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Articles

Vol 1 No 1 (2026): May

Governance and Strategic Integration of COSO ERM in Islamic Philanthropy: Evidence from a Zakat Institution in Yogyakarta

Telah diserahkan
April 10, 2026
Diterbitkan
2026-05-31

Abstrak

Abstract
Purpose – This study investigates the role of governance and strategic integration in the implementation of Enterprise Risk Management (ERM) based on the COSO 2017 framework within an Islamic philanthropic institution. It aims to assess how governance practices support risk management and to identify the extent to which risk considerations are integrated into strategic planning processes.
Methodology – A qualitative case study approach was employed. Data were collected through semi structured interviews with key stakeholders, including management, an external auditor, and beneficiaries, complemented by observation and document analysis. The data were analyzed using thematic analysis guided by the five components of COSO ERM 2017 to ensure analytical consistency and depth.
Findings – The findings indicate that governance and culture are relatively well established, as demonstrated by strong leadership commitment, active involvement in risk related discussions, and the presence of ethical practices within the organization. However, strategic integration remains weak. Risk management is considered in operational objectives but is not explicitly embedded in formal strategic planning documents, resulting in a gap between governance structures and strategic execution.
Implications – Practically, the study highlights the importance of aligning risk management with strategic planning to enhance organizational effectiveness, accountability, and sustainability. Theoretically, it contributes to the growing literature on ERM in nonprofit and Islamic philanthropic contexts.
Originality – This study provides empirical evidence on COSO ERM implementation in an Islamic philanthropic institution, offering new insights into governance strength and strategic integration challenges.

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