FMA Meeting: "Enterprise Risk Management"
October 2007: Financial Management Association National Meeting
SYNOPSIS
Bob Kolb from Loyola University Chicago joined other leading experts from industry and academia in a roundtable on "Enterprise Risk Management" at the national meeting of the Financial Management Association in Orlando this October. Firms represented included ABN AMRO, Deloitte Touche, and the Southern Company. The panel discussed a full range of issues associated with implementing enterprise risk management across the enterprise, along with areas of special difficulty. Principal among these challenging areas was operational risk, which includes non-financial and non-credit risks ranging from reputational risk to climate change. As the panel discussed in detail, operational risk poses these special problems because operational risks are so difficult to quantify. The panel also discussed directions for academic research that will be helpful in advancing enterprise risk management.