Factors Afffecting the Successful Implementation of Enterprise Risk Management in Kenyan Regulatory Authorities

Abstract

There Currently 31 regulatory authorities in Kenya created under the current constitution. These organizations are mandated with regulation through licenses and permits to individuals and firms that wish to undertake certain services. Given the essential mandate that these organizations have, a robust enterprise risk management is an important element in carrying out their duties. This study sought to determine the factors affecting successful implementation of enterprise Risk Management in Kenyan regulatory authorities. The population of the study was the 31 regulatory authorities from which 24 responded giving a response rate of 77.4%. Primary data was used and was collected using questionnaires it was constructed on the basis of the objectives of the study. The research instrument was administered through pick and drop method. Data was analyzed using both descriptive and linear regression analysis. The study revealed that the five independent variables corporate governance, employee training, organizational culture, organizational resources and communication affected successful implementation of enterprise risk management positively and to a great extent. Organizational Resources affected implementation to a great extent. The findings of this studies concur with previous studies such as those of Makunyi (2013) and Ogengo (2010)