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Scoping the field of Enterprise Risk Management - and implementing it at Kraftringen AB

Davidsson, Karl-Oskar LU and Falkman, Lennart LU (2021) VRSM01 20202
Risk Management and Safety Engineering (M.Sc.Eng.)
Abstract
Enterprise Risk Management is implemented in various sectors and context. What is really know about ERM and how has the concept progressed parallel to risk research in general? This master thesis investigates some general aspects of ERM and what specific aspects of risk management research is present in current scientific literature. The thesis will consist of a scoping study and a practical implementation at the utility company Kraftringen. Based on the results from the scoping study, results will be used to enhance the implementation at Kraftringen. Some of the most important results were: Ambiguity in terms of implementation, lack of detail, duality of holism, incoherence about uncertainties, importance of communication, lack of dealing... (More)
Enterprise Risk Management is implemented in various sectors and context. What is really know about ERM and how has the concept progressed parallel to risk research in general? This master thesis investigates some general aspects of ERM and what specific aspects of risk management research is present in current scientific literature. The thesis will consist of a scoping study and a practical implementation at the utility company Kraftringen. Based on the results from the scoping study, results will be used to enhance the implementation at Kraftringen. Some of the most important results were: Ambiguity in terms of implementation, lack of detail, duality of holism, incoherence about uncertainties, importance of communication, lack of dealing with black swan events, lack of questioning of background knowledge and lack of achieving resilience. The recommendations to Kraftringen were: Complement the ERM model with appropriate “hybrid model” to make ERM more sensitive to organizational context, the importance of being value-centric, shaping of communication channels, increase awareness of uncertainties and black swan events, reap the benefits from single- and double loop learning. (Less)
Popular Abstract
Enterprise Risk Management, ERM, a strategical and all-encompassing framework for companies to handle risks. Once implemented, does the method really rule them all, the risks that is? We think so.

But it will not happen overnight and it is going to take some effort for a company to get there. In the master thesis “Scoping the field of Enterprise Risk Management – and implementing it at Kraftringen AB”, we found out that there is a great deal of different views on the topic, its treatment of definitions and how brilliant minds helps to make it better.
Please use this url to cite or link to this publication:
author
Davidsson, Karl-Oskar LU and Falkman, Lennart LU
supervisor
organization
course
VRSM01 20202
year
type
H2 - Master's Degree (Two Years)
subject
keywords
Enterprise risk management, ERM, holistic, communication, decision making, resilience, robustness, black swan, implementation, uncertainties, background knowledge, protective values, limitations
language
English
id
9038340
date added to LUP
2021-01-27 15:49:54
date last changed
2021-01-27 15:49:54
@misc{9038340,
  abstract     = {{Enterprise Risk Management is implemented in various sectors and context. What is really know about ERM and how has the concept progressed parallel to risk research in general? This master thesis investigates some general aspects of ERM and what specific aspects of risk management research is present in current scientific literature. The thesis will consist of a scoping study and a practical implementation at the utility company Kraftringen. Based on the results from the scoping study, results will be used to enhance the implementation at Kraftringen. Some of the most important results were: Ambiguity in terms of implementation, lack of detail, duality of holism, incoherence about uncertainties, importance of communication, lack of dealing with black swan events, lack of questioning of background knowledge and lack of achieving resilience. The recommendations to Kraftringen were: Complement the ERM model with appropriate “hybrid model” to make ERM more sensitive to organizational context, the importance of being value-centric, shaping of communication channels, increase awareness of uncertainties and black swan events, reap the benefits from single- and double loop learning.}},
  author       = {{Davidsson, Karl-Oskar and Falkman, Lennart}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{Scoping the field of Enterprise Risk Management - and implementing it at Kraftringen AB}},
  year         = {{2021}},
}