Risk-oriented integrated enterprise management model: Bolanced scorecard and enterprise risk management–an application in a university

In the current day, due to the expansion and mergers of the international companies as a result of globalization, company management has evolved into a more complex structure. Whilst this has resulted in an increase in the risks encountered by businesses, traditional risk management has also turned out to be insufficient in handling these risks. Especially after the global financial crises and bankruptcy of large businesses operating in the international arena, new quests for more effective risk management have emerged in order for the protection and increase of stakeholder values. In the same way, whilst financial assessment systems have proven to be sufficient for the industrial age businesses as traditional performance assessment systems, they have appeared to be insufficient for businesses trying to create future values by investing in customers, suppliers, and technology in the information age. In this respect, businesses are also in need of effective enterprise risk management in addition to a comprehensive performance measurement system acting as a guide for their survival as well as for their institutional success. In order to cater for this need, independent research on the concepts of a balanced scorecard and enterprise risk management, as well as studies on new management models integrating institutional risk management and balanced scorecards have been conducted. However, in a literature review conducted, no research has been found in the Turkish Republic of Northern Cyprus (TRNC) in which the topics of Balanced Scorecard and enterprise risk management have been handled together in the higher education sector. For this purpose, "The Risk-Oriented İntegrated Enterprise Management Model" has been examined as a new approach, with an effort to contribute to the literature. It is envisaged that the integration of The Balanced Scorecard and enterprise risk management would make up for the shortcomings of each and, thus, evolve into a more effective management model. In this study, the Balanced Scorecard and enterprise risk management have been implemented in a university as an integrated model. In this context, the aim of this study is to contribute to the attainment of long-term value creation targets of a foundation university operating in the TRNC through creating a "Risk-Oriented Integrated Enterprise Management Model" consisting of a balanced scorecard and an enterprise risk management components. Keywords: Balanced scorecard, enterprise risk management, performance measurement, strategic management