Enterprise Risk Management in Designing Meta-Regulation under Risk-Based Regulatory Strategy: An Empirical Evidence from Financial Regulation
Keywords:
central bank, enterprise risk management, meta-regulation, risk-based regulation, regulatory mix
Abstract
The empirical literature is bounded to explaining the use of emerging regulatory innovation in designing meta-regulation under risk-based regulatory strategy as a new "regulatory mix". Therefore, this paper aims to demonstrate how enterprise risk management (ERM), an emergent regulatory innovation, uses to design meta-regulation under the risk-based strategy. Based on qualitative content analysis of a central bank's annual report in an emerging economy over eleven years, including the issued guidelines and circulars, this paper reveals the dimension of ERM as a meta-regulatory toolkit in the regulatory regime. The evidence reflects that the regulator's sectoral risk management reform based on ERM philosophy enforces regulated banks to develop self-regulation across the industry that subsequently enrol into the regulatory process as a meta-regulatory approach. The regulator achieves the risk-based regulatory aims relying intensely on ERM based self-regulation of the regulated banks and supervise with enhanced institutional capacity and advanced tools and techniques.
Downloads
- Article PDF
- TEI XML Kaleidoscope (download in zip)* (Beta by AI)
- Lens* NISO JATS XML (Beta by AI)
- HTML Kaleidoscope* (Beta by AI)
- DBK XML Kaleidoscope (download in zip)* (Beta by AI)
- LaTeX pdf Kaleidoscope* (Beta by AI)
- EPUB Kaleidoscope* (Beta by AI)
- MD Kaleidoscope* (Beta by AI)
- FO Kaleidoscope* (Beta by AI)
- BIB Kaleidoscope* (Beta by AI)
- LaTeX Kaleidoscope* (Beta by AI)
How to Cite
References
Cristie Ford (2010) Principles-Based Securities Regulation in the Wake of the Global Financial Crisis. 55(2), 257-307.
Cary Coglianese, David Lazer (2003) Management-Based Regulation: Prescribing Private Management to Achieve Public Goals. 37(4), 691-730.
Cary Coglianese, Evan Mendelson (2010) Meta‐Regulation and Self‐Regulation. 145-168.
S Gilad (2010) It runs in the family: Meta-regulation and its siblings. 4(4), 485-506.
Cristie Ford (2008) New Governance, Compliance, and Principles‐Based Securities Regulation. 45(1), 1-60.
C Ford (2009) New governance in the teeth of human frailty: Lessons from financial regulation. 57(3), 441-487.
Julia Black (2012) Paradoxes and Failures: 'New Governance' Techniques and the Financial Crisis. 75(6), 1037-1063.
Peter May (2007) Regulatory regimes and accountability. 1(1), 8-26.
J Black (2005) The Emergence of Risk Based Regulation and the New Public Risk Management in the UK. 32, 1-42.
C Ford (2017) Flexible Regulation Scholarship Blossoms and Diversifies: 1980-2012. 101-120.
Folarin Akinbami (2013) Is meta-regulation all it's cracked up to be? The case of UK financial regulation. 14(1), 16-32.
Marianne Ojo (2010) The growing importance of risk in financial regulation. 11(3), 249-267.
Anne-Laure Beaussier, David Demeritt, Alex Griffiths, Henry Rothstein (2016) Accounting for failure: risk-based regulation and the problems of ensuring healthcare quality in the NHS. 18(3-4), 205-224.
J Black, R Baldwin (2010) Really responsive risk-based regulation. 32(2), 181-213.
Henry Rothstein, Phil Irving, Terry Walden, Roger Yearsley (2006) The risks of risk-based regulation: Insights from the environmental policy domain. 32(8), 1056-1065.
J Black (2003) Risk-Based Regulation: Choices, Practices and Lessons Being Learned. In: in Risk and Regulatory Policy: Improving the Governance of demonstrating the design of a "regulatory mix" in financial regulation. Therefore, this paper extends the Achieve Public Goals. 37, 691-730.
Risk (2010) Future Global Shocks. 7(2), 215-235.
R Baldwin, J Black (2016) Driving priorities in risk-based regulation: What's the problem?. 43(4), 565-595.
Regine Paul, Michael Huber (2015) Risk‐based Regulation in Continental Europe? Explaining the Corporatist Turn to Risk in German Work Safety Policies. 1(2), 5-33.
Cary Coglianese (2020) Regulatory Abdication in Practice.
Cary Coglianese, Jennifer Nash (2006) Motivating without mandates? The role of voluntary programs in environmental governance. 237-252.
Christine Parker (2002) The Open Corporation.
J Gray, J Hamilton (2006) Implementing Financial Regulation.
F Simon (2017) Meta-regulation in practice: Beyond normative views of morality and rationality. Meta-Regulation in Practice: Beyond Normative Views of Morality and Rationality. 1-240.
Brooke Lahneman (2017) "Meta regulation in practice: Beyond normative views of morality and rationality" by F.C. Simon (Routledge, 2017). 22(1), 213-218.
Cristie Ford, Mary Condon (2011) Introduction to "New Governance and the Business Organization" Special Issue of Law and Policy. 33(4), 449-458.
Bridget Hutter (2011) Understanding the New Regulatory Governance: Business Perspectives. 33(4), 459-476.
Christie Hayne, Clinton Free (2014) Hybridized professional groups and institutional work: COSO and the rise of enterprise risk management. 39(5), 309-330.
Philip Bromiley, Michael Mcshane, Anil Nair, Elzotbek Rustambekov (2015) Enterprise Risk Management: Review, Critique, and Research Directions. 48(4), 265-276.
B Nocco, R Stulz (2006) Enterprise Risk Management: Theory and Practice. 18(4), 8-20.
A Liebenberg, R Hoyt (2003) The Determinants of Enterprise Risk Management: Evidence From the Appointment of Chief Risk Officers. 6(1), 37-52.
(2004) COSO -Committee of Sponsoring Organizations of the Treadway Commission. Enterprise Risk Management -Integrated. 3.
Kim Soin, Paul Collier (2013) Risk and risk management in management accounting and control. 24(2), 82-87.
Yongrok Choi, Xiaoxia Ye, Lu Zhao, Amanda Luo (2016) Optimizing enterprise risk management: a literature review and critical analysis of the work of Wu and Olson. 237(1-2), 281-300.
Robert Hoyt, Andre Liebenberg (2011) The Value of Enterprise Risk Management. 78(4), 795-822.
T Viscelli, D Hermanson, M Beasley (2017) The integration of ERM and strategy: Implications for corporate governance. 31(2), 69-82.
M Arena, M Arnaboldi, G Azzone (2011) Is enterprise risk management real?. 14(7), 779-797.
Cristina Florio, Giulia Leoni (2017) Enterprise risk management and firm performance: The Italian case. 49(1), 56-74.
Sara Lundqvist (2015) Why firms implement risk governance - Stepping beyond traditional risk management to enterprise risk management. 34(5), 441-466.
Majid Khan, Dildar Hussain, Waqar Mehmood (2016) Why do firms adopt enterprise risk management (ERM)? Empirical evidence from France. 54(8), 1886-1907.
R Yin (1994) Case study research: Design and methods. 2nd Editio.
A Bryman, E Bell (2007) Business research methods.
G Samkin, A Schneider, D Tappin (2014) Developing a reporting and evaluation framework for biodiversity. 27(3), 527-562.
(2010) Financial Sector Assessment : Bangladesh.
S Listokin-Smith (2013) Meta‐regulation of OTC derivatives contracts post reform. 21(2), 188-200.
Ian Ayres, John Braithwaite (1992) Responsive Regulation.
C Ford (2013) Financial Innovation and Flexible Regulation: Destabilizing the Regulatory State. 18(1), 27-38.
Henry Rothstein, Olivier Borraz, Michael Huber (2023) Risk and the limits of governance: Exploring varied patterns of risk‐based governance acrossEurope. 7(2), 215-235.
Mirna Jabbour, Magdy Abdel-Kader (2015) Changes in capital allocation practices - ERM and organisational change. 39(4), 295-311.
Mark Beasley, Richard Clune, Dana Hermanson (2005) Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. 24(6), 521-531.
Ryan Baxter, Jean Bedard, Rani Hoitash, Ari Yezegel (2013) Enterprise Risk Management Program Quality: Determinants, Value Relevance, and the Financial Crisis. 30(4), 1264-1295.
Jeffrey Cohen, Ganesh Krishnamoorthy, Arnold Wright (2017) Enterprise Risk Management and the Financial Reporting Process: The Experiences of Audit Committee Members, CFOs, and External Auditors. 34(2), 1178-1209.
Cristina Bailey, Denton Collins, Lawrence Abbott (2018) The Impact of Enterprise Risk Management on the Audit Process: Evidence from Audit Fees and Audit Delay. 37(3), 25-46.
M Beasley, B Branson, D Pagach (2015) An analysis of the maturity and strategic impact of investments in ERM. 34(3), 219-243.
Julia Black, Robert Baldwin (2012) When risk‐based regulation aims low: Approaches and challenges. 6(1), 2-22.
Julia Black, Robert Baldwin (2008) Really Responsive Risk-Based Regulation. 32(2), 181-213.
Published
2023-03-04
Issue
Section
License
Copyright (c) 2023 Authors and Global Journals Private Limited
This work is licensed under a Creative Commons Attribution 4.0 International License.