Enterprise Risk Management, Determinants and Value of Its Implementation

The purpose of this study is to review the literature on enterprise risk management (ERM), determinants ofthistype ofrisk managementand effectiveness of its implementation. ERM as a process that combines all activities related to risk management in one integrated system and holistic framework. Collecting information regarding the existence and implementation of ERM is an importantchallenge in research related to this type of risk management. Previous research review showedthat in moreempirical research the presence of a chief risk officer is sign as ERM implementation within institutions. Also characteristics such as size and institutional ownership has a positive and significant relationship with the ERM implementation and adoption of ERM has a positive impact on shareholder value and firm performance.