In the beginning of the 21st century the Icelandic economy experienced a historical expansion with the largest Icelandic companies multiplying in size many times over measured in turnover. Research shows that such immense growth is synonymous with great environmental uncertainty and turbulence....

Integration of risk management and management control is emerging as an important area in the wake of the Sarbanes-Oxley Act and with ongoing development of frameworks such as the Enterprise Risk Management (ERM) framework from the Committee of Sponsoring Organizations of the Treadway Commission...

Purpose: This paper investigates the use of management controls when environmental uncertainty and hostility increase abruptly. Specifically, it explores this in the context of the 2008 financial crisis in six banks located in two countries. Design/methodology/approach: The paper is based on 26...