Legal and Regulatory Aspects of Enterprise Risk Management for Small and Medium-Sized Enterprises

Enterprise Risk Management for Small and Medium-Sized Enterprises (Society of Actuaries, 2015)

16 Pages Posted: 15 Dec 2014 Last revised: 16 Jun 2015

See all articles by Robert C. Bird

Robert C. Bird

University of Connecticut - School of Business

Stephen Park

University of Connecticut - School of Business

Date Written: April 23, 2015

Abstract

While Enterprise Risk Management (ERM) has emerged as a focus of attention in the context of corporate governance in recent years, the implementation of ERM by Small and Medium-Sized Enterprises (SMEs) has garnered relatively little attention from lawmakers and regulators. To rectify this gap, this chapter explores two important ERM issues applicable to SMEs. First, we examine the integration of ERM principles in the operations of SMEs, specifically including the implementation of legal risk management, and describe the structural and attitudinal factors that hinder its effectiveness. Second, we examine ERM-oriented corporate governance regulations, and consider their potential usefulness to SMEs. Drawing from our analysis of these two issues, we suggest ways in which SMEs can more effectively implement and use ERM.

Keywords: risk management, enterprise risk management, entrepreneurship, small business, corporate governance

Suggested Citation

Bird, Robert C. and Park, Stephen, Legal and Regulatory Aspects of Enterprise Risk Management for Small and Medium-Sized Enterprises (April 23, 2015). Enterprise Risk Management for Small and Medium-Sized Enterprises (Society of Actuaries, 2015), Available at SSRN: https://ssrn.com/abstract=2538050

Robert C. Bird (Contact Author)

University of Connecticut - School of Business ( email )

368 Fairfield Road
Storrs, CT 06269-2041
United States

HOME PAGE: http://businesslaw.business.uconn.edu/robert-bird/

Stephen Park

University of Connecticut - School of Business ( email )

Storrs, CT 06269
United States

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