Risk Management Transparency: Assessing the Practices of Moroccan Listed Companies Using the IT-ERM Index

Abstract

This article evaluates the level of transparency in enterprise risk management (ERM) among Moroccan listed companies through the development of a novel disclosure index—IT-GIRE. Based on ten criteria aligned with international frameworks (COSO ERM 2017, ISO 31000, GRI, SASB, IFRS), the index provides a multidimensional assessment of ERM disclosure quality. The study relies on a manual content analysis of financial, ESG, and reference reports published by 73 companies listed on the Casablanca Stock Exchange. Findings reveal an overall moderate level of transparency, with significant sectoral disparities. Financial institutions and telecom companies exhibit the highest transparency scores, while industrial, real estate, and technology sectors lag behind. The article highlights that risk disclosure is often formal and fragmented, with limited integration into strategic governance. The IT-GIRE index offers a robust diagnostic framework for regulators and investors and opens avenues for future research exploring the organizational, regulatory, or performance-related determinants of risk governance transparency.

Classification JEL : G32

Paper type : Empirical Research