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Journal cover: Journal of Risk Finance, The

Journal of Risk Finance, The

ISSN: 1526-5943
Incorporates: Balance Sheet

Online from: 1999

Subject Area: Accounting and Finance

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Risk management in Indian companies: EWRM concerns and issues


Document Information:
Title:Risk management in Indian companies: EWRM concerns and issues
Author(s):P.K. Gupta, (Centre for Management Studies, Jamia Millia Islamia, New Delhi, India)
Citation:P.K. Gupta, (2011) "Risk management in Indian companies: EWRM concerns and issues", Journal of Risk Finance, The, Vol. 12 Iss: 2, pp.121 - 139
Keywords:Business policy, Corporate strategy, India, Risk management
Article type:Research paper
DOI:10.1108/15265941111112848 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Abstract:

Purpose – The purpose of this paper is to examine the current status of risk management in Indian companies and explore the reasons for the adoption or lack of adoption of integrated approach to risk management. It identifies the imperatives for implementation of comprehensive risk management solutions leading to enterprise-wide risk management (EWRM). The paper shows that effective risk management can improve organizational performance but adequate infrastructure is not available in companies for implementing EWRM.

Design/methodology/approach – Exploratory design using the survey research methodology that includes structured questionnaires and interviews of 130 companies.

Findings – Risk management in Indian companies is currently facing the problem of integration and incentivisation. The risk management function is not suitably blended into the corporate strategy and use of information technology for risk management is minimal. The portfolio approach to risk management titled as integrated risk management or EWRM is ineffective from an implementation perspective and a sea change in risk perception is required which accentuates the need for building up of risk culture across business segments and adequate incentivisation for risk management.

Practical implications – Risk management is an integral part of the decision-making process and effective risk management can proactively help in overcoming the possibilities of the business failures.

Originality/value – The paper highlights the fact that knowledge of risk management in Indian companies is inadequate and sample companies hesitate to respond thinking that it may reflect inefficiencies.



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