Adina-Liliana Prioteasa
Vasile-Emil Ștefan
Carmen Nadia Ciocoiu

The Bucharest University of Economic Studies, Bucharest, Romania

2nd International Scientific Conference on Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture – ITEMA 2018 – Graz, Austria, November 8, 2018, CONFERENCE PROCEEDINGS published by the Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-13-4


The inherent complexity and risk profile of business operations and of financial and capital markets in which they operate increase the importance of effective risk management practices and the modalities of their implementation and application. In view of this, it is essential to know the aspects of the implementation of risk management, which is why a review of the literature has been carried out.

After defining the search criteria, the search was performed on the Web of Science Core Collection database, where 4 articles were obtained. To consolidate research, it was considered appropriate to perform a search on Google Search to identify the studies carried out by practitioners. 9 studies were obtained, forming a final 13-articles database.

The main objective of this work is to provide an overview of the existing literature on implementation of risk management within organizations, identifying key issues raised by authors and suggesting possible research pathways in this area.

Key words

enterprise risk management, implementation, good practice, review


[1] Hilson, D. (2016). Risk Management: Best Practice and Future Developments. Retrieved 23 August, 2018, from

[2]   Brackett, J. (2011). Enterprise Risk Management: A pragmatic, four phase implementation plan. Retrieved August 20, 2018, from

[3]   Protiviti. (2006). Guide to Enterprise Risk Management – Frequently asked questions. Retrieved September 18, 2018, from

[4]   Howard, P. (2009, Martie). Remaining buoyant. The Treasurer. Retrieved September 18, 2008, from

[5]   Society of Actuaries. (2006, May). Enterprise Risk Management Specialty Guide. Retrieved September 14, 2018, from

[6]   Association of Government Accountants. (2016). 2016 ERM and Internal Controls Forum Summary. Washington: Association of Government Accountants. Retrieved September 22, 2018, from

[7]   The Institution of Civil Engineers, & The Faculty and Institute of Actuaries. (2009). ERM – a guide to implementation. Retrieved May 30, 2018, from

[8]   Frigo, M. L., & Anderson, R. J. (2011). Embracing Enterprise Risk Management: Practical Approaches for Getting Started. Retrieved May 23, 2018, from

[9]   CAS. (2003, Mai). Overview on Enterprise Risk Management. Retrieved September 17, 2018, from

[10] Filip, A. (2018, February). WEB OF SCIENCE CORE COLLECTION pentru începători. [Powerpoint Presentation]. Retrieved September 2, 2018, from

[11] Insurance Commission of Western Australia. (2016). Sample Risk Management Implementation Strategy. Retrieved August 19, 2018, from

[12] Latilla. (2011, Mai). 8 Step Guide to Implementing ERM. Retrieved May 10, 2018, from

[13] Gallagher Higher Education Practice. (2009). Road to Implementation: Enterprise Risk Management for Colleges and Universities. Rolling Meadows: Arthur J. Gallagher & Co.

[14] Protiviti. (2006). Enterprise Risk Management: Practical Implementation Advice. 1-3. Retrieved May 3, 2018, from

[15] Zhao, X. B., Hwang, B. G., & Low, S. P. (2014). Enterprise risk management implementation in construction firms: An organizational change perspective. Management Decision, 52 (5), 814-833.

[16] Lai, F. W., & Samad, F. A. (2011). Enterprise risk management framework and the empirical determinants of its implementation. International Conference on Business and Economics Research 2010 (pp. 340-344). Kuala Lumpur: Procedia International Proceedings of Economics Development and Research.

[17] Miccolis, J. (2003). Implementing Enterprise Risk Management: Getting the Fundamentals Right. Retrieved August 18, 2018, from

[18] Rostami, A., Sommerville, J., Wong, I. L., & Lee, C. (2015). Risk management implementation in small and medium enterprises in the UK construction industry. Engineering Construction and Architectural Management, 22 (1), 91-107.

[19] Ahmad, S., Ng, C., & McManus, L. A. (2014). Enterprise risk management (ERM) implementation: Some empirical evidence from large Australian companies. International Conference On Accounting Studies 2014 (pp. 541-547). Kuala Lumpur: Procedia Social and Behavioral Sciences .

[20] Institute of Management Accountants. (2007). Enterprise Risk Management: Tools and Techniques for Effective Implementation. Retrieved August 16, 2018, from

[21]     IRM. (2018). A Risk Practitioners Guide to ISO 31000: 2018. Retrieved September 22, 2018, from



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