Enterprise Risk Management Framework for Small and Medium Enterprises
Bhavana Umanath1, A. N. Santosh Kumar2
1Bhavana Umanath, Department of Mechanical Engineering, JSS Science and Technology University, Mysore (Karnataka), India.
2A. N. Santosh Kumar, Department of Mechanical Engineering, JSS Science and Technology University, Mysore (Karnataka), India.
Manuscript received on 20 May 2019 | Revised Manuscript received on 06 June 2019 | Manuscript Published on 15 June 2019 | PP: 154-156 | Volume-8 Issue-1S2 May 2019 | Retrieval Number: A00330581S219/2019©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: In today’s profoundly unpredictable business environment, managing the risks effectively is a stumbling block for almost all the organizations. A diverse range of risks are faced by every organization, both from internal and external sources. The small and medium enterprises in India are exposed to a plethora of risks. Adapting to an Enterprise Risk Management framework will proactively help in reducing the exposure to risks and mitigate them. In this regard, this paper discusses about the role of SMEs in Indian economy, the common risks faced by them, the components of COSO ERM framework and its benefits to SMEs by implementing them.
Keywords: COSO Framework, Enterprise Risk Management, ERM Frameworks, Small and Medium Enterprise.
Scope of the Article: Mechanical Maintenance