Risk Management, Corporate Governance and Strategic Alignment: A Case Study

Marcelo Oleskovicz, Fábio Lotti Oliva, Marcelo Caldeira Pedroso


This study aims to analyze the corporate risk management process within a private pension organization. Specifically, it seeks to identify the relationships between corporate risk management, corporate governance and strategic management in this organization, which is one of the largest private pension companies in Brazil. The research is exploratory in nature and the method adopted is an in-depth single case study. An efficiency improvement in the management of risks was evidenced by an integrated vision, in the form of a risk portfolio, supported by a structured and continuous process, solidly embedded in the context of its corporate governance. Currently, this organization is seeking to connect strategic risks to strategy analysis and formulation in order to explore the positive side of risks, in the form of strategic opportunities. As a conclusion corporate governance and strategic management have become inseparable elements of corporate risk management in the company studied.



Strategy. Corporate Risk Management. Corporate Governance. Strategic Management. Private Pension.


Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), 3213-3226.

Ahmad, S., Ng, C., & McManus, L. A. (2014). Enterprise Risk Management (ERM) implementation: Some empirical evidence from large Australian companies. Procedia-Social and Behavioral Sciences, 164, 541-547.

Altuntas, M., Berry-Stölzle, T. R., & Hoyt, R. E. (2011). Implementation of enterprise risk management: Evidence from the German property-liability insurance industry. The Geneva Papers on Risk and Insurance-Issues and Practice, 36(3), 414-439.

Arena, M., Arnaboldi, M., & Azzone, G. (2010). The organizational dynamics of enterprise risk management. Accounting, Organizations and Society, 35(7), 659-675.

Arnold, V., Benford, T., Canada, J., & Sutton, S. G. (2015). Leveraging integrated information systems to enhance strategic flexibility and performance: The enabling role of enterprise risk management. International Journal of Accounting Information Systems, 19, 1-16.

AS/NZS (1995). Australian/New Zealand Standard of Risk Management. Sydney: Standards Australia.

Baxter, R., Bedard, J. C., Hoitash, R., & Yezegel, A. (2013). Enterprise risk management program quality: Determinants, value relevance, and the financial crisis. Contemporary Accounting Research, 30(4), 1264-1295.

Beasley, M., Branson, B., & Pagach, D. (2015). An analysis of the maturity and strategic impact of investments in ERM. Journal of Accounting and Public Policy, 34(3), 219-243.

Bhimani, A. (2009). Risk management, corporate governance and management accounting: Emerging interdependencies. Management Accounting Research, 20(1), 2-5.

Bromiley, P., McShane, M., Nair, A., & Rustambekov, E. (2015). Enterprise risk management: Review, critique, and research directions. Long Range Planning, 48(4), 265-276.

CAS. (2003). Overview of Enterprise Risk Management. Casualty Actuarial Society (CAS). Recuperado em 19 junho, 2018, de http://www.casact.org/area/erm/overview.pdf.

Callahan, C. & Soileau, J. (2017). Does Enterprise Risk Management enhance operating performance? Advances in Accounting, 37, 122–139.

Collier, P. M. (2009). Fundamentals of risk management for accountants and managers. New York: Routledge.

Committee of Sponsoring Organizations of the Treadway Commission [COSO]. (2004). Enterprise Risk Management - Integrated Framework.

Committee of Sponsoring Organizations of the Treadway Commission [COSO]. (2013). Internal Control - Integrated Framework.

Coopers & Lybrand. (1997). Los nuevos conceptos del control interno. Informe Coso. Madrid: Editorial Díaz de Santos.

Farrell, M., & Gallagher, R. (2015). The valuation implications of enterprise risk management maturity. Journal of Risk and Insurance, 82(3), 625-657.

FERMA. (2003). Normas de Gestão de Riscos. Federation of European Risk Management Association (FERMA). Recuperado em 19 junho, 2018, de http://www.ferma.eu.

Florio, C. & Leoni, G. (2017). Enterprise Risk Management and firm performance: The Italian case. The British Accounting Review, 49, 56-74.

Frigo, M. L., & Anderson, R. J. (2011). What is strategic risk management? Strategic Finance, 92(10), 21.

Gaitán, R.E. (2006). Control interno y fraudes 2a ed. Bogotá: Ecoe Ediciones.

Gibbs, E., & DeLoach, J. (2006). Which comes first... managing risk or strategy-setting? Both! Effectively integrating risk management with the strategy-setting process enables management to focus on achieving its expected return while controlling its accepted risk exposure. Financial Executive, 22(1), 34-40.

IBGC. (2007). Guia de orientação para gerenciamento de riscos corporativos. Instituto Brasileiro de Governança Corporativa (IBGC). Recuperado em 19 junho, 2018, de http://www.ibgc.org.br/userfiles/3.pdf.

IIA. (2001). Risk or Opportunity – the Choice is Yours. The Institute of Internal Auditors (IIA). Recuperado em 19 junho, 2018, de http://usfweb2.usf.edu/uac/documents/riskparadigm.pdf

Kaplan, R. S., & Mikes, A. (2012). Managing risks: A new framework. Harvard Business Review, 90(6), 48-58.

Kleffner, A. E., Lee, R. B., & McGannon, B. (2003). The effect of corporate governance on the use of enterprise risk management: Evidence from Canada. Risk Management and Insurance Review, 6(1), 53-73.

Liebenberg, A. P., & Hoyt, R. E. (2003). The determinants of Enterprise Risk Management: Evidence from the appointment of Chief Risk Officers. Risk Management and Insurance Review, 6(1), 37-52.

Lundqvist, S. A. (2015). Why firms implement risk governance – Stepping beyond traditional risk management to enterprise risk management. Journal of Accounting and Public Policy, 34(5), 441-466.

Meulbroek, L. K. (2002). Integrated risk management for the firm: a senior manager's guide. Harvard Business School Working Paper n.. 02-046. Available at SSRN 301331.

Miccolis, J. (2000). Enterprise Risk Management in the Financial Services Industry: Still a long way to go. International Risk Management Institute {IRMI}, Expert commentary. Recuperado em 19 junho, 2018, de https://www.irmi.com/articles/expert-commentary/enterprise-risk-management-in-the-financial-services-industry-still-a-long-way-to-go.

Mikes, A. (2011). From counting risk to making risk count: Boundary-work in risk management. Accounting, Organizations and Society, 36(4), 226-245.

Oliva, F. L. (2016). A maturity model for enterprise risk management. International Journal of Production Economics, 173, 66-79.

Oliva, F.L., Sobral, M.C., Damasceno, F., Teixeira, H.J., Grisi, C.C.H., Fischmann, A.A. & Santos, S.A. (2014). Risks and strategies in a Brazilian innovation – flexfuel technology. Journal of Manufacturing TechnologyManagement, 25(6), 916-930.

Pagach, D., & Warr, R. (2011). The characteristics of firms that hire chief risk officers. Journal of Risk and Insurance, 78(1), 185-211.

Paulo, W. D. L., Fernandes, F. C., Rodrigues, L. G. B., & Eidt, J. (2007). Riscos e controles internos: Uma metodologia de mensuração dos níveis de controle de riscos empresariais. Revista de Contabilidade e Finanças, 43(49), 49-60.

PWC, PricewaterhouseCoopers. Recuperado em 19 junho, 2018, de http://www.pwc.com

RIMS, (2011). FAQ on SRM and ERM. Why Strategic Management? The Risk Management Society (RIMS). Recuperado em 19 junho, 2018, de http://www.rims.org/resources/ERM/Documents/.

Slywotzky, A. J., & Drzik, J. (2005). Countering the biggest risk of all. Harvard Business Review, 83(4), 78-88.

S&P. Standard & Poor’s to Apply Enterprise Risk Analysis to Corporate Ratings. Standard & Poor’s (S&P). Recuperado em 19 junho, 2018, de http://www.nyu.edu/intercep/ERM%20for%20Non-Financial%20Companies%205.7.08.pdf.

Wu, D. D., & Olson, D. L. (2010). Introduction to special section on “Risk and technology”. Technological Forecasting and Social Change, 77(6), 837-839.

Full Text: PDF (Português (Brasil))


  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.

Iberoamerican Journal of Strategic Management  e-ISSN: 2176-0756