van Daelen, Marijn; Van der Elst, Christoph --- "Risk Management and Corporate Governance" (Edward Elgar Publishing, 2010) [2010] ELECD 569

Editor(s): van Daelen, Marijn; Van der Elst, Christoph

Title: Risk Management and Corporate Governance

Sub-title: Interconnections in Law, Accounting and Tax

Topics: International Accounting; Corporate Law and Governance; Tax Law and Fiscal Policy

Publisher: Edward Elgar Publishing

Date of Publication: 30 September 2010

Number of pages: 256

ISBN (hard cover): 9781849803953

EISBN: 9781849807999

Abstract/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 US. 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.

Risk Management and Corporate Governance will prove to be of great interest to academics and students of law, accounting and auditing, business and tax lawyers and accountants, policymakers and risk management and compliance officers.