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A Senior Manager'S Guide To Integrated Risk Management

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  • Lisa K. Meulbroek
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    Abstract

    This paper provides an overview of corporate risk management for senior managers. The author discusses the integrated risk management framework, emphasizing that a company can implement its risk management objectives in three fundamental ways: modifying its operations, using targeted financial instruments, or adjusting its capital structure. "Integration" refers both to the aggregation of all risks faced by the firm into a net exposure and to the coordinated use of these three risk management techniques. The author provides a functional analysis of integrated risk management using a wide-ranging set of case illustrations to show how the risk management process influences, and is influenced by, a company's overall strategy and business activities. Based on such analysis, the article concludes by sketching a framework intended to help managers design a value-maximizing, enterprise-wide corporate risk management system. 2002 Morgan Stanley.

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    Bibliographic Info

    Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

    Volume (Year): 14 (2002)
    Issue (Month): 4 ()
    Pages: 56-70

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    Handle: RePEc:bla:jacrfn:v:14:y:2002:i:4:p:56-70

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    Cited by:
    1. Mun, Kyung-Chun & Emir Morgan, George, 2003. "Bank foreign exchange and interest rate risk management: simultaneous versus separate hedging strategies," Journal of Financial Intermediation, Elsevier, vol. 12(3), pages 277-297, July.
    2. Aabo, Tom & Høg, Esben & Kuhn, Jochen, 2010. "Integrated foreign exchange risk management: The role of import in medium-sized manufacturing firms," Journal of Multinational Financial Management, Elsevier, vol. 20(4-5), pages 235-250, December.
    3. Drobetz, Wolfgang & Gounopoulos, Dimitrios & Merikas, Andreas & Schröder, Henning, 2013. "Capital structure decisions of globally-listed shipping companies," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 52(C), pages 49-76.
    4. Tom Aabo & Marianna Andryeyeva Hansen & Christos Pantzalis, 2012. "Corporate foreign exchange speculation and integrated risk management," Managerial Finance, Emerald Group Publishing, vol. 38(8), pages 729-751, August.
    5. Bessler, Wolfgang & Drobetz, Wolfgang & Haller, Rebekka & Meier, Iwan, 2013. "The international zero-leverage phenomenon," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 196-221.

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