Analysis of Recording, Monitoring and Reviewing Risks in Enterprise Risk Management

The success of enterprise risk management can be ensured through the effective design and implementation of all components of enterprise risk management processes. This study analyses the activities of recording, monitoring and reviewing risks, among the most important steps of the enterprise risk management process. The methods presented in the most widely used risk management standards and frameworks in organisations were researched to determine the current situation. In this context, risk management approaches applied in project management standards were also included in the scope of the study in order to indicate different understandings in risk management. Although these methods are essentially designed to serve the same purpose, the differences and shortcomings in the way risks are recorded, monitored and reviewed are noteworthy. There is a need for a common language and new regulations on how the processes of recording, monitoring and reviewing risks should be implemented in organisations. This study provides opinions and suggestions on how to improve the effectiveness of these processes.