The Enterprise risk management (ERM) clearly shows a different meaning than traditional risk management. Enterprise means to integrate or aggregate all types of risks is believed to have an impact on firm value. However, empirical evidence on its impact is still considered scarce. The objective of this study is to estimate the relation between ERM and firm value (Return on Assets) in Malaysian publicly listed companies. The scant researches on the relationship of ERM and firm value (ROA) has offered mixed findings and have been limited by lack of suitable proxy for the degree of ERM implementation. In the past literature, ERM has been argued to increase firm value but empirical evidence showed mixed and adverse results. In this study, factors that contribute to the increase of firm’s value are examined. Among 500 sets of questionnaires which have been distributed to the respondents, only 200 sets of questionnaires are being returned from 200 Malaysian publicly listed companies. Purposive sampling technique is chosen for this study as the unit analysis are focusing on employees in Company Secretary Department, Internal Audit Department and Risk Management Department. This is because only employees with knowledge and understanding of ERM are selected to answer the questionnaires. Considering these results, the researcher suggests directions for future research. Normality test, descriptive statistics, Pearson correlation and regression technique are being employed in this study. The empirical findings show that there is negative relationship between board risk committee (BRC) and firm’s value of Malaysia publicly listed companies. Risk management department (RMD) also portray a negative relationship between its establishment in firm and firm’s value. The only positive relationship obtained from this study is between Business Continuity Management (BCM) and firm’s value. The results are not fully support the hypotheses that have been predicted prior the study conducted. ERM will enhance the value of the firm in term of Return on Assets (ROA) through the establishment of BCM. It is also suggested that the functions of board risk committee, the roles of risk management department and integrated BCM need to be enhanced to ensure success of ERM implementation.
