Publication year: 2021
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Demonstrates how Enterprise Risk Management creates value in strategic- and decision-making-processes. The author introduces modern approaches to balancing risk and reward based on many examples of medium-sized and large companies from different industries. Since traditional risk management in practice is often an independent stand-alone process with no impact on decision-making processes, it is unable to create value and ties up resources in the company unnecessarily. Herewith, he serves students as well as practitioners with modern approaches that promote a connection between ERM and corporate management. The author demonstrates in a didactically appropriate manner how companies can use ERM in a concrete way to achieve better risk-reward decisions under uncertainty. Furthermore, theoretical and psychological findings relevant to entrepreneurial decision-making situations are incorporated.
Subject: Accounting, Risk Management, Financial Accounting, Enterprise Risk Management, Risk Management, ERM, Corporate Governance, Risk and Reward, Corporate Management, ERM Framework, Corporate Decision Making, Decision Making, Strategic Planning, Risk Culture, Risk Policies, Biases in ERM, Risk Scenarios, Digital Risks, Digitization of ERM