Management

Enterprise risk management and business performance during the financial and economic crises

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Abstract
Increased volatility in the business world has exposed the inadequacy of traditional but fragmented approaches to risk
management. This has led to an integrated approach to measuring and managing risks known as enterprise risk management
(ERM). While past studies of ERM disclosures have examined it within the context of corporate governance
and internal control, its relationship to business performance has received little attention. While firm performance
changed radically between 2008 and 2009 during the financial crisis and economic recession, only minor increases in
risk exposure, risk consequence or risk management strategies were found from 2007 to 2008. ERM information does
not predict or have any appreciable effect on business performance.
Keywords: enterprise risk management, business performance, Canadian corporations.
JEL Classification: D8, L25.

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1-9

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English

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NONE

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