University of Economics, Prague
Enterprise risk management has been increasingly claimed as a tool for improving the capability of companies in predicting and managing risks, enhancing planning and the achievement of their goals. This research argues that the managerial role of ERM and its link with budgeting is both a strategic and a management challenge for companies. Three main issues emerged from the international comparison of six cases (three in UK and three in Italy). The issue is related specifically to ERM implementations and its possible identification as compliance and corporate governance device for external purposes. This situation may pose a risk to the managerial significance of ERM.