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Abstract "Enterprise risk management (ERM) has recently emerged as a widespread practice in financial institutions. It has been increasingly codified and encrypted into regulator, corporate governance and organisational management blueprints. A burgeoning literature of regulatory and practitioner texts is indicative of the apparent diversity of ambitions, objectives and techniques that constitute the ERM agenda. Making sense of these developments is a challenge. Presenting field-based evidence from two large banking organisations, this paper argues for the existence of systematic variations in ERM practices in the financial services industry. The cases illustrate four risk management ideal types and show how they form the ‘risk management mix’ in a given organisation. The paper attempts to explain the differences in the two risk management mixes pointing towards firm-specific and institutional pressures. The latter suggest that the cases are likely to be reminiscent of ERM practices in other financial services organisations, and are thus indicative of the current co-existence of alternative models of ERM. In particular, two types of ERM models are postulated: one driven by a string shareholder value imperative (‘value-based’ ERM), the other corresponding to the demands of the risk-based internal control imperative (‘strategic’ ERM)."

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