Hermann-Hennig NiemannImproving the Performance Impact of Risk Management

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Three major findings represent the main contribution of the study to the existing literature on risk management performance impact:

First of all, the results from the survey do not lend support to the view that risk management performance in terms of aligning business-related risk exposures with the threshold levels dictated by a pre-established organizational risk appetite plays an important intermediary role in explaining the impact of risk management on organizational performance outcomes. Hence the study raises doubts regarding the relevance of the concept of an enterprise-wide risk appetite and its meaningfulness as an orientation mark for the risk management function in non-financial organizations.

Second, a detailed analysis of the interactions between different risk management components shows that their impact on organizational performance outcomes varies considerably between different components.

Third, the results of multigroup analyses indicate that the interactions between the different ERM components as well as their subsequent performance impact vary depending on the realizations of five control variables (in particular the size and complexity of the organization as well as to the previous experience connected with and the organizational resources devoted to managing risk).

For risk management practitioners these findings imply that appropriate approaches towards risk management (including the decision upon which risk management components they should focus) have to be tailored to the specific characteristics of the organization.

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