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Enterprise Risk Management: Theory and Practice

Author

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  • Nocco, Brian W.

    (Nationwide Insurance)

  • Stulz, Rene M.

    (Ohio State U)

Abstract

In this paper, we explain how enterprise risk management creates value for shareholders. In contrast to the existing finance literature, we emphasize the organizational benefits of risk management. We show how a firm should choose its risk appetite and measure risk when implementing enterprise risk management. We also provide an extensive guide to the implementation issues faced by firms that implement enterprise risk management.

Suggested Citation

  • Nocco, Brian W. & Stulz, Rene M., 2006. "Enterprise Risk Management: Theory and Practice," Working Paper Series 2006-15, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    • Handle: RePEc:ecl:ohidic:2006-15
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    File URL: http://www.cob.ohio-state.edu/fin/dice/papers/2006/2006-15.pdf
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