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1、EnterpriseRiskManagement:TheoryandPracticebyBrianW.Nocco,NationwideInsurance,andRenéM.Stulz,OhioStateUniversity*hepasttwodecadeshaveseenadramaticchangeERMisconceptuallystraightforward,itsimplementationisintheroleofriskmanagementincorporations.not.Andinthelast—andlongest—sectionofthech
2、apter,TTwentyyearsago,thejobofthecorporateriskweprovideanextensiveguidetothemajordifficultiesthatmanager—typically,alow-levelpositionintheariseinpracticewhenimplementingERM.corporatetreasury—involvedmainlythepurchaseofinsur-ance.Atthesametime,treasurerswereresponsiblefortheHowDoesERMCr
3、eateShareholderValue?hedgingofinterestrateandforeignexchangeexposures.OverERMcreatesvaluethroughitseffectsoncompaniesatboththelasttenyears,however,corporateriskmanagementhasa“macro”orcompany-widelevelanda“micro”orbusi-expandedwellbeyondinsuranceandthehedgingoffinancialness-unitlevel.At
4、themacrolevel,ERMcreatesvaluebyexposurestoincludeavarietyofotherkindsofrisk—notablyenablingseniormanagementtoquantifyandmanagetheoperationalrisk,reputationalrisk,and,mostrecently,stra-risk-returntradeoffthatfacestheentirefirm.Byadoptingtegicrisk.What’smore,atalargeandgrowingnumberofthi
5、sperspective,ERMhelpsthefirmmaintainaccesstothecompanies,theriskmanagementfunctionisdirectedbyacapitalmarketsandotherresourcesnecessarytoimplementseniorexecutivewiththetitleofchiefriskofficer(CRO)anditsstrategyandbusinessplan.overseenbyaboardofdirectorschargedwithmonitoringriskAtthemicr
6、olevel,ERMbecomesawayoflifeformanag-measuresandsettinglimitsforthesemeasures.ersandemployeesatalllevelsofthecompany.ThoughtheAcorporationcanmanagerisksinoneoftwofunda-academicliteraturehasconcentratedmainlyonthemacro-mentallydifferentways:(1)oneriskatatime,onalargelylevelbenefitsofERM,
7、themicro-levelbenefitsareextremelycompartmentalizedanddecentralizedbasis;or(2)allrisksimportantinpractice.Aswearguebelow,awell-designedviewedtogetherwithinacoordinatedandstrategicframework.ERMsystemensuresthatallmaterialrisksare“owned,”Thelatterapproachisoftencalled“enterpriseriskmanag
8、e-and
