The Relevance of Enterprise Risk Management Methodologies to European Project Funding Calls: The Case of Grant “Performance and Excellence in the Field of Environment and Renewable Energy through Modern Cluster Entities”

Capital providers, such as shareholders on capital markets or European funding providers, are interested in the net present value of discounted cash flow and the risks or opportunities that may contribute to financial planning in a negative or positive way. Since the Sarbanes Oxley act, corporations listed on US capital markets are demanded to practice enterprise risk management. There are several methodologies in place: the COSO framework, ISO 31 0000, RIMs Risk Maturity. These are holistic approaches to risk management in all business aspects, with a designated methodology. This methodology will be the scholarly literature review in this article, whose goal to elaborate the reference enterprise risk management methodologies and their relevance in empirical data analysis, European project funding calls. European projects demand risk management and mitigation, but do not offer a reference framework to do this. The article purposes to make European funds easy to understand as their requirements are explained and the most suitable scientific solution is sought. The methodology is a descriptive case study, with instrumental value. Findings are that funding authorities, be they capital markets or public funds, benefit highly in their decisions by the integration of opportunities and risks. The research concerns the suitability of enterprise risk management with European funds, and the conclusion of a perfect match confirms theory, brings it new scope, and may be of high practical use as for the coherent and timely documentation of European project funding calls.