Abstract

VILLANUEVA, Eduart; NUNEZ, María Antonia  and  MARTINS, Izaias. Impact of risk governance and associated practices and tools on enterprise risk management: some evidence from Colombia. Finanz. polit. econ. [online]. 2022, vol.14, n.1, pp.187-206.  Epub July 23, 2022. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.v14.n1.2022.8.

Enterprise risk management (ERM) is a discipline char is becoming increasingly necessary due to the changing environment in which companies operate. This paper is based on a research question that poses hypotheses questioning che impact of risk governance and associated practices and cools on ERM development. Hierarchical linear regression models were applied to test the hypotheses that suggest a relationship between predictor variables and che ERM criterion variable. A sample of 140 large private companies horn different economic sectors in Colombia was used to evaluate their behaviour and/or organizational performance related to che analysis variables. The main results suggest that risk governance composed of senior management commitment and risk management structure has a positive correlation with ERM. Also, it is evidenced that che practices and tools integrated by risk maps and risk treatment measures have a positive correlation with the maturity of ERM, Finally, the study's main findings and their implications are discussed, which serves as a basis for strengthening ERM in emerging markets.

Keywords : risk governance; practices; and tools; ERM development.

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