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Creating synergy by integrating enterprise risk management and governance

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  • Hinrichs, Jean

Abstract

Enterprise risk management and governance are inextricably linked to the quality and effectiveness of risk management. This paper examines the risk management weaknesses related to some recent unanticipated events in financial institutions, including specific examples related to New Century Financial, UBS and Société Générale. It also looks at how more effective integration of ERM and governance might have improved the outcomes, with a particular focus on transparency of risk exposures. Effective ERM complements governance, and good governance complements an effective ERM programme. Synergy is created when they are integrated effectively.

Suggested Citation

  • Hinrichs, Jean, 2009. "Creating synergy by integrating enterprise risk management and governance," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 2(2), pages 155-164, March.
    • Handle: RePEc:aza:rmfi00:y:2009:v:2:i:2:p:155-164
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    More about this item

    Keywords

    enterprise risk management; governance; transparency; New Century Financial; UBS; Société Générale; credit default swaps;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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