^aCollege of Business Administration, University of Dubai, Dubai, United Arab Emirates

Correspondence: Ananth Rao, College of Business Administration, University of Dubai, Dubai, United Arab Emirates. E-mail: arao@ud.ac.ae

Abstract

This paper evaluates the current status of enterprise risk management (ERM) in business organizations in Dubai. Primary data are collected from 92 business executives in Dubai belonging to various industry sectors viz., Finance, Banking, Insurance, Islamic Finance, Trade, Manufacturing, Hospitals, and other services through a survey. The survey questions encompass the five components of COSO framework: control environment of the businesses, risk assessment, control activities, information and communication, and monitoring. The study findings indicate that there is need for a more comprehensive awareness about ERM across all categories of businesses in Dubai. While Finance & Banking institutions to a greater extent implemented various risk tools for managing their risks, other businesses were not even aware of the concepts of risk and its management. The study outlines five-step systematic process that helps businesses in Dubai to make well-informed decisions for managing enterprise risk.