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The paper dealt with the importance of enterprise risk management to public sector organisations in Nigeria. The paper has reviewed literature on frameworks for enterprise risk management and established the global practice. The paper found that the practice of enterprise risk management is an evolving practice among public sector organisations globally. In Nigeria, it is mainly practiced in private sector organisations with inadequate levels of implementation in the public sector. The absence of a specific legal framework for the establishment of project and programme management practices in the public sector may be responsible. Based on available frameworks, practices, and benefits of enterprise risk management, the paper has recommended that public sector organisations establish enterprise risk management processes and cadres for project management officer, compliance and risk management officers. Keywords : Enterprise Risk Management, Public Sector, Risk Management, Nigeria DOI : 10.7176/PPAR/9-3-17 Publication date :March 31 st 2019

PurposeThe purpose of this paper is twofold: first to add to the debate on good governance and ethics of enterprise risk management (ERM) and second to describe an ethical maturity scale based on duty and responsibility for practical implementation to ensure better governance.Design/methodology/approachThe methodology has centred on risk governance as a way for many organisations to improve their risk management (RM) practices from an ethical perspective based on responsibility and on fulfilling one's duty within the organisation.FindingsWhile companies in Australia, for example, are more mature than those in Russia in terms of governance systems life cycle, there are a number of common international challenges in risk governance implementation. These relate to a link between risk framework, enterprise value model and strategic planning; to a definition of risk appetite, the embodiment of RM in organisational culture, internal audit and ERM function, the evolving role of a chief risk officer (CRO) and senior management buy‐in and sponsorship of the integrated ethical RM from a chief executive officer.Practical implicationsERM – a way for many organisations to improve their RM practices – is a key component of the applied ethics of corporate governance. It has developed into a philosophy to assist organisations with the process of protecting shareholders' value while also increasing the bottom‐line profitability. Effective ERM is based on ethical risk governance. Internal audit needs to be involved in the process of integrating RM and compliance. It should maintain a degree of independence when assisting with ERM establishment. CRO is most effective when reporting to the board.Originality/valueGlobal companies are becoming more accountable to multiple stakeholders. It is the adoption of an ethical code to arrest the lack of clarity of roles ascribed to the audit committee and risk committee and management's accountability or lack thereof that remains the challenge across different jurisdictions. In attempting to implement good governance and meet the challenges, the paper introduces an ethical maturity scale as an internal measure that could be embedded in an organisation's strategy.

This study examines the impact of risk management and compliance practices on the financial performance and corporate reputation of financial institutions in Indonesia. Utilizing a quantitative approach, data were collected from 160 financial institutions through a structured questionnaire and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS 3). The results indicate that both risk management and compliance practices significantly enhance financial performance and corporate reputation. Specifically, risk management practices have a stronger positive impact on both outcomes compared to compliance practices. These findings underscore the necessity for financial institutions to integrate comprehensive risk management and compliance strategies into their operations to achieve financial stability and bolster their reputation. The study provides valuable insights for practitioners and policymakers, highlighting the critical role of these practices in fostering long-term sustainability and success in the financial industry.

The recent economic conditions continue to draw significant attention to the multitude of risks organizations face as they pursue strategic goals. Public and non-profit organizations (NPO) are not an exception when it comes to risks that can challenge their service delivery system and growth sustainability. Their unique features and limited resources require them to adopt and adapt different risk management tools and methods as compared to the corporate organizations. Specifically, the risk management approach adopted in public organizations and NPOs has not been significantly addressed. Hence, this paper aims to explore the development of risk management in public organizations and NPOs. By conducting a systematic review of literature, 12 papers published in the Scopus and Web of Science from 2010 until recent year have been selected and analyzed. Findings from the literature analysis found various types of risks occur in these organizations and demonstrate the factors and importance of adopting risk management practices. However, a holistic approach is still not diffused nor sufficiently developed in both public and not-for-profit sectors. Research on the successful delivery of risk management is still dearth, which creates a huge research gap thus still an area worth researching. The findings from this literature analysis suggest that an instrument or tool to evaluate the practices of the risk management system is required. Thus, this paper serves as the basis for further empirical research on risk management practices of public and non-profit organizations.

Background: The evolving business environment and technological advancements in the UK construction industry, particularly Artificial Intelligence (AI), are reshaping project management processes, including risk management (RM). As the industry continues to evolve, project managers need to develop AI competencies to effectively mitigate emerging risks. Background: The UK construction industry is undergoing a transformation, driven by technological advancements, particularly the integration of Artificial Intelligence (AI). This shift is reshaping traditional project management practices, including risk management (RM). With the increasing complexity of construction projects and evolving risks, it is essential for project managers to develop AI competencies to effectively navigate and mitigate emerging risks. Aim: This review aimed to evaluate the significance of AI competence for project managers and its impact on risk management practices within the UK construction industry. Methods: Using diverse databases including ProQuest, MEDLINE, and IEEE Xplore, a comprehensive literature review was conducted focused on studies from 2010 to the present related to AI competencies for project managers and risk management in the UK construction industry. The articles were initially screened based on relevant and specific keywords including Boolean operators and followed by full-text review to determine final choice articles used for this review. The findings were summarized using the narrative synthesis approach to report the findings in line with the review objectives. Results: The findings of this review highlight the critical role of AI competence among project managers in enhancing risk management (RM) practices within the UK construction industry. While AI integration improves decision-making, efficiency, and accuracy while reducing human error, the effectiveness of these benefits hinges on project managers’ ability to competently utilize AI tools. The findings were thematically categorized into: (1) AI in the construction industry, (2) AI integration in RM practices, (3) benefits and challenges of AI adoption, and (4) assessing project managers' AI competencies. Case studies, such as IBM’s Watson Explorer and RiskLens, underscore the necessity of AI competence for optimizing RM strategies. Conclusion: AI is revolutionizing RM practices by offering data-driven insights and predictive risk analysis within the UK construction industry. To harness AI's full potential, project managers must develop AI-related competencies. However, for successful adoption of AI in construction, addressing challenges related to competency, ethics, and cost is crucial. AI competencies development among project managers is key to maximizing AI’s benefits, ensuring effective risk management and successful projects.

Failures of super large projects like IT Upgrade of Shinhan Financial Group can be a heavy blow not only to the company but even to the national economy. Research on the practices of risk management in those projects will provide invaluable lessons, enhancing capabilities and chances of successfully executing mission critical projects of the companies and the national economy as a whole. This paper analyzes the risk management of the Core Systems Reconstruction which was the most critical component of IT Upgrade. The analysis covers risk management plans, and identification and evolution, and control and monitoring of risk factors. This study confirms the major results of previous research on risk management in Korea. However, the analysis found as well some discrepancies of practices from the previous research results. This research also tracked the trajectories of evolution of risk factors and management. In particular, in depth analysis of control and monitoring is the first research in Korea on the "management" of risks in IT projects. The result of this research is expected to be a useful guide for theory development and practices of risk management in the future.

Risk management is an essential component of effective campus recreational sport programming. However, research on risk management policies, procedures, and practices within recreational sports is both limited and outdated. As such, this study provides an overview of current risk management policies, procedures, and practices across North American collegiate recreational sports departments. Specifically, the results emphasize current training practices for both part-time and full-time staff, practices in establishing and updating emergency action plans, and contents covered in emergency action plans. The results suggest that while the vast majority of recreational sport programs have established risk management procedures and engage in risk management training, they diverge in best practices related to emergency action plans and in terms of contents covered in such plans. Applications of these results for practitioners and institutions are emphasized, including discussions around best practices in risk management.

The primary objective of this paper is to examine the market risk and liquidity risk management techniques and practices followed by the Indian scheduled commercial banks (SCB) consisting of public sector banks (PSBs) and private sector banks (PVSBs) for five years from 2016-17 to 2020-21. The other objective is to compare market and liquidity risk management practices between the public sector banks (PSBs) and private sector of banks (PVSBs). The other purpose of the study is to review the strategies adopted by the SCBs in risk management practices. To study the risk management practices, six largest banks each from PSBs and PVSBs are taken for sample study. This study finds that the SCBs are facing credit risk, market risk (Interest rate risk, foreign exchange risk, commodity price risk and equity price risk,) liquidity risk and operational risk. It also finds that the PSBs are better reporting and presenting their risk management practices in their annual reports than that of PVSBs in risk identification, risk assessment and risk analysis. The results indicate that there is no significant difference between the PVSBs and PSBs in the policies and practices of market risk and liquidity risk assessment, evaluation, monitoring risk controlling and risk taking. This paper will be relevant and value to those interested in research in the risk management banking industry. This is a descriptive research based on secondary data.

While it is becoming pervasive and unavoidable in every organization, risk management (RM) interacts with control systems in public sector organizations (PSOs). This article presents a literature review showing that PSOs design and implement risk-based control systems arbitrarily. This leads to the issue of appropriate integration of RM in management accounting and control systems (MACS). Despite the importance of integrated RM, the existing literature shows that issues of RM are not well integrated at the MACS level, and that a radical cultural shift is still required in PSOs. Future RM studies must provide empirical data about integration in practice.

This study investigates corporate strategies for integrating non‐financial risks and stakeholder engagement into business management frameworks. Our inquiry analyzes the extent to which companies explicitly or implicitly incorporate stakeholder perspectives into their risk management practices. Based on the four fundamental pillars of risk management outlined by the Institute of Risk Management (IRM 2002), this study seeks to elucidate the multidimensional and comprehensive nature of stakeholder engagement in risk management processes. This study is based on a content analysis of 253 sustainability reports and Non‐Financial Statements drawn from different categories of companies representing the Italian market: large companies, small and medium‐sized enterprises (SMEs), cooperatives, and public utilities. The results reveal that companies primarily address risk management and control in their reports, aligning with the literature. Although risk components are equally important in managing adverse events, the results show a high percentage of risk analysis unlike what emerged from the literature, and a smaller percentage of companies focused on risk monitoring and risk communication. Stakeholder engagement levels vary based on company type and the activities performed in the risk governance process. From a theoretical perspective, this study contributes to systemic risk management research by integrating stakeholders into risk governance models. From a managerial perspective, this study offers implications for both risk management and sustainability disclosure practices. Limitations include the sample of Italian companies only and the different publication years of the collected reports.

The main challenges and barriers facing the effective implementation of risk management (RM) practices in the construction industry have increased the ceiling of challenges associated with the implementation of construction projects during the COVID-19 era. The aim of this paper is to assess the level of significance of risk management implementation challenges and barriers (RMICB) and the level of efficacy of construction RM practices during COVID-19 by considering the case of Iraq. A multistage research methodology was adopted, including semistructured interviews with construction experts to identify the main RMICB and RM practices indicators; surveys to assess the identified RMICB and RM practices indicators; analytical hierarchy process–based and fuzzy-based models to quantify RMICB level of significance, and RM practices level of efficacy. Based on the adopted methodology, the authors identified a total of 34 RMICB grouped under four categories, namely analytical approach–related, behavior-related, management-related, and team-related RMICB. Moreover, the assessment of the current construction RM practices during the COVID-19 era indicated a low level of RM practices efficacy. This study significantly contributes to the body of knowledge by helping construction practitioners and researchers to better understand the RMICB that are hindering effective implementation of RM strategies for construction projects during the COVID-19 era. Furthermore, it provides valuable information to decision-makers regarding the current construction RM practices efficacy during extreme conditions.

Purpose: The purpose of this study was to investigate how financial risk management strategies lead to growth of MFI sector in Kenya.Methodology: The study adopted a correlation survey research design. The population of this study was fifty seven (57) MFIs. The sampling frame was the list of MFIs provided in the AMFI website www.amfikenya.com. A sample of thirteen (17) MFIs was selected using the random sampling approach. A questionnaire and an interview schedule were the main data collection tools. Qualitative data was analyzed using content analysis whereas the quantitative data was analysed using Statistical Package for Social Sciences (SPSS) where descriptive and regression analysis were conducted to determine the relationship between enterprise risk management strategies and growth of MFIs.Findings: The findings indicated that MFIs had effective financial risk management strategies such as effective credit risk management practices, liquidity risk management practices, interest risk management practices and price risk management practices. In particular, MFIs took into consideration the conditions, characters, capacity, collateral and capital of borrowers. Strict debt collection practices were widely adopted by MFIs. In addition, the concept of Know Your Customer (KYC) policy, seem to have been adopted by MFIs. The relationship between financial risk management strategies and growth was positive and significant. It also shown that sources of funds for MFIs include external sources and internal sources and the most frequently used source of funds are bank loans. The use of banks loans may present various risk exposures to MFIs, the most significant being interest rate risk. However, the ability of MFIs to source funds from various sources indicates that MFIs can apply the pecking order by first exploiting internal sources of funds since they present a lower financial risks and then move on to external sources. However, despite the financial risk exposure accompanied by leverage from external sources, MFIs may also benefit as they may experience higher growth driven by the leverage. It was also found that MFIs had put in place a number of good practices that had emerged to promote responsible and inclusive lending. These include loan size limits, standardized (simple) loan terms, zero tolerance on delinquency, group-based lending. This finding implies that MFIs have put in place effective credit risk management policies which are part of an overall financial risk management strategy. The existence of effective financial risk management practices may have influenced the growth of MFIsUnique contribution to theory, practice and policy: The study recommends that the MFIs to continue practicing effective financial management practices as this would improve the growth of MFIs.

Despite recent growth in the Islamic banking industry, little is known on the best practices in its risk management. This paper examines the risk management systems of Islamic banks in Lebanon. Using a survey technique, it shows the diversity of risks faced by Islamic banks. It also confirms the importance of good corporate governance as a tool which is associated with the implementation of best practices in risk management

Approximately 20% of suicide decedents have had contact with a mental health professional within 1 month prior to their death, and the majority of mental health professionals have treated suicidal individuals. Despite limited evidence-based training, mental health professionals make important clinical decisions related to suicide risk assessment and management. The current study aimed to determine the frequency of suicide risk assessment and management practices and the association between fear of suicide-related outcomes or comfort working with suicidal individuals and adequacy of suicide risk management decisions among mental health professionals. Mental health professionals completed self-report assessments of fear, comfort, and suicide risk assessment and management practices. Approximately one third of mental health professionals did not ask every patient about current or previous suicidal thoughts or behaviors. Further, comfort, but not fear, was positively associated with greater odds of conducting evidence-based suicide risk assessments at first appointments and adequacy of suicide risk management practices with patients reporting suicide ideation and a recent suicide attempt. The study utilized a cross-sectional design and self-report questionnaires. Although the majority of mental health professionals report using evidenced-based practices, there appears to be variability in utilization of evidence-based practices.

This paper aims to assess the degree to which Somali banks use effective risk management practices (RMPs). Furthermore, the study has explored the level of risk management practices using the original components of risk management aspects, including understanding risk and risk management, risk assessment and analysis, risk identification, risk monitoring, and credit risk analysis, with the addition of perceived trust to the original constructs of risk management aspects. The study is based on a questionnaire survey of 423 banking staff from 13 licensed banks in Somalia. The researcher adopted a questionnaire that covers six aspects of risk management with perceived trust: understanding risk and risk management, risk assessment and analysis, risk identification, risk monitoring, credit risk analysis, perceived trust, and RMPs. This study found that the staff of Somalia have a clear understanding of risk and risk management and have efficient risk identification, risk assessment, risk monitoring, credit risk analysis, perceived trust, and risk management practices. In addition, the respondents also recognize that the banks do not have deposit insurance, which is a risk to the depositors if the bank goes bankrupt. The paper’s findings are limited to the risk management aspects of the bank industry, with additional perceived trust in Somalia. The paper explores the risk management practice in the Somali bank sector. The results can be used as valuable feedback for improving risk management practice in the banking industry. This study is the first research attempt to investigate risk management practice with additional trust.