RISKS OF ENTERPRISE RISK MANAGEMENT

he studies on risk management highlight the short comings or mistakes in risk management as the common reason for various crises from Worldcom and Enron scandals to the global financial crisis. While such diagnosis regarding the importance of risk management is correct, the question remains: why the general methodology of risk management or the standards and frameworks published in this field cannot prevent emergence of these crises or i.e. cure them. The extent to which general prescriptions given without considering the special conditions of countries or institutions can have a curing effect should also be taken into account, when seeking answer to this question. This study examines the risks that the enterprise risk management approach may face in case the standards and frameworks which are prepared regardless of the specific conditions of the countries are not completed with the realities of the countries or sectors, although they reflect international knowledge and experience on risk management