Risk management e misure di performance

Uncertainty affects the viability and the execution of companies\u2019 business model. As a consequence, management has to face ever increasing dynamics in the process of value creation. This fact deeply influences the effectiveness of performance management systems as the evaluation of performance is strongly conditioned by the structural variability both of the business context and of business performance drivers. Enterprise Risk Management can incorporate mechanisms that continuously address management attention and behaviour in reaction to the dynamics expressed by the business context and by value drivers. In the first part of the paper, we interpret the ERM as a management control system. The second part presents the phases of Risk Management and the framework on which the measurement of the performance@risk is based. In the third part we present and discuss an example of a firm, which has introduced measures of performance based upon the monitoring of the dynamics of risks influencing the business. A discussion about the implications on performance management of the explicit consideration of risks in accounting measures of performance concludes the paper