ORGANIZATION PERFORMANCE AND ENTERPRISE RISK MANAGEMENT

Enterprise risk management (ERM) is an integrated approach to manage the risks of companies. Despite the wide adoption of ERM into companies' organizational processes, there are neither clear standards for ERM nor ground based theories about the outcome of it. This paper gives an overview of scientific research in the topic of ERM by comparing recent academic papers which focus ERM in the context of performance evaluation or effectiveness by categorizing and evaluating each source against its limitations. The limitations are used to develop a unified view on the question of how ERM influences performance of organizations. This also involves aspects of measuring the current status of ERM within companies and the effects of ERM on the other side. This paper shows that there is diversity in scientific literature of how to measure performance in the ERM-context. The authors identify reasons for that and suggest approaches to solve the problem by identifying best-practice approaches and a generic framework on how to use them to improve ERM-assessment in practice as well as researc