全球经济危机和商业环境的复杂性使传统的风险管理体系出现了缺陷。这些为企业领导者提供了经验教训，并提高了企业风险管理 (ERM) 的普及度。ERM 是管理组织整体风险以实现其战略目标的整体方法。尽管具有相关性，但关于企业风险管理的适当衡量和企业风险管理绩效的问题仍然存在。本研究对企业风险管理的衡量和绩效进行了全面、系统的文献综述。Google Scholar 是 2001 年至 2020 年 ERM 文献的主要搜索工具，SCImago 期刊排名中列出的论文为讨论过。根据审查，没有衡量企业风险管理的具体方法；因此，学者们依赖不同的代理。大多数研究依赖于二手资料，特别是任命首席风险官作为简单的企业风险管理代理。由于评估 ERM 信息的困难，这种方法在文献中被广泛采用。本文建议进一步研究企业风险管理的实证测量应同时依赖第一手和第二手数据，因为它们是相辅相成的。这将提供更多见解并允许考虑更多因素来进行稳健的 ERM 测量。就绩效而言，ERM 文献揭示了不同的结果；然而，有足够的证据支持企业风险管理提高公司盈利能力和价值的说法。此外，先进水平的企业风险管理实施显着提高了公司绩效。我们建议学者们考虑研究新兴经济体的企业风险管理与绩效关系，因为这些研究大多集中在美国和欧洲经济体。此外，未来的研究应考虑调查非线性关系以及调节因素如何影响 ERM-绩效关系。企业还必须加强其 ERM 系统，因为更高水平的 ERM 实施可以提高绩效。
The measurements and performance of enterprise risk management: a comprehensive literature review
Abstract Global economic crises and complexities in the business environment have flawed the traditional risk management system. These have provided lessons to business leaders and enhanced the popularity of Enterprise Risk Management (ERM). ERM is the holistic approach to managing the overall risks of an organisation to achieve its strategic goals. Despite its relevance, the question about the appropriate measurement for ERM and the performance of ERM remains. This study provides a comprehensive and systematic literature review on the measurement and performance of ERM. Google Scholar was the primary search tool for ERM literature from 2001 to 2020, and papers listed in SCImago journal ranking were discussed. According to the review, there is no specific approach to measuring ERM; hence, scholars rely on different proxies. Most studies rely on secondary sources, particularly the Chief Risk Officer’s appointment as a simple ERM proxy. This approach is widely adopted in the literature due to the difficulty in assessing ERM information. This paper recommends that further studies on the empirical measurement of ERM should rely on both primary and secondary data as they complement each other. This will provide more insight and allow more factors to be considered for a robust ERM measurement. In terms of performance, the ERM literature reveals mixed findings; however, there is enough evidence to support the assertion that ERM enhances firm profitability and value. Also, an advanced level of ERM implementation significantly improves firm performance. We suggest that scholars consider examining the ERM-performance relationship in emerging economies, as most of these studies centred on the US and European economies. In addition, future studies should consider investigating the non-linear relationship and how moderating factors affect the ERM-performance relationship. Firms must also strengthen their ERM system, as a higher level of ERM implementation improves performance.
