Abstract

Enterprise Risk Management (ERM) frameworks such as COSO and ISO31000 have significantly advanced organizational risk governance. However, many organizations continue to struggle with translating risk strategies into effective operational practices, resulting in a persistent strategy–execution gap. This study addresses this gap by examining the implementation of Holistic Enterprise Risk Management (HERM) through an action research methodology supported by the 6As change management model—Awareness, Alignment, Action, Adoption, Assurance, and Anticipation. Using three African banks as case studies, this research demonstrates how HERM can be operationalized by integrating strategic, operational, and governance dimensions of risk. The action research approach enabled iterative learning and real-time problem solving, bridging theory and practice. Findings indicate that successful HERM implementation requires strong leadership alignment, structured change management, and continuous monitoring through risk indicators. The study contributes to the literature by providing a practical implementation framework for HERM and demonstrates how change management plays a critical role in embedding risk culture within organizations operating in volatile, uncertain, complex, and ambiguous (VUCA) environments.