Effectiveness of Enterprise Risk Management (ERM) practices in navigating business challenges in Zimbabwe
- Author
- Mlambo, Lainah
- Title
- Effectiveness of Enterprise Risk Management (ERM) practices in navigating business challenges in Zimbabwe
- Abstract
- Zimbabwean enterprises operate within an inherently volatile and complex business environment, characterized by significant economic instability, currency fluctuation, regulatory changes, infrastructural limitations, and evolving market dynamics. This study investigates the effectiveness of Enterprise Risk Management practices in navigating business challenges in Zimbabwe. It also seeks to assess the current state of ERM adoption in Zimbabwe, to identify the challenges faced by Zimbabwean businesses in implementing ERM and to provide recommendations for improving ERM practices in Zimbabwe. Drawing on fifteen semi-structured interviews with senior managers across five sectors and a review of risk registers, policy manuals and annual reports, the research adopts Braun and Clarke’s six-step thematic approach and stratified sampling was done to divide the population based on shared characteristics. Codes were refined into four interacting themes: state of adoption, effectiveness or ineffectiveness of ERM, challenges in the implementation of ERM, and Recommendations on the implementation of ERM. The findings suggest a clear need for a strategic shift to unlock ERM's full potential. The overall sentiment is that ERM often fails to deliver tangible, proactive solutions to real-world business challenges. The research reveals a critical and consistent theme, while the intent to adopt ERM is present, its actual effectiveness is severely limited by a spectrum of fundamental implementation challenges, calling for a strategic overhaul. The study recommends that executives anchor ERM in strategy reviews, invest incrementally in simple dashboards and scenario drills, foster transparent cultures that reward honest disclosure, and assign dedicated teams to monitor policy drafts and parallel-market indicators. Adopt integrated ERM software platforms to centralize risk data, improve data analytic capabilities, and facilitate real-time monitoring and reporting.
- Date
- June 2025
- Publisher
- BUSE
- Keywords
- Business Challenges
- Enterprise Risk Management
- Supervisor
- Ms. Gopo
- Media
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Mlambo, Lainah.pdf