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Back povratak na rezultate
2009, vol. 57, br. 7-8, str. 296-307
Value-based ERM
(naslov ne postoji na srpskom)
Beograd
Ključne reči: value-based ERM; key risk indicators; risk impact calculation; valuation models; risk types; risk distributions; scenario testing; risk intelligence; risk appetite; Basel II; value based management; value drivers
Sažetak
(ne postoji na srpskom)
Most successful companies understand the importance of Value Based Management and they use shareholder value calculations when they define strategy, manage opeartions, measure performance and make feedback decisions that continuously improve both strategy and operations. However, third element of value management, Enterprise Risk Management (ERM) is currently not linked to shareholder value calculations and risk exposure is often not reevaluated when new decisions are made. This article presents risk types, their distributions and correlations and how can their individual or combined impact on shareholder value be calculated. Value Management model that includes ERM in each business decision is presented. It enables managers to make risk intelligent decision based on their perception of acceptable risks and related potential shareholder value variations. With value creation and value delivery, ERM becomes third element of Valu-based Management process with quantified contribution to shareholder value.
Reference
Đuričin, D.N., Janošević, S.V., Kaličanin, Đ. (2009) Menadžment i strategija. Beograd: Ekonomski fakultet - Centar za izdavačku delatnost
Hull, J. (2007) Risk Management and Financial Institutions. Pearson Prentice Hall
Kaplan, R.S., Norton, D.P. (1996) The balanced scorecard: Translating strategy into action. Boston, MA, itd: Harvard Business School Press
Koller, T., Goedhart, M., Wessels, D. (2005) Valuation measuring and managing the value of companies. New Jersey: Mckinsey and Company
Segal, S. (1994) Screening for success: Value-based enterprise risk management: The key to unlocking ERM potential. Corporate Finance Review, Jan-Feb
Speltzler, K., Sang-Won, K., Fishman, D. (2007) ERM: A value driven approach. Strategic Decisions Group Inc
 

O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
objavljen u SCIndeksu: 16.02.2010.

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