Two key properties of organizations have long been widely recognized and studied: the technical processes by which organizational work processes are carried out, and the symbolic display of formal structure as a strategy for gaining legitimacy with external constituents. For example, it has been...

The failure of Silicon Valley Bank, and tens of thousands of other cases like it, is symptomatic of flawed, weak first-line risk governance. The recent wave of bank failures, including Silicon Valley Bank (SVB), Signature Bank, First Republic, and Credit Suisse, is a symptom of the continued use...

In the aftermath of the 2008 global financial crisis postmortems were convened in countries around the world to identify what went wrong. A unanimous conclusion was that boards of directors of public companies in general, and financial institutions in particular, need to do more to oversee...

This article provides an overview of the risk oversight knowledge and skills required to equip directors to better drive value creation, prevent significant corporate value erosion and perhaps most importantly, help directors protect their personal reputations as guardians of stakeholder interests

In May 2007, Secretary of the Treasury, Henry M. Paulson announced the Department of Treasury was establishing the Advisory Committee on the Auditing Profession (ACAP) to consider and develop recommendations relating to the sustainability of the auditing profession. The Advisory Committee was...

In 2007, the U.S. Securities and Exchange Commission voted to eliminate the 20F reconciliation requirement for foreign issuers listing their stocks or bonds in the U.S. capital markets and preparing their financial statements under International Financial Reporting Standards (IFRS). Distinct...

This report discusses evolving expectations for board oversight of management's risk appetite and tolerance and the challenges boards face in meeting them. It also recommends steps to implement a board-driven, objective-centric approach to risk governance

The U.S. SEC adopted a rule in December 2007 to eliminate the 20-F reconciliation requirement for foreign private issuers preparing financial statements under IFRS as issued by the IASB. In this paper we examine whether eliminating the reconciliation is associated with information asymmetry for...

In this paper, we analyze the Delaware incorporation effect on firm value to determine if the positive association found by Daines (2001) still holds. Analyzing a sample from 1997 to 2013, we find that the relationship between Delaware incorporation and firm value is no longer positive, as found...

Weak “risk culture” has been diagnosed as the root cause of many large and, in the words of the Securities and Exchange Commission Chair Mary Jo White, “egregious” corporate governance failures. The new challenge that corporate directors face is how to diagnose and oversee the company's...