Globally, Sustainable risk management is a growing paradigm, making the integration of sustainability issues into strategic planning areas crucial to responsible transport business philosophy. This paper examines the complexities of developing a Sustainable Enterprise Risk Management (SERM) framework for the road transport sector in the Global South (GS). Transportation is fundamental to economic growth and healthy living. It is a prerequisite for globalisation, sustainable tourism and a critical driver supporting the achievement of at least 8 of the 17 SDGs. However, the current transport systems, rapid urbanisation and population growth in the GS has led to several sustainability challenges. Preliminary findings have evidenced that current risk management practices do not adequately address sustainability risks due to lack of suitable ERM framework, tools and associated implementation guidance customised to the need of the GS transport sector. There has been a very limited literature regarding alignment of ERM with transportation sector. This paper seeks to address these challenges. It adopted a Contingency theory and employs Critical Realism as a philosophical approach with a strategic focus on Nigeria. Three transport specific ERM frameworks used in the Global North (GN) and two prominent ERM frameworks (COSO, 2017 and ISO:31000, 2018) were synthesised in the development of SERM. Application of Systems Thinking (ST) is utilised as a way improving the understanding of the complex relationship in the pursuit of SERM development. Secondary and primary data were analysed using Excel and SPSS software. Major benefits of ERM are revealed as well-informed risk-adjusted decision making and a strategic enterprise-wide view of key risks. The unique contribution this research is the development of customised SERM Framework offering a better understanding of organisational factors critical to the ERM implementation. It will potentially help risk practitioners, policy makers and their advisers with improved decision making, planning and prioritisation. As ERM is still guided by global perspectives, the Researcher recommends further investigation into how the framework can add value to the organisation and possibly capture new factors into the proposed framework to enhance performance.

Authors: H.A. Kareem, T.K. Olaniyi

Published in: World Congress on Sustainable Technologies (WCST-2024)

• Date of Conference: 4-6 November 2024
• DOI: 10.20533/WCST.2024.0007
• ISBN: 978-1-913572-77-8
• Conference Location: St Anne’s College, Oxford University, UK