Enterprise risk management

: o caso do setor de consumer services

Abstract

Enterprise Risk Management (ERM) is a theme increasingly gaining emphasis, due to the greater complexity of the risks and the growing risks reporting requests by the shareholders. The (still limited) existing literature suggests that the practice of ERM has a positive impact on the creation of business value. However, the sample in most studies are international companies belonging to the financial and insurance sectors. This work has defined two aims of study. First, to evaluate the adoption and extension of ERM programmes in the five national companies with greater expression in the Consumer Services sector. Second, to assess the performance of Portuguese companies from four sectors chosen during the first three quarters of 2020, corresponding to the beginning of the crisis caused by the Covid-19 pandemic and to compare it with its international benchmarks. The results of the first study show that only two (Ibersol and Grupo Média Capital) of the five analysed Portuguese companies don’t implement a holistic risk management. Regarding the second study, even though other KPIs (Key Performance Indicators) have been used, by reference to the company value, Tobin´s Q, the company from the sector Oil & Gas, Galp, was the only showing a better result of the quarter average variation rate (-7,14%) relatively higher than its benchmark (-9,80%), having Ibersol shown -0,57% against -0,43% of its benchmark, EDP registered 1,80% against 1,82% shown by its benchmark and, at last, Corticeira Amorim has shown a variation of -1,45% against 3,45% of its benchmark.

Date of Award	6 Jul 2021
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Ricardo Cunha (Supervisor)