Quality assessment of enterprise risk management programs

Enterprise risk management (ERM) is an important process for organizations to manage risks and identify opportunities in a holistic manner. Earlier studies have explored antecedents and consequences of ERM programs considering organizational, procedural, technical, and other related factors. However, limited evidence is available regarding the effectiveness of ERM programs. Using semi-structured interviews with ERM experts, this paper explores how experts assess the efficacy and quality of ERM programs and whether they adopt project management (PM) and total quality management (TQM) tools for implementing and improving the ERM program. Further, the Interpretive Structural Modeling (ISM) technique is used to explore causality among factors influencing the efficacy of an ERM program. The findings of this study provide useful insights to both practitioners and researchers to better understand the importance of assessing and enhancing the quality of ERM programs, and establish cause-effect relationships across factors influencing the efficacy of such programs.