Enterprise Risk Management (ERM) is the approach of managing all risks faced by a firm in an integrated, holistic fashion. This research analyzes factors that influence a firm's decision to start an ERM program. We argue that top management's decision to adopt ERM is influenced by managerial...

The following paper discusses the challenge between risk and return in the context of the industrial insurance market in Germany. The industrial insurance market is highly competitive. Companies have to cope with low premium levels and high losses resulting in high underwriting deficits....