ERM Research
While there is an extensive base of academic research about specific risk issues throughout multiple disciplines, such as accounting, finance, insurance, economics, statistics, and financial mathematics, little empirical research exists that specifically focuses on issues related to enterprise risk management (ERM). Despite this void, numerous articles within various academic research journals now include calls for ERM focused research. Many academic researchers are now examining issues related to ERM and streams of ERM-related research are now emerging.
Many of the NC State College of Management faculty have published articles about ERM implementation issues. Other researchers outside NC State are also publishing articles specifically exploring ERM topics. This section of the web site includes brief summaries and full citations to research and other publications by both NC State and other academics.
ERM Initiative to Host Research Conference on Enterprise Risk Management
On April 10 and 11, 2008, the NC State ERM Initiative will be hosting an academic conference focusing on enterprise risk management research and research opportunities. Leading academic ERM researchers have been invited to speak on such topics as the ERM value proposition, the development of a scholarly research agenda on ERM, and training the next generation of risk managers.
Featured speakers include Don Chance, William H. Wright, Jr. Endowed Chair for Financial Services at the E. J. Ourso College of Business at Louisiana State University; Robert Hoyt, Dudley L. Moore, Jr. Chair of Risk Management and Insurance at the Terry College of Business at the University of Georgia; Don Pagach, Professor of Accounting at the Jenkins Graduate School of Management at NC State University; Prodyot Samanta, ERM Analyst at Standard and Poors; William Shenkir, William Stamps Farish Professor of Free Enterprise and Former Dean of the McIntire School of Commerce at the University of Virginia; Paul Walker, Associate Professor of Commerce at the McIntire School of Commerce at the University of Virginia; and Richard Warr, Associate Professor of Finance at the Jenkins Graduate School of Management at NC State University.
Mark Beasley, Deloitte Professor of Enterprise Risk Management and Director of the NC State ERM Initiative and Bruce Branson, Professor of Accounting and Associate Director of the NC State ERM Initiative will also speak.
ERM Initiative Faculty Fellows Receive Six Grant Awards
The ERM Initiative is pleased to announce that several ERM Initiative Faculty Fellows are the recipients of the following six grant awards:
Society of Actuaries – 2008 Research Grants
Three NC State ERM Initiative Faculty Fellows are the recipients of two ERM-related research grants sponsored by the Society of Actuaries. Don Pagach (Accounting), Richard Warr (Finance) and Greg Young (Ethics and Strategy) will receive research funding in 2008 for two separate projects examining issues related to managing reputational risk in the context of ERM. The research study to be conducted by Professors Pagach and Warr will examine the effect of ERM adoption on the firm’s reputation as viewed by various stakeholders. Professor Young will investigate reputational capital by examining stakeholder perceptions of reputational risks in several scenarios that describe various enterprise and stakeholder relationships. The funding by the Society of Actuaries will help support both research projects, which will be conducted during 2008.
GARP Risk Management Research Program – 2007 Research Grant
Don Pagach (Accounting) and Richard Warr (Finance) are the recipients of a Global Association of Risk Professionals (GARP) 2007 Research Program Grant Award for their research proposal, “Firm Performance and the Implementation of Enterprise Risk Management Processes.” This project is one of six proposals awarded by GARP from a pool of projects submitted from academics from thirteen countries and 29 universities. Pagach and Warr are among a prestigious group of other recipients at universities including Harvard, Wharton, Ohio State, Stanford, Chicago, among others.
IBM Center for the Business of Government – 2007 Research Grant
Mark Beasley, Bruce Branson, Bonnie Hancock, and Roby Sawyers are the recipients of a 2007 IBM Center for the Business of Government Award for their research proposal, “An Assessment of Enterprise Risk Management Practices in State and Local Governments.” This study will provide a current snapshot of the state of ERM deployments within U.S. state and local governments. IBM’s center for the Business of Government funds research to examine new approaches to improving the effectiveness of government at all levels. Since its formation in 1998, the Center has funded over 250 scholars and issued more than 150 reports and books.
AICPA & AAA Management Accounting Section – 2007 Research Grant
The American Institute of Certified Public Accountants and the American Accounting Association’s Management Accounting Section awarded NC State’s ERM Initiative one of three research grants to study “Enterprise Risk Management: Critical Success Factors in the Value Creation Process.” The proposed research endeavors to learn more about the ERM adoption decision made by firms operating outside the industries for which regulatory pressure has already created significant need for ERM development. For companies outside these industries, there exists much more significant variation in the extent of ERM adoption and the opportunity to examine ERM programs at various states of deployment. This study will examine factors that lead to ERM implementations that preserve and enhance value.
Office of Extension and Engagement – 2007 Extension Grants
NC State’s Office of Extension and Engagement has awarded the ERM Initiative’s proposal request to provide seed funding to develop workshop materials for a proposed “ERM Workshop: Applications for Small to Medium-Sized Enterprises.” The course will be targeted particularly to boards of directors and senior executives of North Carolina enterprises.
ERM Faculty Receive ERM Research Award
Three NC State Enterprise Risk Management Initiative Faculty Fellows – Mark Beasley, Don Pagach, and Richard Warr – are the 2007 recipients of the ERM Research Excellence Award, presented by The Actuarial Foundation. This award recognizes contributions to the growing body of ERM knowledge and research through their working paper, “Information Conveyed in Hiring Announcements of Senior Executives Overseeing Enterprise-Wide Risk Management Processes,” which examines stock market reactions to company announcements of Chief Risk Officers. The award was presented at the 2007 Enterprise Risk Management Symposium hosted in Chicago, Illinois on March 30, 2007. Read more about this paper