The importance of enterprise risk management in large companies in Colombia

• Main Authors: Fabio Blanco-Mesa, Julieth Rivera-Rubiano, Xiomara Patiño-Hernandez, Maribel Martinez-Montaña
• Format: Article
• Language: English
• Published: Vilnius Gediminas Technical University 2019-04-01
• Series: Technological and Economic Development of Economy
• Subjects: enterprise risk management; aggregation operators; decision-making; Bonferroni OWA
• Online Access: http://journals.vgtu.lt/index.php/TEDE/article/view/9380

The main aim of this paper is to establish that essential aspects are determinant in the enterprise risk identification (ERI) and the existing interrelationship between each corporate risk goals, in the large companies of Colombia. Study proposes a parametric analysis and a non-parametric. The first uses correlation matrices for statistical analysis, a multiple linear regression statistical tools to identify that essential aspects are determinant in the (ERI). The second proposes a new aggregation called the Bonferroni Induced Ordered Weighted Average Adequacy Coefficient (BON-IHOWAAC) operator and Bonferroni Induced Ordered Weighted Average the Maximum and Minimum level (BON-IHOWAIMAM) to establish the existing interrelationship between each corporate risk goals using the risk management information and manager perception. Of the results obtained is highlighted that for all economic sectors; first, control measures are highlighted in the (ERI) and second, the goal with the greatest interrelationship for the other ones to be achieved is protect people. Finally, the study concludes with a holistic analysis of the importance that executive team gives to the management of risks from the prioritization of objectives and the use of tools for the treatment of information to improve the process of decisions-making in uncertain contexts.  First published online 5 April 2019