Decision making in enterprise risk management: A review and introduction to special issue

This paper provides a review of popular literature in ERM using management science approaches, and an introduction of the special issue. We view risk management to be an evolving field, based on financial enterprise risk management, but expanding into risk management of supply chains and analysis of social issues. Management science modelling tools of every kind have been applied, to include analytic modelling to identify optimal decisions, mathematical programming optimization, simulation modelling to reflect inherent risk, multicriteria models reflecting trade-offs in today׳s world, and data mining to take advantage of the widespread growth in data.