Identifying the Dimensions, Features and Requirements of the Risk Management Framework Using Meta-Synthesis Method (Case Study: Agricultural Conversion Industries)

Subject Areas : Journal of Investment Knowledge

Mohammad Reza Fathi ¹ (Associate Professor, College of Farabi, University of Tehran, Iran)
Hashem Moazzez ² (Assistant professor, College of Farabi, University of Tehran, Iran)
Meisam Shahbazi ³ (Assistant professor, College of Farabi, University of Tehran, Iran)
Masoud Ahmadzadeh ⁴ (Phd Student of Industrial Management, College of Farabi, University of Tehran, Iran)

Received: 2020-07-29 Accepted : 2020-09-12 Published : 2023-12-22

Keywords: Enterprise Risk Management (ERM), Meta-synthesis, Corporate Governance, Internal Control, Agricultural Conversion Industries,

Abstract :

Today, with the widespread changes in the global economy, business risks and opportunities are constantly changing. therefore, companies need procedures to identify and evaluate, manage and monitor their business risks and opportunities. according to the conditions mentioned the key question is how should a company take effective steps to manage the risks and opportunities in their business in order to maximize value for them? enterprise risk management is created to answer the needs of organizations about this matter and it has been the focus of business and academic community in recent decades. the concept of enterprise risk management (ERM) is a systematic approach to identifying, evaluating, prioritizing and controlling risks and their overall impact on the whole company and with a holistic view. the main purpose of this research is to extract and group the components and dimensions of corporate risk management and identify the requirements and contexts for its effective implementation in the agricultural conversion industries using the Meta-synthesis method. the tool of this review is previous documentation, which comprises a total of 60 studies and the method of data analysis is open coding. the results show that 204 identified codes can be classified into 33 main dimensions.

References:

جعفری نژاد، نوید، (1393)، " طراحی نظام مدیریت ریسک سازمان در صنعت فولاد"، رساله دکترای تخصصی، استاد راهنما:عباس مقبل باعرض، استاد مشاور:عادل آذر، الهوردی تقوی، دانشگاه تربیت مدرس-دانشکده امور اقتصادی.

سیف اللهی ، ناصر ، (1390)، "طراحی و تبین مدل تاثیر ریسک اعتباری و ارز بر روی بازده قیمتی سهام بانکها براساس رویکرد GARCH-M "، رساله دکترای تخصصی، استاد راهنما:محمد اسماعیل فدایی نژاد ، استاد مشاور: محمدرضا حمیدی زاده ، اکبر عالم تبریز ، دانشگاه شهید بهشتی- دانشکده مدیریت و حسابداری.

فرهادیان،علی ، (1395)، "طراحی نظام مدیریت ریسک زنجیره تأمین (مطالعه موردی: صنعت خودروسازی)"، رساله دکترای تخصصی، استاد راهنما:عادل آذر، استاد مشاور:حسنعلی آقاجانی، دانشگاه مازندران - دانشکده علوم اداری

 قاسمی ،شمسی، (1392)، " ارزیابی ریسک پالایشگاهای گاز کشور با رویکرد احتمالی "، رساله دکترای تخصصی، استاد راهنما:کاظم یاوری ، استاد مشاور:رحیم محمودوند ، بهرام سحابی ، دانشگاه تربیت مدرس-دانشکده امور اقتصادی.  

ACAP. (2010). RISK MANAGEMENT FRAMEWORK”, retrieved fromhttp://www.acap.co.th.

ACAP. (2010). Risk Management Framework retrieved from http://www.acap.co.th.

Althonayan, A., Keith, J. and Misiura, A. (2011). Aligning enterprise risk management with business strategy and information systems, European, Mediterranean & Middle Eastern Conference on Information Systems.

APQC. (2010). Enterprise Risk Management ˚ Fonterra Case Study. APQC PUBLICATIONS.

Autry, C.W., and L.M. Bobbitt. (2008). Supply chain security orientation: Conceptual development and a proposed framework. International Journal of Logistics Management, 19(1), 42˚64.

Bachev, H. (2013). Risk Management in the Agri-food Sector .       Institute Of Agricultural Economics, http://ssrn.com/abstract.  Barton, T. L., Shenkir, W. G. and Walker, P. L. (2015).

     Making Enterprise RiskManagement Pay Off: How Leading      Companies Implement Risk Management. NJ: Financial           Times/Prentice Hall PTR.           

Beasley, M.S. and Frigo, M.L. (2010) ‘ERM and Its Role in Strategic Planning andStrategy Execution’, in Fraser, J. and Simkins, B.J. (eds.) Enterprise riskmanagement: today’s leading research and best practices for tomorrow’sexecutives. Hoboken, New Jersey: JohnWiley & Sons, Inc.

Behzadi, G. Justin, M. Olsen, T. and Zhang, A. (2017).  Agribusinesssupplychain risk management: A review of quantitative decision models. Omega 79, pp.21-42.

Bench, S, Day, T. (2010) The user experience of critical care discharges: a meta-synthesis of qualitative research. International journal of nursing studies, 47(4), 487-499.

Benta, D., Podean, I., M., & Mircean, C., (2011). Best Practices for Risk Management in Complex Projects. Informatica Economica, Bucharest, Vol. 15, Issue 2.

Burnaby,P. Susan, H. (2009) "Ten steps to enterprise‐wide risk management", Corporate Governance: The international journal of business in society, Vol. 9 Issue: 5, pp.539-550

Bogodistov, Y. Wohlgemuth, V, (2017) "Enterprise risk management: a capability-basedperspective", The Journal of Risk Finance, Vol. 18 Issue: 3, pp.234-251.

Chen, Zhongwen, (2011). The Application of Spiral Model in Enterprise Risk Management. International Conference on Electronics and Optoelectronics (ICEOE): 376-379.

Cooper, Dale F., (2007). Tutorial Notes: The Australian and New Zealand Standard on Risk Management, AS/NZS 4360:2004. Published by: Broadleaf Capital International Pty Ltd: 41, 42.

COSO (The Committee of Sponsoring Organisations of the Treadway Commission) (2004). Enterprise risk management - integrated framework, application techniques. New York: AICPA.

Deloach, James W., (2000). Enterprise-Wide Risk Management. FT Prentice Hall, 1 edition.

Deng, Lihong, Feng, Xuefei, (2008). Step into Enterprise Risk Management: A case study of Sydney Harbor Oil Spill Event. 4th International Conference on Wireless Communications, Networking and Mobile Computing, WiCOM '08.

Diers, D. (2011). Management strategies in multi-year enterprise risk management. The Geneva Papers onRisk and Insurance-Issues and Practice, 36(1), 107–125.

Demidenko, E., & McNutt, P (2010). The ethics of enterprise risk management as a keycomponent of corporate governance. International Journal of Social Economics, 37(10).

Flori, C. Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case. The British Accounting Review. Vol 49, pp. 56-74.

Fraser, I.,& Henry, W. (2007). Embedding risk management: structures and approaches. Managerial Auditing Journal.Vol.22 No.4,pp. 392-409.

Fraser, J. (2014). Building enterprise risk management into agency processes and culture. In T. H. Stanton, & D. W. Webster (Eds.), Managing risk and performance: A guide forgovernment decision makers (pp. ). Hoboken, New Jersey: John Wiley & Sons.

Fraser, R. S., Simkins, B. J., & Narvaez, K. (Eds.). (2015). Implementing enterprise riskmanagement: Case studies and best practices. Hoboken, New Jersey: John Wiley &Sons.

Fraser, John, J. Simkins, Betty, (2010). Enterprise risk management: today’s leading research and best practices for tomorrow’s executives., John Wiley & Sons, Inc.

Gates, Stephen, Nicolas, Jean-Louis, Walker, Paul L., (2012). Enterprise Risk Management: A Process For Enhanced Management and Improved Performance. Management Accounting Quaterly, 13(3), pp. 28-38.

Grace, M. F., Leverty, J. T., Phillips, R. D., & Shimpi, P. (2014). The value of investing inenterprise risk management. Journal of Risk and Insurance. doi: 10.1111/jori.12022.

Girdziute, L. (2012). Risks in agriculture and opportunities of their integrated evaluation. Procedia-Social and Behavioral Sciences 62, pp. 783-790.

Hoyt, R. E. and Liebenberg, A. P. (2011) ʻThe Value of Enterprise Risk Managementʼ, Journal of Risk and Insurance, 78 (4), pp. 795-822.

Kaplan, R.S., and A. Mikes. 2012. Managing risks: A new framework. Harvard Business Review 90 (6): 48-60.

Kaplan, R. S. and Mikes, A. (2014) ‘Towards a Contingency Theory of EnterpriseRiskManagement’, Harvard Business Review, January, [Online].

Khan, O., B. Burnes, B., (2007). Risk and supply chain management: Creating a research agenda. International Journal of Logistics Management, 18(2), 197˚216.

Lawrence, G. A., Martin L. P. and Chih-Yang, T. (2009) ‘Enterprise risk managementand firm performance: A contingency perspective’, Journal of Accounting andPublic Policy, 28 (4), pp. 301-327.

Lai, I.,& Lau, H.,(2011).  A hybrid risk management model: a case study of the textileIndustry. Journal of Manufacturing Technology Management. Vol.23.No.5,pp. 665-680.

Lundqvist, S, (2015). Why firms implement risk governance – Stepping beyond traditional risk management to enterprise

      risk management. J.Account. Public Policy 34 (2015) 441-466.  

Manab, N. A., Hussin, M. R., Kassim, I., (2007). Empirical Study on Theory and Practice of Enterprise-Wide Risk Management (EWRM) on Internal Auditing and Risk Management Functions of Public Listed Companies in Malaysia.Retrieved from http://www.rmi.nccu.edu.tw/apria/docs/ Concurrent.

Manning,L.& Soon,J.M. (2013). Mechanisms for assessing food safety risk. British Food Journal.Vol. 115 No.3, pp. 460-484.

Mbanasor,J,A, & Nwaru,J.C, (2011). Analysis of risk among agribusiness enterprisesinvestment in Abia State, Nigeria.Journal of Economics and International Finance vol.3 (3),pp.187-194.

McShane, M.(2017). Enterprise risk management:history and a design science proposal,The Journal of Risk Finance,Vol.19 No.2,pp.137-153.  

Mikes, A. (2009) ʻRisk Management and Calculative Cultures', ManagementAccounting Research, 20 (1), pp.18-40.

Monda, B., & Giorgino, M. (2013, April). An ERM maturity model. Paper presented at theEnterprise Risk Management Symposium, Chicago, IL. Retrieved fromhttps ://www./ soa.org/LibraryMonographs/Other-Monographs.

Olson, David L., Wu, Desheng, (2010). Enterprise Risk Management Models. Springer- Verlag.

Olson, D. L.,&Wu,D. (2011c). Risk management models for supply chain:Ascenario analysis of outsourcing to China. Supply Chain Management–An International Journal, 16(6), 401–408.

Paape, L. and Speklé, R. F. (2012) ‘The Adoption and Design of Enterprise RiskManagement Practices: An Empirical Study’, European Accounting Review, 21(3), pp. 533-564.

Razali, A. & Tahir, I. (2011). Review of Literature on Enterprise Risk Management. Business Management Dynamics.,Vol,No.5, pp.8-16.

Sandelowski, M. and Barros, J. (2007). Handbook for Synthesizing Qualitative Research. Springer publishing company Inc

Soderholm, Peter, Karim, Ramin, (2010). An enterprise risk management framework for evaluation of eMaintenance. Int Journal of System Assurance Engineering and Management, 1(3), 219˚228.

Sprcic,M., Mesin Zagar, M., Sevic, Z., & Marc, M. (2016). Does enterprise risk management influence market value – A long-term perspective. Risk Management, 18 (2/3), 18–65. https://doi.org/10.1057/rm.2016.3

Teuten, Peter, (2005). "Enterprise Risk Management: Its Evolution And Where It Stands Today", The John Liner Review, 19, 13-20.

Tekathen, M. and Dechow, N. (2013) ‘Enterprise risk management and continuous realignment in the pursuit of accountability: A German case’, ManagementAccounting Research, 24 (2), pp. 100-121

Verbano, Chiara, Venturini, Karen, (2013). Managing Risks in SMEs: A Literature Review and Research Agenda. Journal of Technology Management & Innovation, 8(13).

Wang, S. and Faber, R. (2006) Enterprise Risk Management for Property-CasualtyInsurance Companies. Research Project sponsored by the Casualty Actuarial Society, the ERM InstituteInternational, Ltd., and the Joint SOA/CAS RiskManagement Section.

Wharton, S. I. and Skinner, D. A. (2007) ‘Reducing Earnings Volatility through RiskManagement: The RMA/AFS Risk Analysis Service’, The RMA Journal, 89 (6),pp.70

Woods, M. 2009. A contingency theory perspective on the risk management control system within Birmingham City Council. Management Accounting Research 20 (1): 68–91.

Woods, M. (2011) Risk Management in Organizations: An Integrated Case StudyApproach. Abingdon: Routledge.

Woon Lai, F. (2014). Examining the Dimensions of Enterprise Risk Management Implementation Framework, Its Challenges and Benefits: A Study on Malaysian Public Listed Companies. Journal of Economics, Business and Management, Vol.2, No.2.

Woon lai, F.,& Samad, F.(2015). Enterprise Risk Management Framework and The Empirical Determinants of Its Implementation, https://www. researchgate.net/ publication/ 278002258 .

Wu, D. D., & Olson, D. (2010). Enterprise risk management: A DEA VaR approach in vendor selection.International Journal of Production Research, 48(16), 4919–4932.