【文章內(nèi)容簡(jiǎn)介】 The negative consequences of unwanted events (., natural/chemical disasters, food safety) are the key focus of sociological researches on risk. From a sociological perspective entrepreneurs remain liable for the risk of the society and responsible to share it in proportion to their respective contributions. Practically, the responsibilities are imposed and actions are monitored by state regulators and , identification of a socially acceptable threshold of risk is a key challenge of many sociological researches on risk. Convergence of Multidisciplinary Views of Risk Different disciplinary views of risk are obvious. Whereas, economics and finance study risk by examining the distribution of corporate returns, psychology and sociology interpret risk in terms of its behavioral ponents. Moreover, economists focus on the economic (., mercial) value of investments in a risky contrast, sociologists argue on the moral value (., sacrifice) on the risk related activities of the firm. In addition, sociologists’ criticism of economists’concern of risk is that although they rely on risk, time, and preferences while describing the issues related to risk taking, they often miss out their interrelationships(., narrow perspective). Interestingly, there appears some convergence of economics and psychology in the literature of economic psychology. The intention is to include the traditional economic model of individuals’ formal rational action in the understanding of the way they actually think and behave (., irrationality).In addition, behavioral finance is seen as a growing discipline with the origin of economics and psychology. In contrast to efficient market hypothesis behaviour finance provides descriptive models in making judgment under origin of this convergence was due to the discovery of the prospect theory in the fulfillment of the shortings of von NeumannMenstern’s utility theory for providing reasons of human (irrational) behavior under uncertainty (., arbitrage). Although, the overriding enquiry of disciplines is the estimation of risk, they paring and reducing into a mon metric of many types of risks are there ultimate difficulty. The key conclusion of the above analysis suggests that there exist overlaps on the disciplinary views of risk and their interrelations are emerging with the progress of risk research. In particular, the central idea of ERM is to obscure the hidden dependencies of risk beyond disciplinary silos. Insurance Industry Practice The practice of ERM in the insurance industry has been drawn from the author’s PhD research pleted in 2021. The initiatives of four major global European insurers(hereinafter referred as “CASES”) were studied for this purpose. Out of these four insurers one is a reinsurer and the remaining three are primary insurers. They were at various stages of designing and implementing ERM. A total of fiftyone facetoface and telephone interviews were conducted with key personnel of the CASES in between the end of 2021 and the beginning of 2021. The parative analysis (pareandcontrast) technique was used to analyze the data and they were discussed with several industry and academic experts for the purpose of validation. Thereafter,a conceptual model of ERM was developed from the findings of the based on the data are arranged under five dimensions. They are understanding。evaluation。 structure。 challenges, and performance of ERM. Understanding of ERM It was found that the key distinction in various perceptions of ERM remains between risk measurement and risk management. Interestingly, tools and processes are found plimentary. In essence, meaning that a tool can not run without a process and vice versa. It is found that the people who work with numbers (.,actuaries, finance people, etc.) are involved in the risk modeling and management(mostly concerned with the financial and core insurance risks) and tend to believe ERM is a tool. On the other hand internal auditors, pany secretaries, and operational managers。 whose job is related to the human, system and pliance related issues of risk are more likely to see ERM as a process. ERM: A Process Within t