relationship balanced scorecard and coso 2013 risk management to improveperformance: a case study on bpr chandra mukti artha bank

In the 21st century companies, especially in financial institutions (banks) face a complex businessenvironment, full of opportunities, but pitted with risks, where they must make effective businessdecisions, improve interpersonal relationships, fulfill community obligations with the right strategy andmanaging risk. to overcome these challenges, companies need management tools that can helpcompanies achieve their goals. in a very simple application, bpr chandra mukti artha applies thebalanced scorecard (bsc) and coso enterprise risk management (erm) framework as a tool to linkstrategic objectives into the coso erm framework. they link high-level corporate strategies determinedby top-level management with the daily activities of employees in the organization. surprisingly, mostcompanies view bsc and coso erm as separate and unrelated management initiatives. in this research,i study the feasibility of linking bsc with coso erm 2013, a framework for sophisticated riskmanagement, similar to how bsc can be integrated with various business management frameworks andmethods. the integration of these two management tools (bsc and coso erm framework) is a naturalstep in the evolution of bank management to improve bank financial performance.