An ERM programme must take into consideration all business divisions in order to be successful. According to Mehta (2010, p.35), a common problem with ERM is that many organizations consider such programmes to be only effective in compliance issues and fail to identify risks attached to operational units. “If this happens, the CEO will inevitably lose interest, the program will not work and all efforts to implement ERM will be essentially futile” (Mehta, 2010, p.36). All of the literature on enterprise risk management seems to reinforce that without an entire business focus, risk management efforts will be unsuccessful and will not provide much long-term value to the organization. One problem with ERM is that there are no solid benchmarks by which organizations can develop their own effective enterprise risk management strategy. A recent survey of 460 senior managers in multiple industries identified that 54.6 percent of respondents looked toward the COSO framework model for their ERM programmes, not always finding effective results through this benchmarking effort (Beasley, Branson & Hancock, 2010). . Enterprise Risk Management: Economic And Competitive Environments.
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