Enterprise risk management (ERM) promises to improve decision-making and help organizations avoid wicked problems. Consequently, risk artefacts may play a significant role in managers’ decision-making processes, but little is known about the relationship between ERM and managerial judgement in decision-making (MJDM). The purpose of this paper is to present a systematic literature review of ERM, thereby filling this knowledge gap and providing an evidence-based foundation for improving practice and advancing knowledge and theory development. Based on an analysis and synthesis of 33 articles published between 2009 and 2021, we identify four contextual, five technical, three social and five cognitive factors that interact with MJDM. We find that regulation and corporate governance, ERM artefact design reconfiguration and use, social capital interactions and spaces and perceptions have the most support. We distinguish between three different modes of judgement: risk measurement, risk envisionment and risk qualculation. We find that risk qualculation, which employs quantitative and qualitative data and social interpretations of risks and uncertainties, is more likely to be useful in managerial decision-making, particularly when attempting to address wicked problems. We also find that human cognition significantly impacts ERM design, implementation and use, and how those change over time. This paper also develops a new narrative and conceptualization of the relationship between ERM and MJDM, which is presented in an integrative framework. Finally, we encourage researchers to adopt cognitive theories and related concepts that are better suited for examining the ERM–MJDM relationship and to take a cognitive turn in future ERM research.

中文翻译：

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企业风险管理与管理决策判断之间的关系：系统文献综述

企业风险管理 (ERM) 有望改善决策并帮助组织避免严重问题。因此，风险假象可能在管理者的决策过程中发挥重要作用，但人们对企业风险管理和决策中的管理判断（MJDM）之间的关系知之甚少。本文的目的是对企业风险管理进行系统的文献综述，从而填补这一知识空白，并为改进实践、推进知识和理论发展提供循证基础。基于对 2009 年至 2021 年间发表的 33 篇文章的分析和综合，我们确定了与 MJDM 相互作用的 4 个背景因素、5 个技术因素、3 个社会因素和 5 个认知因素。我们发现，监管和公司治理、ERM 制品设计重新配置和使用、社会资本互动以及空间和认知得到了最多的支持。我们区分三种不同的判断模式：风险衡量、风险设想和风险定性。我们发现，风险定性采用定量和定性数据以及对风险和不确定性的社会解释，在管理决策中更有可能有用，特别是在试图解决棘手问题时。我们还发现，人类认知显着影响企业风险管理的设计、实施和使用，以及这些因素如何随着时间的推移而变化。本文还对 ERM 和 MJDM 之间的关系进行了新的叙述和概念化，并在一个综合框架中提出。最后，我们鼓励研究人员采用更适合检验 ERM-MJDM 关系的认知理论和相关概念，并在未来的 ERM 研究中进行认知转变。