The Adoption and Design of Enterprise Risk Management Practices: An Empirical Study
研究了企业风险管理的实施程度及其影响因素，以及具体设计选择对风险管理效果的影响，发现监管环境、内部因素等影响实施，而风险评估频率和定量技术影响效果，但COSO框架并未提升效果。
We examine (1) the extent of enterprise risk management (ERM) implementation and the factors that are associated with cross-sectional differences in the level of ERM adoption, and (2) specific risk management design choices and their effect on perceived risk management effectiveness. Broadly consistent with previous work in this area, we find that the extent of ERM implementation is influenced by the regulatory environment, internal factors, ownership structure, and firm and industry-related characteristics. In addition, we find that perceived risk management effectiveness is associated with the frequency of risk assessment and reporting, and with the use of quantitative risk assessment techniques. However, our results raise some concerns as to the COSO (Committee of Sponsoring Organizations) framework. Particularly, we find no evidence that application of the COSO framework improves risk management effectiveness. Neither do we find support for the mechanistic view on risk management that is implied by COSO's recommendations on risk appetite and tolerance.