A Review of Enterprise Risk Management in Malaysia

Abstract

Enterprise Risk Management (ERM) is about managing risk holistically with alignment of strategy in order to achieve organization’s objective. Since its emergence in 1990s, many studies on this topic have been conducted around the world. However, just as managing risk is on constant change, area of research on ERM is also evolving and expanding. This critical review is to evaluate the extent of research conducted on ERM in Malaysia with support from other studies elsewhere in the world. Research gaps and future research recommendations on ERM in Malaysia are presented based on this review. The literature review on ERM in Malaysia is conducted through collection of thirty-three journals and conference papers from reliable research engine. Subsequently, seven main themes are identified, which are: methodological approaches; organization’s performance and value; factors to ERM implementation; status of ERM implementation, ERM practice and ERM instruments/constructs. However, more studies related to ERM in Malaysia can be conducted as there are consensus and differences of findings in the seven themes.