ERM System Research Articles

Implementation of Enterprise Risk Management: A Case Study of a Public Sector Entity in the Northern Cape, South Africa

Since the advent of South Africa's democracy in 1994, there has been an increasing demand by stakeholders for several public services due to a variation of complex and challenging events that have taken place and reported both in social and academic circles. In the context of the Northern Cape, there has been a continued increase in unemployment and poor service delivery coupled with an inability of the Department of Economic Development and Tourism (DEDaT) to achieve clean audit reports from the Auditor-General of South Africa (AGSA). This development raises questions about the implementation of ERM processes. Thus, this study aimed to assess the implementation of ERM processes using DEDaT as a case study. The study sought to determine the ERM systems currently deployed and the extent to which the ERM components are utilized by DEDaT. Data was gathered through in-depth interviews using a qualitative approach. A sample of eighteen participants who are ERM role players at DEDaT described their knowledge and experiences on the implementation of ERM systems and how the components are applied. From the findings, two main themes, namely, ‘ERM systems deployed at DEDaT’ and ‘perceptions on ERM components that are utilized,' emerged with related subthemes. The study revealed that DEDaT has ERM systems in place, however there were gaps in key areas that need improvement to enhance the ERM instrument. Furthermore, the research found that a set of eight components were utilized to implement the ERM process. The study suggested recommendations to management for further research and policy direction on implementing ERM in the public sector.

Analysis of software products and the study of automation of processes in the field of monitoring purchases and goods.

The subject of this report is a comparative analysis of software products and a study of business processes in the field of optimization of purchases and monitoring of goods. Within the framework of this study, the following tasks were set: the study of existing software solutions for optimizing procurement processes, the analysis of their functionality and effectiveness, as well as the study of business processes of companies in the field of monitoring goods. As a result of this research, an analysis of various software products was carried out, their advantages and disadvantages were identified, as well as current business processes were analyzed and opportunities and potential for optimization were identified. The obtained results and conclusions can be used to develop recommendations for improving procurement processes and monitoring of goods in organizations. In this study, a comparative analysis of software solutions for automating procurement processes is carried out. The research methodology included an analysis of the functionality, effectiveness and cost of the programs, as well as the study of user feedback and industry experts. The results made it possible to identify the main advantages and disadvantages of each software considered. The study of the main characteristics and functionality of procurement management systems represents a significant contribution to the field of information technology and business process management. An analysis of the comparative characteristics of ERM systems, their integration capabilities and compliance with business needs allows us to identify key factors for successful automation of procurement processes. This study not only expands scientific understanding in the field of procurement automation, but also provides practical recommendations for choosing the optimal procurement management system. The conclusions of the work emphasize the importance of customizing the software to the unique needs of the organization in order to achieve optimal efficiency and effectiveness in procurement management. The comparison table of the disadvantages of ERM systems presented in the final part by key parameters allows you to highlight the main advantages and disadvantages of each software product, which is an important step in choosing the most appropriate solution for a particular business. Thus, this study not only contributes to the development of scientific knowledge in the field of procurement management, but also provides valuable practical recommendations for the business community, helping to increase the efficiency and effectiveness of procurement processes in a modern business environment.

A QUALITATIVE STUDY OF ENTERPRISEE RISK MANAGEMENT IN SMALL MEDIUM ENTERPRISES

The goal of this study is to look at the CEO's impact on SMEs' ERM implementation. With the use of archives and an open-ended questionnaire, we employed a number of methods to ascertain the CEO's understanding of the significance of ERM. According to our empirical data, a lot of CEOs still do not see the value of installing an ERM system because it is expensive and may be done so informally (by applying risk management in a manual manner using their own estimation and computation). This suggests that there is still a low level of ERM implementation among SMEs in Indonesia.

МОДЕЛІ УПРАВЛІННЯ РИЗИКАМИ З ВИКОРИСТАННЯМ СУЧАСНИХ ІНФОРМАЦІЙНИХ ТЕХНОЛОГІЙ

Risk management requires the use of a number of mathematical models for calculation. To use these models, it is necessary to form large databases on the quantitative characteristics of both the studied objects/processes/systems and the surrounding environment and conditions of the task. Implementation of this program requires the use of modern information technologies. The article analyzes the methodology for the formation of quantitative risk values, which allows for the formation of approaches to a certain standard for performing risk analysis for complex situations. A system of mathematical models and methods is proposed that allow building a system of quantitative modeling of risk situations for a wide class of objects/processes/systems. The article provides a comparative analysis of deterministic and stochastic risk management models, analyzes the riskiness model of risk stratification and the model for detecting differences from white noise. For the latter, a comparison of the experimental and theoretical concepts of the models was made. Information technologies that help organizations effectively identify, analyze and manage various types of risks, while providing a reliable protection mechanism against possible threats, such as ERM Systems, GRC Platforms, IRM Solutions, Cybersecurity Risk Management, Project Risk Management and Data Risk, are highlighted and analyzed Management.

ЦИФРОВЫЕ МАРКЕТИНГОВЫЕ ТЕХНОЛОГИИ И ИХ ПРИМЕНЕНИЕ В СОВРЕМЕННЫХ БИЗНЕС-МОДЕЛЯХ

he article describes the main approaches to understanding the digital transformation of business models. The components of successful digital transformation are: the development of an integrated business strategy, the digitization of the operating model, the search for new ways for growth and the coordination of factors that make transformation possible. Digital transformation is accompanied by strong changes in marketing: marketing personalization, network effects, customer involvement in marketing activities. Digital marketing technologies become more and more popular, for example: special software products (CRM systems, ERM systems), social networks, websites, digital platforms, cloud services, digital products and services based on artificial intelligence. Were also identified the main trends in the development of digital marketing technologies among Russian companies. Achieved results allow to propose recommendations for expanding the use of digital marketing in Russian business.

A Novel Approach for Electronic Medical Records Based on NFT-EMR

saving the patient medical record electronically is done via electronic medical records (EMRs) where all the patient-related information that consider private and sensitive is usually related to the treatment process, as well as the diagnoses process of a specific patient usually this information needs to be shared and re-submit by many peers doctors with each, In this paper, propose a novel approach for electronic medical records system using a non-fungible token (NFT) based on a customized permission blockchain built with secret sharing technology to reduce the key management overhead as well as provide a readable extension of the ledger to ensure it is easy to read and easy access from any type of computer. The system that uses NFT for electronic medical records (NFT-EMR) ensures easy access and guarantees availability, privacy, and security providing authority to the patient over his data as well as proof of ownership which is done using proof of secret shares and consistency this system can be used in real-world between hospitals and medical centers and within metaverse world. The NFT-ERM system was evaluated using the main evaluation factors used to evaluate blockchain and compared to the standard ERM system.

EFFECT OF CSR AND ENTERPRISE RISK MANAGEMENT SYSTEM ON CORPORATE REPUTATION: AN EMPIRICAL STUDY

Purpose: This research looks into the connection between CSR and ERM to determine their relative value to businesses. The theoretical model was founded on a thorough literature analysis, and it was anticipated that an organization's CSR and ERM system's ability to inspire trust and commitment among its workforce would, in turn, help the business improve its public image. Methodology: Participants in the study were those working for private banks in Delhi. A total of 340 employees were selected at random for this empirical study. SPSS version 22 was used to perform statistical analyses on the gathered data. Regression analysis was used to validate the model. Findings: Both ERM and CSR initiatives have been found to positively impact a corporate reputation (CR). In addition, empirical findings indicate that employee commitment and trust in the company mediate the connection between CSR activities and CR. The findings indicated that Employee-focused ERM system and CSR actions improve corporate reputation among banks’ employees. Practical Implications: The research explores the intervention impacts of trust and commitment of employees on the connection between CSR behaviours and CR. Therefore, the conceptual framework based on a thorough literature analysis anticipated that trust and commitment among employees may be built through the CSR practices of a company, which may contribute to the growth of the CR of the firm. Originality/value: This empirical study will provide a more in-depth understanding, through practical implementation, for primarily private banking in India. All of these things set this study apart from similar empirical investigations done in the United States and Europe in the past. To sum up, this empirical study will provide more understanding through actual application, mostly for private banking in India. Keywords: Enterprise risk management, Corporate Reputation, Organizational Commitment, CSR, Trust Paper type: Research paper

The Role of ERM and Corporate Governance in Managing COVID-19 Impacts: SMEs Perspective

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.

Enterprise risk management: Challenges and the strategies for success

The objective of this paper is to identify the challenges of implementing and adopting an effective ERM system and to suggest alternative strategies that could be pursued as countermeasures to those challenges. This study is based on survey data gathered from 379 respondents representing 129 companies listed on the Colombo Stock Exchange of Sri Lanka. This study found that the lack of availability of information to make risk-based decisions; the need to ensure that all decisions are made within the organization’s risk tolerance level, and the lack of top management support for ERM implementation; are the most influencing challenges for business organizations that obstruct ERM effectiveness. This study suggests that organizations should promote a good corporate culture that fosters ERM supportive internal environment. It is also suggested that the support of the top management and their commitment to being corporative with the firms’ ERM function without making ERM is the sole responsibility of the finance people. Further, it is suggested that organizations have a designated position dedicated to overseeing the ERM function and providing executive leadership for its effective implementation.

The impact of corporate social responsibility on advancing the enterprise risk management performance relationship in small and medium-sized enterprises

ABSTRACT The purpose of this paper is to examine the impact of enterprise risk management on the financial performance of small-to-medium enterprises and to empirically validate the intervening role of corporate social responsibility. Based on a cross-country survey among 536 SMEs, we apply an SEM model. Our results show that ERM is an important driver of corporate social responsibility. The proposed Enterprise Risk Management and CSR framework can also be used by consultants and supporting agencies to evaluate the risk management activities in SMEs and to help them better to tailor their training to the needs of SMEs. For other researchers, this research model might be a good starting point for developing more comprehensive frameworks for the evaluation of ERM and CSR systems in SMEs.

Key Success Factors of Enterprise Risk Management Systems: Listed Polish Companies

Purpose: The main purpose of the article is to determine the key success factors of enterprise risk management systems, understood as the characteristics of these systems that have the greatest impact on the effectiveness of their functioning. Methodology: Bearing in mind the most accurate determination of key success factors of enterprise risk management systems, I used several research methods. The conducted research was divided into four stages: (1) literature review, (2) financial statements analysis, (3) individual in-depth interviews, and (4) anonymous surveys. The research embraced enterprises operating in Poland. Findings: Based on the literature analysis, in-depth interviews, and conducted surveys, a list of risk management systems’ success factors was created and sorted in the order from the most important ones – that have the greatest impact on the success of risk management – to the least important ones. Additional analysis of financial statements of all WSE-listed companies allowed me to discern that few of the surveyed companies use mature modern ERM systems, and it enabled me to identify a group of companies that qualified to participate in the survey. Moreover, a statistically significant positive correlation appeared between the degree of key success factors’ implementation and the overall ERM implementation’s impact on the organization, while a statistically significant negative correlation emerged between the overall impact of ERM implementation on the organization and the degree of ERM implementation goals’ achievement, but also between the degree of the implementation of key success factors and the degree of the ERM implementation objectives’ implementation. Moreover, I noted that the fact of using individual features has no significant impact on the assessment of a given feature by respondents. Implications: All factors included in the study are success factors of risk management systems. However, the surveys’ results suggest a different level of individual factors’ significance, thus a different degree of these factors impact on risk management success. Originality/Value: The article presents an original set of key success factors in risk management systems, created based on my own research. The obtained research results can be used by managers willing to implement or develop risk management systems in their organizations.

Reliability Assessment of Indicators Measuring the Impact of Enterprise Risk Management on Performance of Higher Education Institutions in Sri Lanka

Abstract: Higher educational institutions are exposed to various types of risks what other entities face naming strategic, operational, financial, compliance, technological and reputational risk owing to terrifying competition, rapid technological advancements and unpredictable environmental tremors. Implementation of enterprise risk management is the best strategic tool to identify, assess and mitigate the overall risks faced by entities. The implementation of enterprise risk management is however hindered by the high cost for ERM systems implementation and the inability of justification of increasing performances. Many research studies conducted by academicians and practitioners to ascertain the significant positive relationship of Enterprise Risk Management implementation and firm performance concluded with contradictory deductions. This study is an investigation of the reliability of the indicators measuring the impact of ERM implementation on the performance of non-state higher education institutions in Sri Lanka. The sample of hundred and seventy senior professionals was selected from the study population of seven hundred and seven senior persons attached to non-state institutions in Sri Lanka using stratified random sampling technique. This paper presents the outcomes of the quantitative investigation conducted to test the reliability of the indicators that were used to measure the latent variables in the survey instrument. As the Cronbach’s alpha value of each latent variable was well above the threshold of 0.70, the items used in each variable were fitting to the construct and therefore accepted as reliable indicators to measure the constructs. 
 
 Keywords: Organizational ERM Philosophy, Organizational Culture, Organizational Governance Structure, Organizational Hierarchy, Tone-from-the-Top, Employee Involvement

EFFECTIVE MANAGEMENT OF E-RESOURCES

The concept of 'library management' has been changing dramatically with the increase in the demand of academic inputs in education, policy planning, advocacy and day to day life. Shifting from 'print resource collection' to 'e-resource collection' no doubt makes the library more users friendly but on'the other hand it also emerges as a challenge before the library professionals to manage these resources due to its rapid adoption. E-resources management is one of the important components of library development. After automation and digitisation of library resources, there is a challenge for library professional to manage this tremendous increase ofc-resources. The voluminous e-resonrce can easily be managed through ERM system.

Evaluasi Sistem Elektronik Rekam Medis di Rumah Sakit Primasatya Husada Citra Surabaya

One of the obligations of the hospital is carrying out medical records. The implementation of medicalrecords at the Primasatya Husada Citra Surabaya Hospital has used an electronic system. The applicationis an Electronic Medical Record (ERM) with a website-based that runs since September 1, 2018. SinceSeptember 1, 2018, until now there has never been an evaluation of the application. This study aims toevaluate ERM using the Human Organization Technology (HOT) -Fit Model evaluation method. This typeof research is qualitative research with data collection methods using interviews, observation, anddocumentation. The results of the study indicated that the implementation of ERM has been going well,socialization and training have been provided by organizations, the presentation of data are not right, andcomputer facilities are still lacking. The researcher's suggestion for ERM at PHC Surabaya Hospital is totest the reliability and security of the ERM system, add one computing device, and improve thepresentation of data by the system to improve the quality of the ERM system.

Enterprise Risk Management in Walmart and Target

The purpose of this paper is to analyse and discuss the main differences between the Enterprise Risk Management systems of two of the most important retailers in the United States, namely Target Corporation and Walmart Inc. Firstly, the authors will briefly introduce the two companies, focusing on the different types of business strategies implemented and their history, considering then the main risk factors that characterize each company such as competitive and reputational, operational and investment, security and data privacy, supply chain and finally a short introduction about financial risks that will be the subject of deeper analysis afterwards. Likewise, the authors will evaluate the distinctive features of the financial structures and the strategic and tactical risk management processes of both companies, starting from the top level of the strategic planning to get to selected tools by the firms in order to face both financial and business risks that affect their activities. After that, it will be provided a deep analysis about the risk factors faced by Target and Walmart during their activities, with a main focus on financial risks that emerge from their financial structures, also considering derivative contracts to address the interest rate risk and the performance and cost of hedging interest rate risk. Moreover, the authors will underline differences and similarities among the two retailers in order to facilitate the comparison and the evaluation of the two ERM systems, but even further considerations highlighted in the paper.

Chief financial officer roles and enterprise risk management: An empirical based study

This study investigates the influence of CFO roles on the implementation of ERM initiatives in a sample of Nigerian financial institutions (between 2013-2017). We develop three distinct factors representing the CFO roles namely CFO power, CFO experience and CFO knowledge using principal component factoring. Like prior work, we measure ERM components simultaneously to capture the extent of sophisticated ERM system. Our findings pose that the CFO involvement in ERM implementation remains minimal while the CRO is solely responsible for ERM implementation, which could undermine cost-benefit effectiveness. Our empirical evidence reports that the sophisticated ERM only promote the market evaluation while the accounting performance is undermined. The result then contravenes the expectation that effective ERM enhances accounting performance by mitigating risk exposure. While the sophisticated ERM is significantly positive with leverage, which reveals that ERM implementation does not necessarily reduce the firm risk. This indicates that the ERM implementation remains ineffective to mitigate risks, where the CFO involvement in the ERM initiative is limited. We then advocate that CFOs should be allowed to contribute strongly on some specific aspects of ERM initiatives namely identification and analysis of key risk indicators, the financial implication of risks and integration of ERM into traditional finance activities.

Benefits of Formal ERM Implementation and the Role of Risk Awareness

Corporate scandals and failures suggest that frameworks, formal processes and standards for risk management are often not enough to ensure that organizations reliably manage their risks to meet their strategic objectives. A company also needs to make sure that these formal risk management processes are known, used, and followed by all employees, which is at the center of a company’s risk culture. As part of risk culture, risk awareness is seen as a unique asset in an ERM system contributing to a firm’s successful performance. This study examines the role of risk awareness, which represents a critical part of risk culture, in the relationship of formal ERM implementation and a company’s performance. Most prior studies on ERM and performance or value use archival data and do not integrate the notion of risk cultural elements. This investigation is based on survey data obtained from 118 risk management leaders in non-financial companies. This study finds a positive association between formal ERM implementation and performance, mediated by the effect of risk awareness. The results suggest that risk awareness is strengthened by formal ERM implementation, and that risk awareness is vital for a firm’s performance advantage by ensuring that formal ERM processes do ultimately work. This research contributes to research on strategic ERM and risk culture by addressing the role of risk awareness in a formal ERM system. Furthermore, this empirical investigation takes a novel approach to measure the level of formal ERM implementation by developing a composite score based on risk management practices and processes.

Optimizing an Octopus: A Look at the Current State of Electronic Resources Management and New Developments in the CORAL ERM System

Optimizing an Octopus: A Look at the Current State of Electronic Resources Management and New Developments in the CORAL ERM System

Determinants and value of enterprise risk management: empirical evidence from Germany

ABSTRACTEnterprise risk management (ERM) has become increasingly relevant in recent years, especially due to an increasing complexity of risks and the further development of regulatory frameworks. The aim of this paper is to empirically analyze firm characteristics that determine the implementation of an ERM system and to study the impact of ERM on firm value. We focus on companies listed at the German stock exchange, which to the best of our knowledge is the first empirical study with a cross-sectional analysis for Germany and one of the first for a European country. Our findings show that size, international diversification and the industry sector (banking, insurance, energy) positively impact the implementation of an ERM system, and financial leverage is negatively related to ERM engagement. In addition, our results confirm a significant positive impact of ERM on shareholder value.

Feasibility and utility of an integrated medical imaging and informatics smartphone system for management of acute stroke.

Background Rapid dissemination and coordination of clinical and imaging data among multidisciplinary team members are essential for optimal acute stroke care. Aim To characterize the feasibility and utility of the Synapse Emergency Room mobile (Synapse ERm) informatics system. Methods We implemented the Synapse ERm system for integration of clinical data, computerized tomography, magnetic resonance, and catheter angiographic imaging, and real-time stroke team communications, in consecutive acute neurovascular patients at a Comprehensive Stroke Center. Results From May 2014 to October 2014, the Synapse ERm application was used by 33 stroke team members in 84 Code Stroke alerts. Patient age was 69.6 (±17.1), with 41.5% female. Final diagnosis was: ischemic stroke 64.6%, transient ischemic attack 7.3%, intracerebral hemorrhage 6.1%, and cerebrovascular-mimic 22.0%. Each patient Synapse ERm record was viewed by a median of 10 (interquartile range 6-18) times by a median of 3 (interquartile range 2-4) team members. The most used feature was computerized tomography, magnetic resonance, and catheter angiography image display. In-app tweet team, communications were sent by median 1 (interquartile range 0-1, range 0-13) users per case and viewed by median 1 (interquartile range 0-3, range 0-44) team members. Use of the system was associated with rapid treatment times, faster than national guidelines, including median door-to-needle 51.0 min (interquartile range 40.5-69.5) and median door-to-groin 94.5 min (interquartile range 85.5-121.3). In user surveys, the mobile information platform was judged easy to employ in 91% (95% confidence interval 65%-99%) of uses and of added help in stroke management in 50% (95% confidence interval 22%-78%). Conclusion The Synapse ERm mobile platform for stroke team distribution and integration of clinical and imaging data was feasible to implement, showed high ease of use, and moderate perceived added utility in therapeutic management.