Enterprise Risk Management: Review, Critique, and Research Directions

Forthcoming, Long Range Planning

12 Pages Posted: 9 Jan 2014 Last revised: 28 Aug 2014

See all articles by Philip Bromiley

Philip Bromiley

University of California, Irvine

Michael K. McShane

Old Dominion University

Anil Nair

Old Dominion University - Strome College of Business

Elzotbek Rustambekov

Bryant University

Date Written: January 8, 2014

Abstract

Many regulators, rating agencies, executives, and academics have responded to recent corporate scandals and business failures by advocating and embracing a new approach to risk management: enterprise risk management (ERM). ERM proposes the integrated management of all the risks an organization faces, which inherently requires alignment of risk management with corporate governance and strategy. Academic research on ERM is still in its infancy with articles largely in accounting and finance journals, but rarely in management journals. We argue that ERM offers an important new domain of research for management scholars. A critical review of ERM research allows us to identify limitations and gaps that management scholars are best equipped to address. The paper not only identifies how management scholars can contribute to ERM research, but also points out why ERM research (and practice) needs management research for its development.

Keywords: Risk, Enterprise Risk Management, ERM, Management Theories, Strategic Management

JEL Classification: L21

Suggested Citation

Bromiley, Philip and McShane, Michael K. and Nair, Anil and Rustambekov, Elzotbek, Enterprise Risk Management: Review, Critique, and Research Directions (January 8, 2014). Forthcoming, Long Range Planning. Available at SSRN: https://ssrn.com/abstract=2376261 or http://dx.doi.org/10.2139/ssrn.2376261

Philip Bromiley

University of California, Irvine ( email )

Campus Drive
Irvine, CA 62697-3125
United States

Michael K. McShane (Contact Author)

Old Dominion University ( email )

Norfolk, VA 23529-0222
United States

Anil Nair

Old Dominion University - Strome College of Business ( email )

Norfolk, VA 23529
United States

Elzotbek Rustambekov

Bryant University ( email )

1150 Douglas Pike
Smithfield, RI 02917-1284
United States

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