Designing a Model of Effective Determinants and Financial Consequences of Enterprise Risk Management: Hierarchical Analysis and Developed Theory of Rough

Understanding the importance of controlling and managing enterprise risk, this research seeks to provide a model of regulatory and environmental determinants of enterprise risk management and its financial consequences. This research is developmental in terms of the goal and terms of the result is descriptive-applied research. Also, in terms of data type, it is considered combined research. In the qualitative part, with the participation of 15 experts and using Meta Synthesis and Delphi analysis, regulatory and environmental determinants of enterprise risk management and its financial consequences were identified. Also, with the participation of experts, the most effective dimension of the causes of risk management and the most important consequence of the effectiveness of risk management using gray hierarchical analysis and the developed RAF set was determined. The results of the research showed that among the 64 primary indicators in meta- Synthesis analysis, 55 indicators reached the theoretical limit during the two stages of fuzzy Delphi analysis and it was determined that the quality of the information environment and competitive strategy, corporate governance, internal control and management structure as regulatory and environmental determinants of enterprise risk management and the effectiveness of profitability ratios, fulfilling social responsibility and increasing the trust of stakeholders were determined as the consequences of risk management. Based on the developed RAF analysis, it was determined that the quality of the information environment is the most influential risk management factor, and the increase in the level of trust of the stakeholders is the most important consequence of enterprise risk management. Paying attention to environmental and regulatory factors can lead to the improvement of risk management and as a result, increase the confidence of investors and reduce the cost of capital.