Blockchains in Enterprise global risk management

The Enterprise Global Risk Management (EGRM) framework views risk management as composed of four elements: hierarchical level of management, risk management policy, planned actions and orientation of the risk management process. It was proposed as the next step in the evolution of Enterprise Risk Management (ERM) and Enterprise Integrated Risk Management (EIRM) by including the risks of Industry 4.0. Blockchains are an essential and very fast-growing technology. The purpose of this paper is to demonstrate how the EGRM framework, through the idea of including Industry 4.0 risks, could be used for decision making of risk management in organizations/enterprises that deploying blockchains. To achieve it, the quasi-multicriteria algorithm SIGMA is used for evaluation of optimal elements of the EGRM framework by different criteria for risk tolerance. It is proposed a reverse interpretation of the worst-case solutions as recommendation for preliminary guideline for risk management recourse allocation between these elements of EGRM. The presented results support the assumption that EGRM framework is applicable as an additional interpretive tool for risk management decision-making in blockchain deployment. The framework could be considered as promising tool for ex-ante guidelines for allocating resources (financial or other) of enterprises/organizations among the elements of the EGRM.