocks. The purpose of our work is to examine whether the ERM sophistication or corporate governance mechanisms could be relevant in resistance to COVID-19 shock in the SMEs. In particular, we hypothesize [...] Read more.
SMEs are perceived as more exposed to the consequences of external shocks. The purpose of our work is to examine whether the ERM sophistication or corporate governance mechanisms could be relevant in resistance to COVID-19 shock in the SMEs. In particular, we hypothesize that the SMEs with greater degree of ERM sophistication and stronger CG mechanisms will have a clearer understanding about the severity of the impacts from COVID-19. Our empirical evidence is based on the results of a survey conducted within a large sample of SMEs operating in Poland and in Germany within different experimental settings. We have found that the ERM and CG sophistication influence the perception of COVID-19 interruptions and will alert companies to adjust their business strategy and organizational structure to better cope with effects of the current crisis. The proposed framework can also be a valuable tool for consultants to use to enhance the ERM systems in SMEs. Full article
(This article belongs to the Special Issue The Challenges and Opportunities for ERM Post-COVID-19)
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10 pages, 690 KiB  
Article
The Challenges and Opportunities for ERM Post-COVID-19: Agendas for Future Research
by Don Pagach and Monika Wieczorek-Kosmala
J. Risk Financial Manag. 2020, 13(12), 323; https://doi.org/10.3390/jrfm13120323 - 16 Dec 2020
Cited by 13 | Viewed by 5839
Abstract
In this paper, we examine the impact that COVID-19 has had on enterprise risk management (ERM). Guided by the origins and philosophy of ERM, we suggest an agenda for future research on ERM in a “post-COVID-19” reality, by addressing its integrated, strategic, and [...] Read more.
In this paper, we examine the impact that COVID-19 has had on enterprise risk management (ERM). Guided by the origins and philosophy of ERM, we suggest an agenda for future research on ERM in a “post-COVID-19” reality, by addressing its integrated, strategic, and value-enhancing orientation. To guide future research endeavors in ERM, which is still an evolving discipline, we present topics that would benefit from additional research attention within both risk identification and analysis, as well as the strategic dimension of ERM. Full article
(This article belongs to the Special Issue The Challenges and Opportunities for ERM Post-COVID-19)
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