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1、EnterpriseRiskManagementfromTheorytoPractice:TheRoleofDynamicCapabilitiesApproachtheSpringModelAmerigoSilvestri,MarikaArena,EnricoCagno,PaoloTrucco,andGiovanniAzzoneAbstractEnterpriseRiskManagementhascometotheforefrontasanessentialdeviceforassessingbusinessthreats,opportun
2、ities,andtheirimpactonthecreationofvalue.Inthiscontext,thischapterattemptedtoproposeanoperationalERMframe-work,theSpringmodel,whichisspeci?callyaimedtosupportthetransi-tionofERMfromthegovernancespheretotheoperationalunits.KeywordsEnterpriseRiskManagementGovernance1Introdu
3、ctionOverthelast10years,EnterpriseRiskManagement(ERM)emergedasanewparadigmforidentifyingandmanagingrisks(e.g.COSO2004;Beasleyetal.2006;OlsonandWu2007;Kaj€uteretal.2007;Power2007).Itiscentredontheideaofriskmanagementasaprocessthatcrossestheentireorganization,designedtoident
4、ifypotentialeventsthatmayaffecttheachievementofentityobjectives(COSO2004).Initiallydevelopedunderthein?uenceofmajorregulatoryprogrammes(SpiraandPage2003),ERMgainedrapidlytheattentionofbothresearchersandpracti-tioners,ascon?rmedbythegrowingnumberofpublicationsdealingwiththi
5、sissue.ProfessionalassociationsandpublicbodieshaveproposedapproachesandguidelinesforimplementingERMsystems(e.g.AIRMIC,IIA,PRIMO),andthewebsitesofconsulting?rmshavedevotedincreasingspacetoservicesrelatedtoERM(http://www.pwc.com;http://www.kpmg.com;http://www.deloitte.com;ht
6、tp://www.protiviti.com).Today,afterafewyearsfromtheof?cialformalizationoftheERMconceptintheCOSOFramework(COSO2004),wecansaythattheideaonwhichitfoundsiswellknownamongdifferenteconomicsubjectsanditiswidelyacceptedbybothA.Silvestri,M.Arena,E.Cagno,P.Trucco,andG.AzzonePolitecn
7、icodiMilano,Milano,ItalyD.D.Wu(ed.),QuantitativeFinancialRiskManagement,ComputationalRiskManagement,281DOI10.1007/978-3-642-19339-2_22,#Springer-VerlagBerlinHeidelberg2011282A.Silvestrietal.companiesandregulators(e.g.SobelandReding2004;DeLoach2004;NoccoandSchultz2006;Woods
8、2007).Theconceptionofintegratedriskmanagement,whichisatthebasisofERM,islookedatasapossibl