Innovative Approaches to Building Enterprise Risk Management in Emerging Economies

Abstract

This chapter explores a very positive example of enterprise risk management (ERM) development in Mexico, set by the firm Grupo Proeza, from which valuable and highly generalisable lessons can be learned. These lessons will pertain most centrally to Grupo Proeza's techniques of ERM building, where risk management practices are used to enhance the cultural and other foundations for ERM. Of particular interest is the notion that various risk assessment techniques can be used for this purpose, which may seem counter-intuitive by reversing the formative relationship between risk culture and risk assessment practice that is more typically the focus for attention.