Sustainable Enterprise Risk Management Paradigm for Enhancing Nigeria’s Road Transport Sector Performance

Abstract

This paper proposes the development of a Sustainable Enterprise Risk Management (SERM) as a paradigm for enhancing transportation agency’s performance in the Global South (GS) with a focus on the Nigerian Road Transport Sector. Sustainable transport has a key part to play in fostering sustainable economic growth and expanding access to essential services as a vital driver of economic and social development. However, transport sector faces an evolving landscape of sustainability (ESG) risks that can impact their success and even survival. It has been evidenced that current risk management practices are not adequately addressing sustainability risks. Preliminary findings have shown various organisational/institutional challenges in the Nigerian Transport sector driving the breakdown in sustainable ERM. Literature has established that organizational resilience starts at the top with the use of ERM paradigm to achieve good risk governance and organisational objective in normal, volatile and crisis situations. However, there have been a very limited literature regarding alignment of ERM with transportation sector. This paper explores Systems Thinking/Systems Dynamics (ST/SD), Transport specific ERM frameworks in the GN and the two dominant ERM frameworks with a view of adapting their standards and articulating the practices in the Global North (GN) to develop implementation guidance that could enhance the Nigeria road transport sector performance with reduced risk. It aims to provide a better understanding to help policy makers with decision making on sustainable Transportation. Keywords: Enterprise Risk Management (ERM), Global North (GN), Global South (GS), Sustainability Concept, Sustainable Transportation, Systems Thinking/Systems Dynamics (ST/ SD). Proceedings Citation Format Abraham Rasheed Adeyemi (2023): Sustainable Energy Planning and Modelling for Global South: A Case Study of the Federal Republic of Nigeria. Proceedings of the 37th iSTEAMS Multidisciplinary Cross-Border Conference. 30th October – 1st November, 2023. Academic City University College, Accra, Ghana. Pp 107-140. dx.doi.org/10.22624/AIMS/ACCRACROSSBORDER2023 V2P9