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ownership structure influence MRE implementation. The ERM concept applied can help SMEs to adapt to a changing environment, gain strategic advantage and increase the company's competitiveness and success.Florio, C. and Leoni, G. (2017). Risk management and business development: the Italian case. The British Accounting Review, 49 (1), 56-74.This article examines whether there is a correlation between the extent of the application of corporate risk management systems and the performance of companies appearing in Italy. While many articles in the literature deal with the determinants of ERM acceptance and the use of one-dimensional ERM visualization, we perceive the consequencesof ERM application and obtain a positive result. Variety of properties with the complexity of the ERM system to be measured. The results show that companies with advanced ERM implementation offer higher performance both in terms of financial performance and market valuation. Additional tests also confirm the hope that effective ERM systems improve performance by reducing risk, and that the reverse causal link between TCM and performance does not exist in the short term. The study makes a double contribution to the ERM literature. First, new and broader measures are being introduced to implement ERM, which refer not only to corporate governance bodies responsible for risk management, but also to the characteristics of the evaluation process.