PhD Thesis of Management Sample


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(2000) separates uncertainty and risk according to both factors


The existence of uncertainty, complexity and ambiguity in the

business environment promotes the need to establish a dependable

risk governance. The use of Enterprise Risk Management (ERM) has

also been considered as an effective method to attain good risk

governance in order to deal with both upside and downside of

uncertainty and risk. ERM treats all of the risks holistically in order to

achieve organization aims in volatile, normal and crisis situations. This

PhD thesis will discuss issues related to the ERM implementation and

how it has been adapted and implemented in the insurance market of

both India and UK. Mixed methods for research have also been

employed coming from a qualitative stand point in order to explore

research issues, consisting two surveys in both countries, with more

than 50 interviews, as well as two case studies in the country’s

insurance markets. The study revealed that an ambiguity is present

when it comes to understanding all definitions of ERM, as well as the

risks involved across both of the countries.

Background of the Study

In the current environment of business, corporations faced

ambiguity, volatility, and uncertainty. Understanding uncertainty

and risk has posed a number of challenges, and a clear

distinction between uncertainty and risk is not clear. Ramir

as measurability and immeasurability. It also highlights the

impact of individual characteristic involved in the situation in

terms of probability determination. Bernel (1998) also

connected the importance of conditions to uncertainty where

both measurement and rationality are vital to the process of

decision making.

Research Focus

The currently existing regulations in the financial industry require a

high level of transparency among institutions. Terrorist attacks, cyber-

attacks, as well as increased volatility in the financial markets,

including the bailout of the companies including the American

International Group (AIG), in the recent past, leading companies to

adopt their approaches beyond the Traditional Risk Management

processes. Just recently, ERM has introduced a shift from a separatist

approach, converting to an integrated approach in order to include

both risks in a holistic way, considering them as a way to implement

effective risk governance in the field of financial industry.

Recent financial issues have further raised concerns for exigency in

order to deal with the challenges in a holistic way. The financial

markets have also become more volatile, which means that the

companies has to prepare accordingly in order to deal with such

crisis and volatile situations. The adoption of a higher standard of risk

governance through ERM practices may offer plausible assurance to

companies starting from the downside of challenges and risks,

though the implementation will not be easy (Charter & Pucer, 2007).

By adopting the Institutional Theory, the study will offer comparative

highlights on the specific aspects of ERM that is needed to

understand risk governance completely. Unfortunately, a wide

ambiguity involved in the understanding of ERM surfaced. The

corporates are struggling in terms of the definition of ERM, including

its goals and scope. Some definitions have also been proposed,

without any requirements of standardization. As such, corporates

cannot find the right strategies which can deal with uncertainties and

risks in order to enhance risk governance.

Future Research

Future research covering the jurisdiction at a local, industry, as well

as international level would be enough basis for worthwhile effort.

The understanding of the concept of ERM needs the completion of

more case studies which will help in understanding the institutional

change, as well as its impact on strategies. There would be

advantages that can be expected from presenting an international

comparative study that compares ERM practices of local partnership

and joint venture partnerships between India and the UK.


Bernel, G. (1998). The rise and introduction of the Chief Risk Officer:

risk management at enterprise level. Applied Corporate Finance

Journal, 12(3), 45-67.

Charter, G. & Pucer, G. (2007). Investigating the evolution of

enterprise risk management in the insurance sector. Risk and

Insurance Reports, 2(1), 23-34.

Ramir, G. (2000). The relevance of disclosing risk factors in corporate

yearly reports. UK Accounting Review, 34(2), 45-56.

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