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In his “Management – Tasks, Responsibilities, Practices”, Peter Drucker defines entrepreneurial decisions as risk taking decisions. Anthony and Govindarajan in their book “Management Control Systems” argue that “an organization pursuit of profitability is limited by managements’ willingness to take risks”.

Traditional approaches to risk management have been characterized by their fragmentation and partial solutions to managing risk. Furthermore, many recent events in the business world including the highly publicized corporate scandals particularly in the high-technology sector, are testimony to the failure of adequate programs of risk management.

Many stakeholders including investors, employees, customers and suppliers are convinced that the traditional approach for risk management has not succeeded in meeting the challenges of the new economy with its increasing volatility and uncertainties. A more integrated and structured approach to the management of different types of risks has been evolving in many management and accounting circles.

According to COSO (The Committee of Sponsoring Organizations of the Treadway Commission), Enterprise Risk Management (ERM) is defined as a “rigorous approach to assessing and addressing the risk from all sources that threaten the achievement of an organization’s strategic objectives”. A survey in 2002 reported that 5-10% of firms in North America used an integrated approach to risk management, another 20% were in various stages of legitimate risk management integration, and our own research has shown that all the TSX 300 firms are disclosing enterprise risk management information in their annual reports.

The main objective of this conference is to focus on research dealing with the topic of Enterprise Risk Management. A selection of world renowned researchers will be invited to present a paper dealing with any aspect of ERM. These may include the following:

  • The management and organization of ERM activities within the firm
  • The processes of identification of risk factors and risk analysis
  • Linkages with strategies, objectives and governance
  • Risk assessment, monitoring and control
  • Risk measurement, reporting and disclosure
  • Intangibles risk management
  • Risk information and managing decisions
  • ERM information and investors’ decisions

The conference presents a unique opportunity and venue to discuss the development of a research agenda and help establish a network of researchers involved in the area of ERM.

Keynote Speaker:

Trends in Corporate Governance and the role of Risk Management
Frank Martens, Senior Manager, PriceWaterhouseCoopers

Speakers:

Risk Reporting- A German Perspective Based on a Review of Disclosure Models
Dr. Michael Dobler, Chair for Accounting and Auditing, Ludwig-Maximilians University of Munich

A Course on Derivatives and Reporting Risk
Dr. Rashed Abdel-Khalik, Professor, Director of the Centre of International Education and Research in Accounting, University of Illinois-Urbana-Champaign

The Integration of Risk Management Activities: Evidence from the P&C Insurance Industry
Dr. Elizabeth Demers, Professor, University of Rochester

Intangible Risk Management: New Risk  Categories that Must be Managed
Dr. Ken Standfield, Chairman, The International Intangible Management Standards
Institute

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