Risk Management and Corporate Governance: Interconnections in Law, Accounting and Tax

Risk Management and Corporate Governance: Interconnections in Law, Accounting and Tax
ISBN-10
184980799X
ISBN-13
9781849807999
Series
Risk Management and Corporate Governance
Category
Business & Economics
Pages
242
Language
English
Published
2010-01-01
Publisher
Edward Elgar Publishing
Authors
Marijn van Daelen, Christoph van der Elst

Description

In reaction to the recent financial crisis and corporate failures at the beginning of the millennium, the emphasis of the business community in corporate governance has shifted towards internal control and risk management issues. As a result, risk management discussion has reached an unprecedented level for academics and practitioners alike. This international, multidisciplinary book provides a comprehensive overview of the risk management landscape, encompassing its challenges and problems and taking stock of its influence on both companies and society as a whole. The eminent contributors review historical and current provisions relating to internal control and risk management in Europe and in the USA. They address the interconnected consequences of the necessity of risk management, and illustrate that a comprehensive approach needs to be further improved. The pros and cons of both the rule-based and the principle-based approaches are analysed, showing that the latter makes it more feasible for sound business practices to be combined with strategic company goals, and for the relationship between entrepreneurial risk taking and sound risk governance management to be in equilibrium. The book also presents a balanced supervision framework, which both promotes prevention of excessive risk taking and tackles risk failure.

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