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Fabio Lotti Oliva - One of the best experts on this subject based on the ideXlab platform.

  • A maturity model for Enterprise Risk Management
    International Journal of Production Economics, 2016
    Co-Authors: Fabio Lotti Oliva
    Abstract:

    The Enterprise Risk Management has been a recurring theme on the agenda of organizations. The competition is increasingly established among the supply chains of organizations. In this sense, it is appropriate that this research aims to analyze the Enterprise Risk Management in the supply chain of Brazilian companies. As a conceptual framework, it has been adopted three theoretical pillars, namely, New Institutional Economics, Supply Chain and Enterprise Risk Management. The research was divided into three stages: interviews with experts on the subject, survey with managers of large Brazilian companies, and validation of the proposals from the analysis of the results with the same experts. The analysis of results was established mainly by the use of multivariate statistical techniques such as correspondence analysis, factor analysis, cluster analysis and multinomial logistic regression. As a result of the study, it was presented a proposal of model for an Enterprise Risk analysis, as well as a proposal of model for analysis of the level of maturity in Enterprise Risk Management in the supply chain of large Brazilian companies.

Michael Sherris - One of the best experts on this subject based on the ideXlab platform.

  • Enterprise Risk Management, Insurer Value Maximisation, and Market Frictions
    Astin Bulletin, 2008
    Co-Authors: Shaun Yow, Michael Sherris
    Abstract:

    Enterprise Risk Management has become a major focus for insurers and reinsurers. Capitalization and pricing decisions are recognized as critical to …rm value maximization. Market imperfections including frictional costs of capital such as taxes, agency costs, and …nancial distress costs are an important motivation for Enterprise Risk Management. Risk Management reduces the volatility of …nancial performance and can have a signi…cant impact on …rm value maximization by reducing the impact of frictional costs. Insurers operate in imperfect markets where demand elasticity of policyholders and preferences for …nancial quality of insurers are important determinants of capitalization and pricing strategies. In this paper, we analyze the optimization of Enterprise or …rm value in a model with market imperfections. A realistic model of an insurer is developed and calibrated. Frictional costs, imperfectly competitive demand elasticity, and preferences for …nancial quality are explicitly modelled and implications for Enterprise Risk Management are quanti…ed. �Acknowledgement: The authors acknowledge …nancial support from Australian Research Council Discovery Grants DP0663090 and DP0556775 and support from the UNSW Actuarial Foundation of the Institute of Actuaries of Australia. Yow acknowledges the …nancial support of Ernst and Young and the award of the Faculty of Business Honours Year Scholarship.

  • Enterprise Risk Management, Insurer Value Maximisation, and Market Frictions
    ASTIN Bulletin, 2008
    Co-Authors: Shaun Yow, Michael Sherris
    Abstract:

    Enterprise Risk Management has become a major focus for insurers and reinsurers. Capitalization and pricing decisions are recognized as critical to firm value maximization. Market imperfections including frictional costs of capital such as taxes, agency costs, and financial distress costs are an important motivation for Enterprise Risk Management. Risk Management reduces the volatility of financial performance and can have a significant impact on firm value maximization by reducing the impact of frictional costs. Insurers operate in imperfect markets where demand elasticity of policyholders and preferences for financial quality of insurers are important determinants of capitalization and pricing strategies. In this paper, we analyze the optimization of Enterprise or firm value in a model with market imperfections. A realistic model of an insurer is developed and calibrated.Frictional costs, imperfectly competitive demand elasticity, and preferences for financial quality are explicitly modelled and implications for Enterprise Risk Management are quantified.

Rene M Stulz - One of the best experts on this subject based on the ideXlab platform.

  • Enterprise Risk Management theory and practice
    Journal of Applied Corporate Finance, 2006
    Co-Authors: Brian W Nocco, Rene M Stulz
    Abstract:

    In this paper, we explain how Enterprise Risk Management creates value for shareholders. In contrast to the existing finance literature, we emphasize the organizational benefits of Risk Management. We show how a firm should choose its Risk appetite and measure Risk when implementing Enterprise Risk Management. We also provide an extensive guide to the implementation issues faced by firms that implement Enterprise Risk Management.

  • Enterprise Risk Management: Theory and Practice
    Journal of Applied Corporate Finance, 2006
    Co-Authors: Brian W Nocco, Rene M Stulz
    Abstract:

    The Chief Risk Officer of Nationwide Insurance teams up with a distinguished academic to discuss the benefits and challenges associated with the design and implementation of an Enterprise Risk Management program. The authors begin by arguing that a carefully designed ERM program-one in which all material corporate Risks are viewed and managed within a single framework-can be a source of long-run competitive advantage and value through its effects at both a "macro" or company-wide level and a "micro" or business-unit level. 2006 Morgan Stanley.

Alaa M. Soliman - One of the best experts on this subject based on the ideXlab platform.

  • The Long-term Relationship Between Enterprise Risk Management and bank Performance : the missing link in Nigeria
    Banks and Bank Systems, 2018
    Co-Authors: Alaa M. Soliman, Adam Mukhtar, Moade Fawzi Shubita
    Abstract:

    This study investigates the relationship between Enterprise Risk Management adoption and implementation, and the performance of banks using a sample of four out of the seven Strategically Important Banks (SIB) listed on the Nigerian Stock Exchange covering the period from 2005 q1 to 2015 q2. In this study, we determined a measure for Enterprise Risk Management (ERM) adoption or implementation (ERM index) using an integrated Enterprise Risk Management measurement model for the banking sector suggested by Soliman and Mukhtar (2017). A time series Johansen’s cointegration test was used to obtain evidence of the long-term association between ERM and performance, while Vector Error Correction Model (VECM) analysis was performed to gather evidence of causality relationship between ERM and performance. Finally, Generalized Impulse Response Function was used to obtain evidence of how performance responds to the introduction of a shock on Enterprise Risk Management. This study makes significant contributions to the existing body of knowledge, as it yields the first Enterprise Risk Management-performance-based empirical results that indicate a long-term relationship, causation effects, in addition to responding to performance ERM.

  • Enterprise Risk Management and firm performance: an integrated model for the banking sector
    Banks and Bank Systems, 2017
    Co-Authors: Alaa M. Soliman, Mukhtar Adam
    Abstract:

    This study investigates how the implementation of Enterprise Risk Management program affects the performance of firms using an Enterprise Risk Management model for the banking sector and an integrated model for measuring Enterprise Risk Management index used in the study by Mukhtar and Soliman (2016). Ten listed commercial banks were selected with the Enterprise Risk Management index as the main independent variable, with Return on Average Equity (ROAE), Share Price Return (SPR) and Firm Value (FV) used as three separate dependent variables. The study provides strong evidence of a positive relationship between Enterprise Risk Management implementation and performance in the Nigerian banking sector. The findings and conclusions of this study are consistent with those of other studies that used data from different industries, providing a basis from which to generalize the findings from this study to firms in other industries.

V Nikolaev Igor - One of the best experts on this subject based on the ideXlab platform.