A Conceptual Model for Integrated Enterprise Risk Management and Capital Allocation in Financial Institutions

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@article{1723266,
      author = {Kofi Okyere Mensah, Omotayo Pedro, Ann Kinyanjui, Ifeoma Okoli, Priscilla Agboada},
      title = {A Conceptual Model for Integrated Enterprise Risk Management and Capital Allocation in Financial Institutions},
      journal = {Iconic Research And Engineering Journals},
      year = {2019},
      volume = {3},
      number = {1},
      pages = {684-719},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1723266.pdf},
      abstract = {This paper critically reviews the literature on integrating enterprise risk management (ERM) with capital allocation in financial institutions and develops a conceptual model that connects the two functions through a shared governance-to-capital pathway. Grounded in a structured thematic synthesis of 250 finance, banking, and risk-governance sources published through 2019, every one of which is cited directly in the analysis, the review compares theoretical foundations, measurement practices, governance arrangements, and reported implementation outcomes across studies conducted in different regulatory regimes and institutional settings. Prior literature has largely treated ERM research and capital-allocation research as parallel streams, evaluating risk governance maturity and economic capital modeling separately and rarely specifying the mechanism that would let the two operate on shared data and escalation rules; this review closes that gap by tracing how governance inputs, analytical capability, and allocation decisions interact, and by identifying where the evidence is thin, contradictory, or confined to a single country or institutional form. Drawing on enterprise risk management (COSO-aligned) theory, economic capital and risk-adjusted performance theory, modern portfolio and diversification theory, and agency-based governance theory, all grounded in sources already present in this paper's reference list, the review shows that integration improves decision consistency primarily when risk appetite, economic capital, performance measurement, and board oversight are built on common data and escalation rules, and that the absence of any one element reproduces the fragmentation the literature associates with capital misallocation. The paper contributes an integrative governance-to-capital pathway linking institutional design, analytical infrastructure, allocation decisions, and resilience outcomes; develops four testable propositions describing how governance quality, measurement discipline, and organizational culture jointly condition allocation outcomes; and sets out a practical research agenda emphasizing longitudinal and cross-jurisdictional validation, transparent reporting of model limitations, and closer measurement of risk-adjusted metrics such as RAROC and economic capital against realized rather than intended outcomes.},
      keywords = {Enterprise Risk Management, Capital Allocation, Financial Institutions, Economic Capital Modeling, Risk Governance, Integrated Risk Framework},
      month = {July},
      doi = {https://doi.org/10.64388/IREV3I1-1723266}
  }