Prelims

Half Title Page

A Notion of Enterprise Risk Management

Title Page

A Notion of Enterprise Risk Management: Enhancing Strategies and Wellbeing Programs

BY

SOUMI MAJUMDER

Future Institute of Engineering and Management, India

AND

NILANJAN DEY

Techno International New Town, India

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Emerald Publishing, Floor 5, Northspring, 21-23 Wellington Street, Leeds LS1 4DL.

First edition 2024

Copyright © 2024 Soumi Majumder and Nilanjan Dey.

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-83797-736-9 (Print)

ISBN: 978-1-83797-735-2 (Online)

ISBN: 978-1-83797-737-6 (Epub)

Contents

About the Authors

Soumi Majumder is a research scholar in the Department of Business and Accounting at Lincoln University College, Malaysia. She is an assistant professor at the Future Business School, Future Institute of Engineering and Management, Kolkata, India. Previously, she was associated with Sister Nivedita University, Techno India College of Technology, NSHM College of Management and Technology, J D Birla Institute of Science and Commerce, West Bengal State Labor Institute, Siliguri, DAITM and many more B Schools. She has 8 years of experience in academia and 2 years of industrial experience. She has 4 authored books, 2 edited books and more than 22 research papers in national and international conferences and journals in the areas of quality work-life, decent work-life, work-life balance, stress management, employee engagement, job satisfaction, leadership, training, learning, knowledge management, people management, safety management, entrepreneurship, etc. She has 3 copyrights from the Government of India for her research work. She is the reviewer for various national and international journals. Furthermore, she is a member of the AIMA, IS, SDIWC and NIPM.

Nilanjan Dey is an Associate Professor, Department of Computer Science and Engineering, Techno International New Town, Kolkata, India. He is a visiting fellow at the University of Reading, UK. He was an honorary visiting scientist at Global Biomedical Technologies, Inc., CA, USA (2012-2015). He was awarded his PhD from Jadavpur University in 2015. He has authored/edited more than 70 books with Elsevier, CRC Press and Springer and has published more than 300 papers. He is the Editor-in-Chief of International Journal of Ambient Computing and Intelligence, IGI Global, Associated Editor of IEEE Access and International Journal of Information Technology, Springer. He is the Series Co-Editor of Springer Tracts in Nature-Inspired Computing, Springer, Series Co-Editor of Advances in Ubiquitous Sensing Applications for Healthcare, Elsevier, Series Editor of Computational Intelligence in Engineering Problem Solving and Intelligent Signal Processing and Data Analysis, CRC. His main research interests include medical imaging, machine learning, computer-aided diagnosis, and data mining. He is a Fellow of IETE and Senior Member of IEEE.

Preface

In any business organisation, risk management is an integral part of strategic management. It is embedded through the ongoing and continuous activities of business. Enterprise risk management is the methodology of identifying and effectively addressing potential events in an enterprise. It represents the risk of accomplishing strategic objectives and opportunities for gaining a competitive advantage in the market. The fundamental concept of enterprise risk management is to assess the significant risks of businesses and the implementation of suitable risk responses. The element risk responses refer to (i) the acceptance or tolerance probability of a risk in business, (ii) the termination or avoidance of risk factors, (iii) the transfer of risk and sharing risk through insurance, (iv) a joint venture and arrangements, (v) risk prevention mechanisms, and (vi) internal control procedures for mitigating or reducing risks. Other enterprise risk management concepts include risk philosophy and strategy, risk culture, and appetite. In business organisations, these are all expressions of attitudes towards risk. It talks about the amount of risk that businesses can willingly take or adapt. In any business, there are a few management responsibilities; architecture and infrastructure of risks; protocols for risk management; documentation of procedures for risk management; training, monitoring, assessing, and reporting on risk management; and many other activities.

In this book, Chapter 1 is the introduction to enterprise risk management, which includes components/elements of the ERM process, types of enterprise risks, effective enterprise risk management system, and risk categories. Chapter 2 covers the risk management life cycle and the benefits of enterprise risk management life cycle. Risk management procedures and enterprise risk management examples and case studies by industry are discussed in Chapter 3. Chapter 4 depicts the picture of risk managing tools and practices, which consists of risk management tools and techniques, risk mitigation techniques, and risk impact analysis. The book has also been enlightened by Chapter 5, titled Risk-Enabled Performance Management System, which focuses on elements of enterprise performance management, enterprise performance management framework, modern enterprise performance management methods, integrating risk and performance management, steps to manage risks and drive performance, and aligning risk with performance management cycle. The key to the future is linking risk and performance and Best Enterprise Performance Management Software. Chapter 6 provides a view of Industry 4.0 challenges and risks, including barriers to digital transformation, AI-empowered risk management, risk management, and big data capital investment and associated risk. Chapter 7 presents the conclusions of the book.

This book’s main objective is to increase organisational efficiency by emphasising the best modern methods for managing risk in a corporate environment. The intended audience of this book includes academics, researchers, research scholars, and industry people who stand to benefit significantly from its contents. This audience includes business management students with various specialities, hospital management, media science, hospitality management, industrial relations, and other courses related to business.

Soumi Majumder

Nilanjan Dey